LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global power electronics market to grow at a CAGR of close to 3% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the increased use of wide bandgap materials as one of the key emerging trends driving the global power electronics market. Wise bandgap materials have been considered as the next-generation semiconductor materials owing to their properties such as high breakdown voltage and operability at high temperatures and frequencies at a smaller size than conventionally used silicon. SiC and GaN have different niche uses. SiC is used for voltage requirements greater than 600V, and GaN is used for low voltages. Powerbase, a project funded by 39 partners from nine European countries, successfully concluded that the development of a GaN substrate that can now operate in voltages ranging between 900 V and 1200 V.
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In this report, Technavio analysts highlight the innovations to reduce design time of power electronic systems as a key factor contributing to the growth of the global power electronics market:
Global power electronics market: Innovations to reduce design time of power electronic systems
The design phase of the power electronic components production cycle involves the determination of the performance, efficiency, cost, and weight of the systems. This phase requires different physical prototypes developed using different combinations of electronic components. The TTM for different power electronic products will be high, due to the long duration of the designing and testing of physical prototypes.
According to a senior analyst at Technavio for embedded systems, “Virtual prototyping can help enhance the reliability of the system and expedite the design process, thereby reducing the TTM for the products. This process requires software to simulate the thermal and electromagnetic conditions in the circuit, reducing the need for physical prototypes. The introduction of new virtual prototyping packages for the industry will drive the adoption of power electronic components, thus driving the demand for innovations.”
Global power electronics market segmentation
This market research report segments the global power electronics market into the following products (ICs, discretes, and modules) and key regions (the Americas, APAC, and EMEA).
Of the three major products, the ICs segment held the largest market share in 2017, accounting for nearly 57% of the market. The market share for this product is expected to increase by 2022. ICs are used for power management as they perform dual-functions; they perform functions of IC chips and power semiconductors. Discretes are preferred for applications with low-power devices. Modules are preferred for high-power applications.
APAC was the leading region for the global power electronics market in 2017, accounting for a market share of nearly 46%. By 2022, APAC is expected to continue dominating the market and register the highest growth of nearly 3%.
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