Power-electronics market attains the attention in 2018. While power electronics market was desirable with many new segments entering the market. Through either the adoption or expansion of technologies, many power electronics markets are expected to grow and undergo further development in 2018 and beyond.
Strong alternative energy market and EV market has shown its potential in 2017 and likely it will continue in 2018.
Recently, 12 countries had set goals to end sales of gas- and diesel-powered vehicles starting in 2040. This action will accelerate the growth of sales on hybrid vehicles and electric vehicles, directly increasing the demand for automotive power-semiconductor devices.
As per a report by Research the global power semiconductor market will clock 5.1% CAGR over the forecast period between 2017 and 2025. At this rate, the market will become worth US$54,881.2 mn by the end of 2025.
The way towards 5G is enclosing the strong power semiconductor market. The global power semiconductor market is likely to witness steady growth on the back of introduction of fifth-generation (5G) mobile communication. 5G mobile communication is anticipated to be launched in 2018; the number of 5G mobile base stations is likely to be more than 4G base stations.
The adoption of electric vehicles in 2018 will lead to an increase in technology developments and competition and a reduction of costs for automotive semiconductor technologies.
Wide-bandgap semiconductor materials like gallium nitride (GaN) and silicon carbide (SiC) are anticipated to be used in many more applications in 2018. At the moment, the number of applications for those materials is steadily increasing in the automotive and military industry. We will continue to see this trend. In the automotive market in particular, expect to see more adoption of SiC and GaN materials due to their efficient performance under high temperatures and power.
The power-electronics market is reckon to be valued at USD $41.73 billion by 2022, growing at a CAGR of 2.4% between 2016 and 2022 according to markets&markets. It cites the principal factors driving this growth as the following: increasing demand for energy-efficient, battery-powered portable electronic gadgets; the rising trend of wireless charging technologies; the development of new and advanced defense technologies; and the growing focus toward using renewable power sources.