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Manufacturing Technology Insights | Friday, January 13, 2023
Improvements in energy infrastructure, the production of renewable energy, and energy-efficient portable electronics components are accelerating the expansion of the vehicle power electronics business.
FREMONT, CA: The increased demand for electric vehicles worldwide drives the rapid expansion of the global power electronics market. Several automobile components utilize power electronics, including the ignition switch, interior lighting, and power steering. Power electronics play a crucial role in the management of electric energy used by electric vehicles. According to research on the power electronics industry, governments worldwide are being pressured to limit automotive emissions due to rising environmental concerns; this will boost the growth of the power electronics market.
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Power electronic components integrate into various energy conversion applications, which are required throughout the entire energy conversion process, from production to transmission to consumption. The rising usage of electronic devices in textile mills and other manufacturing facilities, such as pumps, blowers, elevators, rotary kilns, arc furnaces, and compressors, also contributes to the expansion of the automotive power electronics market. In particular, silicon carbide (SiC) and gallium nitride (GaN) are suitable materials for power electronics applications.
Development and successful adaptation: The expansion of the market for power electronics is fueled by its expanded use in various applications, including industrial motor drives, electric grid stabilization, and consumer electronics. The rising use of high-voltage operational devices has raised the demand for power management devices in numerous industries, including the automotive, consumer electronics, and energy & power sectors. The surge in demand for SiC-based solar cells in developing countries is another driver driving the growth of the worldwide power electronics market.
Energy & power, automotive, aerospace & military, consumer electronics, and other industries are accelerating their adoption of power electronics due to the increasing demand for power management equipment. These factors are predicted to boost the expansion of the power electronics market. The operations of various government bodies and vigorous regional and global marketing initiatives are expected to create new opportunities for market expansion.
Constraints and difficulties confronted by the sector: The complex integration process for cutting-edge electrical equipment is one of the most significant market impediments. Intricate device design necessitates dependable techniques, skill sets, and a range of integration toolkits, which all increase the cost of the devices. The high price of new, cutting-edge technology goods prevents users from upgrading these devices. The power electronics market analysis predicts the growth in demand for plug-in electric vehicles (PEVs) and innovations in the power metal-oxide-semiconductor field-effect transistor (MOSFET) provide lucrative opportunities for the power electronics market during the forecast period.
The power electronics industry has been severely affected by the pandemic's disruption of global trade and supply networks. The trade disruption generated a severe scarcity of semiconductor raw materials and components. Future application of power electronics in fan regulators, light dimmers, air conditioners, induction cooking, emergency lights, vacuum cleaners, and uninterrupted power systems (UPS) will be bolstered by the increasing reliance on consumer electronics resulting from rapid urbanization and rising disposable incomes.
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