The increasing carbon emission levels have led to the proliferation of electric vehicles which in turn is giving rise to power electronics market.
FREMONT, CA: In the past decade, carbon emission levels have soared, and owing to that the adoption of sustainable energy sources such as solar, wind, and geothermal have increased as well. The efforts put by the U.S. to implement sustainable power generation systems will provide ample opportunities for power electronics industry players. Increasing urbanization has led to residential construction in emerging nations flaring up energy demands. Additionally, by 2030, the Indian real estate sector will cross one trillion dollars as compared to $120 billion in 2017. Governments across the world are taking adequate measures to promote the use of renewable energy sources. The US department of energy has set minimum efficiency standards for appliances and equipment.
In both developed and developing countries, the disposable income of people, along with their spending capability on advanced automobiles, has risen. In 2018, 98.1 million units of vehicles were produced, resulting in 4.6 metric tons of carbon dioxide emission. Thus it is essential to adopt a sustainable form of transportation to protect the environment. In 2017, 3.1 million electric vehicles were present in the world, which is double than the year 2016. Power electronics are prevalent in EVs and charging stations as they are used in the automotive power generation system that facilitates automotive alternators with higher efficiency and power. The claw pole alternator used in automobile applications is suitable for enhanced performance. With the use of power electronics, the armature and field characteristics are enhanced. Besides, power electronic voltage regulator is a significant part of automotive alternators as they produce a constant voltage at the battery terminals by controlling small field current.
Technological advancements in the defense sector have led to advanced aircrafts, missiles, satellites, and innovative communication technologies. For instance, the weapons system, modern military radars, avionics, and drones emit a lot of heat, and efficient power electronics help reduce the heat and enhance the performance. This also boosts the power electronics market as the providers have to supply millions of dollars worth equipment to the defense sector. The defense and the electronic vehicle market will continually rise, and the power electronics market will simultaneously grow with it.