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POWER ELECTRONICS INDUSTRY Power electronics market 2020: Winners, losers and opportunities
The power electronics industry’s onward direction is driven by diverse vertical market factors, now with the added impact of COVID-19. Despite everything, there are opportunities as well as challenges – so how is the industry responding?
According to a Research And Markets report released in July 2020, the global power electronics market size, after COVID-19 is factored in, is projected to grow from USD 35.1 billion in 2020 to USD 44.2 billion by 2025, at a CAGR of 4.7 %. This growth is dominated by three contributors: renewable energy across the globe, growing adoption of power electronics for electric vehicle manufacturing, and increasing use of power electronics in consumer electronics.
Each of these three markets is influenced by both its own industry-specific issues and the massive impact of COVID-19. This article provides an overview of these markets and factors, and reveals some industry winners and losers; it then comments on the key semiconductor components consumed by these markets, and some of their major manufacturers.