Power Electronics Market Trends: Value Chain, Stakeholder Analysis and Trends

Power electronics involves the usage of electronic circuits to control the flow of electrical energy. It is the application of solid-state electronics to control and convert electric power. It includes various advanced power semiconductor devices, their characteristics, structures, and applications. Power electronics is used in defense applications.

Electric vehicle need the power electronics system to convert and control the power supply from the battery of the electric vehicle. Ever-increasing adoption of electric vehicles is projected to boost the power electronics market during the forecast period. Rigorous norms imposed globally by regulatory bodies on carbon emissions of automobiles are also anticipated to promote the increasing adoption of power electronics in the electric vehicles, as it has electronic control over the emission system in gasoline vehicles and there is no emission in case of electric vehicles. Rapid usage of renewable sources of energy is a key factor that is boosting the power electronics market. Power electronics devices have several advantages such as simplified circuits and optimum forward and reverse blocking capabilities. Furthermore, compact power electronics designs are the ideal choice for applications involving high power densities. Major factors hindering the adoption of power electronics include high initial costs and deposition of GaN on silica materials, which is in turn very difficult to reach in high voltage ranges. Manufacturing of power electronics is too expensive and time-consuming; thus, posing a restraint to the global power electronics market.

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The power electronics market for electric vehicle can be segmented based on input and output power, device, vehicle, operation of vehicle, application, and geography.

Power electronics is utilized as power conversion systems and can be classified as AC to DC converter (Rectifiers), DC to AC converter (Inverter), DC to DC converter, and AC to AC converter.

Based on device, the power electronics market for electric vehicle can be segmented into discrete, module, and IC. Discrete devices is sub segmented as diode, thermistors, and thyristor (It is a solid-state semiconductor device with four layers of alternating P and N-type materials). Module type consists of Intelligent Power Module (IPM), Power Integrated Module (PIM). IC includes power management ICs and application specific ICs.

Based on vehicle, the power electronics market for electric vehicle can be classified into passenger vehicles (PVs) and commercial vehicles (CVs). Passenger vehicles include hatchbacks, sedans, multi- purpose vehicles (MPVs), and sport utility vehicles (SUVs). Commercial vehicles include lightweight commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).

Power electronics can be used in battery electric vehicle (BEVs) and hybrid electric vehicles (HEVs). In an electric vehicle, power electronics takes direct current (DC) from the battery and converts it to alternating current (AC) and sends it to the motor. The electric motor utilizes the AC to create torque (mechanical power) to propel the wheels. HEVs employ two electrical machines; one is a generator connected to the engine and the other is a motor to drive the wheels. Each of these machines are connected to an inverter, and the two inverters run at a higher voltage than the battery.

In terms of geography, the power electronics market for electric vehicle can be segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). Asia Pacific accounts for a major share of the global power electronics market for electric vehicle, due to the high adoption rate of power electronics and the booming automotive sector, which is leading to an increased production of vehicles that uses power electronics, especially in China and India. North America is a rapidly expanding market for power electronics. Europe are promising market, which are likely to present growth opportunities to the power electronics market.

Key players operating in the power electronics market for electric vehicle include Infineon Technologies AG, Texas Instruments Inc., ON Semiconductor Corp., ST Microelectronics N. V., NXP Semiconductors N. V., Qualcomm Inc., Mitsubishi Electric Corp., Renesas Electronics Corp., ABB, and Rockwell Automation.

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