Power electronics market set to rise

The global power electronics market was valued at $12.87 billion in 2015 and is expected to witness a CAGR of 6.2% from 2016–2022, according to a report from P&S Market Research.

Power electronic devices ensure effective delivery of power, providing high reliability, security and flexibility to the power system. They also play a key role in the conversion of the existing electrical grids to next-generation networks.

The report states that approximately 30% of all power generation is currently carried out using power electronic devices, either at the point of power generation or at the final consumption of electricity. The power electronics market generated its highest revenue from the non-isolated DC-DC segment in 2015, while the Asia–Pacific region was the largest contributor to global revenues.

It is expected that by 2030, up to 80% of the electricity produced will use power electronic devices. The high level of integration of power electronic devices with electricity grids, increase in demand for network reliability, government focus on reduction of environmental pollution and energy savings are further expected to drive the market during the forecast period.

The report can be found here.