Digital Power Electronics Market | Contrive Datum Insights

Market Overview:

The Digital Power Electronics Market Size Is Estimated To Reach US$ 28.15 Billion By 2022 And US$ 42.8 Billion By 2030, Growing At A CAGR Of 5.1% From 2022 To 2030.

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The growth of the digital power electronics industry is being driven by the use of renewable energy in power generation, the growing acceptance of automation, and Industry 4.0. Demand for digital power electronics is also growing because more people are buying consumer electronics and electric cars. This is making the market bigger. Different substrate materials, like gallium nitride, silicon carbide, silicon, and sapphire, are used to make digital power IP cores and microcontrollers that improve the functionality of integrated circuits and make digital power electronics more profitable. Digital power electronics are also becoming more popular in many different industries because they have benefits like simple circuitry, forward and reverse backup, small size, and the ability to handle high voltages and currents while using very little power. The outlook for the digital power electronics industry over the next few years is good because of these factors.

Power electronics are an important part of electric vehicles because they offer small, high-efficiency ways to convert power. Power electronics is a type of circuitry that moves power from a source to a load in a way that is efficient, small, and strong so that it can be used easily. This device is used to control how diodes, transistors, and thyristors change the form of electric power from one form to another. Power electronics devices can be used to do work with high voltage or high current in an efficient way because they have a faster switching rate and are more efficient. Power electronics also control the one-way or two-way flow of energy, depending on how it is being used, and the energy that has been used can be sent back to be used again. Power electronics devices are expected to be the key technologies of the future because they help improve the efficiency and performance of systems in areas like cars and saving energy.

COVID-19 Impact:

The sudden drop in demand for consumer electronics after the COVID-19 crisis had a big effect on the power electronics market. It caused a lot of problems, like massive disruptions in the supply chain and industrial uncertainty because strict lockdowns were put in place everywhere. Electronics companies said that their shipments kept getting delayed because of problems with both international and domestic trade, which hurt their business. Also, logistical delays in the renewable sector, falling energy demand, and problems with making just-in-time deliveries were some of the biggest signs that the pandemic was slowing down the power electronics industry.

Market Dynamics:

Market Trends:

• Power Electronics to Extensively Use Gallium Nitride (GaN) Materials Due to their Beneficial Features

To control the flow of electricity, the power electronics industry mostly uses semiconductors (like diodes and transistors) and other electrical parts (like resistors, capacitors, inductors, and transformers). Silicon carbide (SiC) and gallium nitride (GaN), two new high-bandgap semiconductor materials, have higher breakdown fields than silicon and make it possible to make parts that are much smaller and more compact.

GaN and GaAs power semiconductors also have a lot of advantages over silicon ones, such as a faster switching speed, less current loss, and more power per unit area. Material suppliers are using new ways to make their products to lower costs and make them easier to use. This will make it easier to use GaN materials to make semiconductors and other parts for power electronic devices.

Driving Factors:

• High Adoption of Renewable Power Sources

At the moment, a number of countries are switching from fossil fuels like coal and gas to renewable energy sources to make electricity. This is why the number of new installations of renewable energy sources keeps going up while the number of installations of non-renewable energy sources keeps going down. Power electronics are a key part of changing the way electricity is used so that it uses renewable energy more efficiently. AC and DC electricity are changed and controlled by power electronics. Power electronics-based power converters are also used a lot in renewable energy systems, especially wind and solar energy systems, which are the most promising renewable energy sources for making electricity. Solar panels, wind turbines, fuel cells, batteries, capacitors, and other power devices are all part of these renewable systems. Different kinds of power electronics can be added to these systems to meet different power needs. For example, solar panels can turn the sun's energy directly into electricity when the sun shines directly on the photovoltaic (PV) panels. A power electronics converter changes the DC power made by the solar cells into AC power that can be used for most things. Wind turbines can also be used when the speed and direction of the wind are right. Also, the energy made by these devices can be stored in batteries, which is another way that power electronics can be used.

• Growing Demand for Electric Vehicles

The Digital Power Electronics Market is likely to be driven by the demand for electric cars around the world. Digital power electronics are used in many parts of a car, such as the switch that turns on the engine, the lights inside the car, the ignition switch, and the power steering. Digital power electronics are a key part of how electric vehicles handle their electric power. As a result, the Digital Power Electronics Market is likely to be driven by the rapidly growing electric vehicle industry over the next few years. According to a report from the International Energy Agency that came out in May 2022, the number of electric cars sold in the U.S. in 2021 was 6.6 million, which was a new record. During the forecast period, the growing use of electric vehicles would be good for the Digital Power Electronics industry outlook.

• Rising Focus on EV and Fast Charging Stations to Propel the Market Growth

Most of the time, hybrid and plug-in electric vehicles' power electronics process and control the flow of electricity (EVs). They also control the speed and torque of an engine. Some of these parts are inverters, chargers, and DC/DC converters (for plug-in electric vehicles).

EVs use a lot of these kinds of electronics because the electric motors in these cars need a lot of power to turn. MOSFETS and IGBT are two types of power components that are used as electronic switches in powertrain systems. This helps to reduce the size of the system as a whole. Because of these benefits, the market is expected to grow at a fast rate over the next few years.

Restraints/Challenges:

• Complex Integration Process of Advanced Electronics Devices

More and more, the power electronics industry is focusing on putting multiple functions on a single chip, which makes the design more complicated. To design a complicated device, you need a solid process, the right skills, and different tools for integration, all of which cost more money. Users can't switch to more innovative technology devices because of how expensive they are. These new, innovative technologies make it necessary to add more functional devices to the system, which makes them more expensive. Also, putting multiple ICs into a single device is hard because they all have different operating modes, functions, and voltages, which slows market growth.

• Costly Raw Materials and Complex Manufacturing Processes

Power electronics use expensive compounds and raw materials like silicon carbide, gallium nitride, sapphire, and silicon. The growth of the market is also limited by the fact that making digital power electronics is a very complicated, expensive, and time-consuming process. These electronic devices put out a lot of harmonics that affect the power source and any device or circuit that is connected to it. This can cause overheating, radio interference, torsional vibration, problems with commutation, and other problems in the equipment. This also slows the growth of the market.

Opportunities:

• Wide Bandgap Semiconductors Promoting New Applications of Power Electronics

The Power Electronics Market has changed a lot since wide bandgap semiconductors like GaN and SiC came on the scene. Wide bandgap semiconductor materials make it possible to make power electronics that are smaller, faster, more reliable, and use less energy than their silicon-based counterparts. As a result of higher efficiency, less energy is lost as heat. This not only cuts power losses, but also makes it possible to use smaller systems, which are cheaper and have faster switching speeds than silicon solutions. These features make it possible to reduce weight, size, and costs over the life of a power application in a wide range of ways. Also, using SiC and GaN has led to improvements in MOSFETs and isolated gate bipolar transistors, two types of semiconductors that are already in use (IGBTs). Because SiC and GaN have more mobile electrons, devices made from these WBG materials can switch on and off more quickly. Companies like Infineon Technologies, NXP Semiconductors, and STMicroelectronics use wide bandgap semiconductor materials to handle the higher power and frequencies of new designs for electric vehicles, optoelectronics, and other applications with tough operating conditions. Some places where wide bandgap power electronics are likely to be used are listed below.

• Innovation in Power Metal–Oxide–Semiconductor Field-Effect Transistor (MOSFET)

At the moment, electronics come with a variety of features to boost their sales and spread around the world. MOSFET should be able to make a lot of money from technological advances in electronic parts like computers, smartphones, and wireless communication and cloud systems. MOSFET is also a switching device that is used to control things like electric cars, inverters, and power supplies. MOSFET is used a lot in industry, including in low switching frequency applications. These things would give the power electronics market a lot of chances to grow.

Strategic Development:

• In May 2022 - Lattice Semiconductor Corp launched the MachXO5-NX FPGA series. These digital power electronics systems enhance system monitoring and control in automotive, industrial, and telecom applications.
• In September 2021 - Renesas Electronics announced the release of the RX671 group of 32-bit microcontrollers. These microcontrollers can provide high performance and high functionality with touch sensing. This allows the company to increase its share in the Digital Power Electronics market.
• In June 2021 - Mitsubishi Electric announced the launch of seven new X-series products, including two HVIGBTs and five HVDIODEs. These digital power electronics modules are suitable for large capacity, small inverters used in traction motors, DC power transmitters, and other high voltage equipment.

• In August 2021 - Switzerland-based STMicroelectronics released its new 45W and 150W MasterGaN devices for high-efficiency power conversion.
• In June 2021 - ON Semiconductor (US) announced that its 1200V full silicon carbide (SiC) MOSFET 2- PACK modules could be used to charge electric cars with new full silicon carbide (SiC) MOSFET module solutions. This is expected to give a full range of high-performance charging solutions that use wide bandgap devices.

Key Vendors:

Top market players are

• ABB Group

ABB is a leader in technology for electrification and automation, which helps make the future more sustainable and efficient with resources. The company's solutions combine engineering expertise with software to improve how things are made, moved, powered, and used.

• Fuji Electric Co

Fuji Electric Co Ltd (Fuji Electric) is a manufacturer of electrical products. Its business activities include thermal, geothermal, and hydraulic power generation, nuclear power-related equipment, solar power generation systems, energy management systems, watt-hour meters, and information systems.

• Infineon Technologies AG

Semiconductors are made, sold, and designed by Infineon Technologies AG. Power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors are just some of the things the company sells. Infineon sells its products to the automotive, industrial, communications, consumer, and security electronics markets.

• Lattice Semiconductor

Lattice Semiconductor is the leader in low power programmable chips (LSCC on the NASDAQ). They help customers solve problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive, and consumer markets.

• Mitsubishi Electric

Mitsubishi Electric Corp (Mitsubishi Electric) creates, makes, and sells electrical and electronic products. The company sells things like turbine generators, nuclear power plant and power electronics equipment, motors, transformers, circuit breakers, gas-insulated switchgear, switch control and display devices, and more.

• Renesas Electronics Corporation

Renesas Electronics Corp is a Japanese company that makes and sells semiconductor components and other products for use in the automotive, healthcare, computer peripheral, connectivity, home appliance, and industrial markets.

• Rockwell Automation

Products for industrial automation are made by Rockwell Automation, Inc. The company sells things like control panels, sensors, motor control devices, and control systems.

• STMicroelectronics

STMicroelectronics, Inc. works in the field of electronics. The company makes semiconductors, multimedia products, power applications, and sensors, among other types of electronic products.

• Texas Instruments Incorporated

Texas Instruments Inc. (TI) designs, makes, and sells semiconductors to companies that make and design electronics. Its analog and embedded processors divisions offer standard semiconductor products that are made for specific uses.

• Toshiba Corporation

Toshiba Corp. (also called "Toshiba") is a diversified company that works in electronics, electrical equipment, and IT. It designs, develops, makes, and sells storage devices, point-of-sale (POS) systems, energy-saving products and services, semiconductors, semiconductor manufacturing equipment, microwave semiconductors and components, tablets, home appliance products, power systems, transmission.

Segmentation Analysis:

The market is segmented on the basis of component, conversion, isolation, operation, end-user and region.

By Component Outlook:

In the Digital Power Electronics Market report, the digital signal processors (DSP) segment is predicted to grow at the highest CAGR of 6.2% from 2022 to 2027. The growth of the digital signal processors (DSP) segment is greatly helped by the increasing integration of high-performance or multi-channel digital signal processing algorithms into field-programmable gate arrays (FPGA) and technological advances in wireless infrastructure. This makes the Digital Power Electronics Market bigger as a result. In June 2021, Marvell announced that it would start selling the Deneb ultra-low power multi-mode 400G DSP. This was an addition to its Coherent Digital Signal Processor (CDSP) portfolio, which was already the best on the market. The growth of the Digital Power Electronics Market is helped by changes like these.

• Digital Power Management Integrated Circuits
• Digital Power Control IC
• Field Programmed Gate Array (FPGA)
• Digital Signal Processors (DSP)
• Power Modules
• Discrete Devices
• Others

By Conversion:

The market is divided into AC to AC, DC to DC, DC to AC, and AC to DC based on how they convert. Due to the growth of the telecommunications industry, the DC-to-DC segment is expected to lead the industry. DC to DC converters are used in many devices, such as computers, laptops, spacecraft, buses, and many more.

The AC-to-AC segment will also grow slowly over the next few years because these converters are used in many important applications that need low frequency, speed control, and variable voltage.

• AC to AC
• DC to DC
• DC to AC
• AC to DC

By Isolation:

The market is split into two parts: those that are isolated and those that are not. In 2022, the isolated segment had the largest share of the market. A transformer cuts off the DC path between the input and output of an isolated DC-DC converter. These isolators are getting a lot of attention because power electronic devices are being used more and more in areas like factory automation, building automation, healthcare, aerospace, and cars.

Between the input and output of a non-isolated converter, there is a DC path. Most of the time, these devices use specialized integrated circuits and are used in industrial settings where a lot of power is needed. During the forecast period, these things are likely to drive the installation of non-isolated converters.

• Isolated
• Non-isolated

By Operation:

In terms of how they work, the market is divided into power generation, power transmission, power distribution, and power control. During the forecast period, the market is expected to be led by the power control segment, which is used in a lot of different industries, such as energy, aerospace, and defense.

The market share of the power transmission segment is the second largest. This type of operation is used a lot in electric cars that don't use fuel, planes that don't use fuel, rockets that don't use fuel, and robots that move. Power transmission operations are likely to become more popular as the number of electric cars and fast charging stations grows.

• Power Generation
• Power Transmission
• Power Distribution
• Power Control

By End-User:

Based on End-user Industry, the Automotive industry is expected to grow at the highest CAGR of 5.8% from 2022 to 2027, according to the Digital Power Electronics Market report. The automotive segment of the Digital Power Electronics industry is growing because more and more people want electric and hybrid cars, people have more money to spend, and more people are concerned about the environment. Titanium Ti180 FPGA was released by Efinix Inc in August 2022. The new 180K logic element device has high performance at a low cost and uses very little power. It is designed for use in the automotive industry. The Digital Power Electronics industry in the automotive sector is getting a boost from these kinds of changes.

• Automotive
• Consumer Electronics
• Aerospace and Defense
• Energy
• Others

Regional Insights:

In 2021, APAC had a 38% share of the global Digital Power Electronics market, making it the largest market. It is also thought to have grown a lot during the predicted time period. The market is growing because more people are working in factories, more people are making cars, and more money is being put into the power sector. Also, because more people are worried about the environment and more people are switching to green energy production, local governments are taking different steps to increase renewable energy production to meet the demand for electricity. According to the India Brand Equity Foundation, the Government of India has put $2.57 billion into the Union Budget 2022–23 for PLI initiatives to build solar energy production units. These things are making more people want to buy digital power electronics, which is growing the size of the market in the APAC region.
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• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• It includes all the important parts, such as R&D capabilities and making sure the manufacturing process is as efficient as possible.
• The report also shows how the power electronics market is changing and what the most important changes are.
• In addition to the things already mentioned, it focuses on a number of things that have speed up the growth of the global market in recent years.