The global power electronics market size is projected to reach $45 billion by 2024, driven by the substantial expansion of the automotive and consumer electronics sectors, according to Global Market Insights.
Increase in carbon emission levels is driving the adoption of sustainable sources of energy such as solar, wind and geothermal over conventional forms. In 2017, emissions from electricity accounted for 28% of the total greenhouse gas emissions in the US efforts to implement sustainable power generation systems will bring in remarkable opportunities for power electronics industry players.
The rise in demand for energy due to the expanding industrial, residential and commercial sectors worldwide is fueling carbon footprint levels.
Higher disposable income and surging urbanisation have fueled residential construction in emerging nations. By 2030, the real estate sector in India is expected to cross $1 trillion in value as compared to $120 billion in the year 2017.
Adequate measures are being undertaken by the governments and other recognized authorities to promote the use of renewable sources of energy. The US Department of Energy has established certain minimum efficiency standards for appliances and equipment. Standards require products to adhere to a certain maximum allowable energy consumption level.
Changing energy trends and the growing awareness about various renewable projects being undertaken to promote a greener future will impact the development and deployment of power electronics products.
The Ministry of New and Renewable Energy, Government of India established the National Solar Mission on 11th January 2010 with an aim of deploying over 20,000 MW of grid-connected solar power by 2022, primarily by reducing the cost associated with solar power generation in the country and boosting domestic production. Stringent policies and regulations will positively influence global power electronics market outlook.
Rapid electrification of vehicles
Rising disposable income among people has driven their spending capacities on advanced automobiles in both developed and developing nations. In 2018, the total number of vehicles produced globally was nearly 98.1 million units.
As close to 4.6 metric tons of carbon dioxide is emitted by vehicles every year, there is a need to adopt a sustainable form of transportation to control environmental degradation. Adequate information regarding the need to control levels of carbon footprint has steered the demand for electric vehicles globally.
In 2017, there were more than 3.1 million electric cars in the world, 50% more than the previous year. Power electronics are widely used in EVs and charging stations for electric motors, controller unit, voltage converters and inverters.
Power electronics are used in the automotive power generation system that facilitates automotive alternators with higher efficiency and power, along with the ability to withstand high temperatures. Frequently used alternator in automobile applications is a claw pole alternator which is suitable for enhanced performance.
The armature and field characteristics of which is enhanced with the use of power electronics. Additionally, automotive alternators require power electronic voltage regulator to produce a constant voltage at the battery terminals by controlling small field current.
Growing defence expenditure
Increasing cross border tensions and incidences of war are driving investments and developments in the defence industry. In 2017, the total defence spending by the US was approximately $610 billion, accounting for 15% of all federal expenditure.
Technological advancements and developments in the industry comprise the use of advanced aircraft, satellites, missiles and innovative communication technologies. For instance, signal processing for modern military radars, avionics, weapon systems, unmanned aerial vehicle (UAV) payloads and missile controls use processing power that emits tremendous amounts of heat. Efficient power electronics help to reduce heat and improve performance.