Discrete

Power Electronics Market to witness remarkable proceeds in APAC, product innovations and government initiatives to steer the growth

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Owing to the broad expanse of application arenas, power electronics market, one of the most pivotal verticals of the electronics and media sphere has been estimated to garner substantial returns in the ensuing seven years. The extensive popularity of this business space can be attributed to its massive deployment across the automotive, industrial, consumer electronics, defense, aerospace, renewable energy systems, and ICT sectors. Furthermore, the competitive spectrum of power electronics market has been witnessing the unveiling of exceptional and innovative products equipped with emerging technologies, specifically developed for particular end-use disciplines. The upcoming market players have been vying with the existing leading firms to build a robust presence in the industry. For instance, Navitas Semiconductor Inc., an emerging power electronics industry player based in the U.S., has recently launched the world’s first commercial Gallium Nitride (GaN) Power Integrated Circuit which enables highly energy-efficient and low-cost power converters. Such dynamic product innovations are set to significantly alter the growth landscape of power electronics industry in the forthcoming years.

U.S. power electronics market size, by product, 2016 & 2024 ($Mn)
U.S. power electronics market size, by product, 2016 & 2024 ($Mn)

For the record, Gallium Nitride power ICs are considered as an emerging technology that has propelled the power electronics industry to enter a new era of imaginative topologies, new controllers, materials, devices, and magnetics. They have been increasingly replacing the conventional silicon devices who are comparatively slower and inefficient, consequentially, further stimulating the growth of power electronics market size which was pegged at USD 34 billion in 2016.

Concurrently, the ever-growing governmental thrust across various nations to adopt renewable power sources in residential and industrial sectors to reduce air pollution, lower particulate matter, slash CO2 emissions and suppress the fossil fuel depletion, has had a favorable impact on power electronics market growth. To cite an instance, the Indian government under its Jawaharlal Nehru National Solar Mission has resolved to attain an ambitious solar power capacity of 100 GW through rooftop and large-scale grid-connected solar power projects by 2022. Undoubtedly, these humongous projects would require AC/DC converters and switching systems to work seamlessly, which would, in turn, boost the expansion of power electronics market size.

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Meanwhile, the escalating costs for setting up new production plants and the rising complexity of manufacturing procedures have restricted the advancement of upcoming players in the power electronics industry. Add to it, the power electronics industry is likely to face quite a few more challenges as the prominent market players have been plagued with space and security concerns which would impede the growth prospects of the industry in the immediate future.

It would be prudent to mention that the major industry players have been joining forces with other firms, universities, and research institutes to erect smart grids that would hopefully provide solutions to the aforementioned challenges. One of the foremost firm partaking in power electronics market, Enercon Canada Inc. for instance, has recently announced its collaboration with Hydro-Quebec research institute (IREQ) to interpret the impacts on grids of new electronic wind-turbine control systems. The partnership aims at blending ENERCON’s mastery of energy converters with IREQ’s extensive experience in simulating wide-scale wind power grid integration.

The Asia Pacific region is anticipated to be one of the most lucrative territory for power electronics market, given the wide-ranging deployment of the products across a multitude of business verticals. The economic boom in the region has resulted in increased disposable income in the middle-class households which has enabled them to purchase a greater amount of luxury electronic goods and systems. To add to it, the power losses and consistent current fluctuations, especially in manufacturing and industrial sectors of the region, have necessitated the deployment of power electronics systems such as UPS, inverters, and power regulators.

Given the wide-ranging adoption of emerging power electronics technologies on the global scale, it would be prudent to note that these systems shall acquire a prominent role in the growth of diverse industries such as heavy machinery, alternative energy, construction, oil and mining, and household equipment. According to a research report compiled by Global Market Insights, Inc., worldwide power electronics market size is slated to exceed USD 45 Billion by 2024.

Author Name : Saif Ali Bepari

Automated Test Equipment (ATE) market to gain major revenue share from IT & Telecom Industry

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Automated Test Equipment market share is anticipated to exceed USD 4.46 billion by 2022 due to its rising demand across various sectors such as defense, telecommunications & IT, automotive, and consumer electronics. ATE is used to automatically diagnose and detects faults in the EUT (Equipment under observation) thereby, ensuring faultless product delivery into the business space.

The ATE market is expected to witness a sustainable growth, rising at a CAGR of 2.6% over the period of 2015-2022. Commercialization of IoT or Internet of things will create a pool of opportunities for the ATE industry players globally. The design complexities pertaining to these digitized devices will demand for precise testing of these products, thereby boosting the ATE market growth.

Latin America ATE market size by application, 2012-2022 (USD Million)

Growing smartphone penetration is a major factor catalyzing the market share as the introduction of advanced technological features in these gadgets has in turn increased the design complexities. Also, rising consumer electronics demand, use of electronic equipment in vehicles, growing trend of miniature devices in sectors like defense and IT & telecommunication are also fueling the market share.

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However, fluctuations in the semiconductor industry are creating a gap between the demand and supply ratio, adversely impacting the ATE market size. Moreover, certain other factors like the cost of the testing instruments as well as frequent modifications in the ATE industry will also hamper the growth in the coming years.

ATE application revenue in the IT & Telecommunication industry is forecast to reach USD 2.20 billion by 2022 driven by huge demand for testing services by communication service providers and telecom equipment manufacturers. Also, rising demand for consumer electronics such as smartphones, tablets, etc. will drive the consumer electronics ATE market size to reach USD 1.3 billion by 2022.

ATE product market can be segmented as Non-memory, Memory, and Discrete. Non-memory ATE market dominated the overall industry accounting for 75% revenue. Rising consumer electronics demand, coupled with growth in the automotive sector will positively impact the industry share, which is expected to grow at a CAGR of 2.8% over the period of 2015-2022. Discrete ATE market will be the fastest growing product segment registering a CAGR of 3% over the forecast timeframe.

The Asia Pacific ATE market primarily led by India & China is expected to witness a significant surge in the coming years mainly owing to the large number of semiconductor companies present in these regions. APAC market is expected to record a CAGR of 2.8 % from 2015-2022.

The US market share will grow at a rate of 2.5% during 2015-2022 primarily due to investment in defense sectors coupled with growth in the telecommunication industry.

Teradyne, Advantest, LTX., Advint, Agilent Technologies, Aeroflex, Anritsu, Cal-Bay Systems, and National Instruments Corporation are some of the key market players. Expansion of testing platforms and development of new instrumentation will be the major growth strategies adopted by the industry participants over the next few years.

Author NameShikha Sinha