Power Electronics Market, Market Size, Outlook, Trend and Forecast Global Power Electronics Market | Page 2

The global power electronics market is categorized into type, device, application,
and geography. By type, the market is further segmented into power IC, power
module, and power discrete. Power module accounted for around half of the total
market share in 2016. However, the power IC segment is expected to grow at the
fastest CAGR, owing to its wide application in consumer electronics and electrical
appliances. The market by device is categorized into power diodes, thyristor,
bipolar-junction transistor, insulated-gate bipolar transistor, and metal-oxide-
semiconductor field-effect transistor. By application, the market is segregated into
energy & power, industrial system, inverter & UPS, consumer electronics, and
others. Energy & power dominated the application segment due to its higher
adoption in smart grid and HVDC.
Geographically the market is categorized into North America, Europe, Asia-Pacific,
and Rest of the World (RoW). Asia-Pacific accounted for the largest market share
of 54.2% in 2016, and is expected to continue its dominance during the forecast
period. The growth is majorly attributed to improvement in power transmission
and use of renewable energy. Europe accounted for the second largest market
share of 21.6%. In terms of growth, Asia-Pacific is expected to grow at the fastest
CAGR of 9.2% during the forecast period 2016-2024, driven by increasing demand
for electric vehicle and rise in demand for consumer electronic applications.
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