Power Discrete and Modules Market to Reach $35.92 Bn, Globally, by 2026 at 6.4% CAGR: Allied Market Research
Rise in demand for power electronics modules, increase in awareness regarding power saving, and emergence of plug-in electric vehicles and hybrid electric vehicles drive the global power discrete and modules market
PORTLAND, Oregon, May 12, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Discrete and Modules Market By Type (Power Discrete and Power Module), Component (Thyristor, Diodes, Rectifier, MOSFET, IGBT, and Others), Material (SiC, GaN, and Others), and Industry Vertical (Telecommunication, Industrial, Automotive, Renewable, Consumer & Enterprise, Military, Defense & Aerospace, and Medical): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global power discrete and modules market size was valued at $20.75 billion in 2018, and is projected to reach $35.92 billion by 2026, growing at a CAGR of 6.4% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in demand for power electronics modules from different industry verticals, increase in awareness regarding power saving, and emergence of plug-in electric vehicles and hybrid electric vehicles drive the global power discrete and modules market. However, lack of GaN material availability hinders the market growth. On the other hand, supportive government initiatives f or HVDC and smart grid along with technological advancement in power MOSFET create new opportunities in the coming years.
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The IGBT segment to maintain its dominant position throughout the forecast period
Based on type, the IGBT segment accounted for the largest market share in 2018, contributing to nearly two-fifths of the global power discrete and modules market, and is estimated to maintain its dominant position throughout the forecast period. Moreover, this segment is estimated to maintain the highest CAGR of 8.0% from 2019 to 2026. This is due to surge in demand for electric vehicle and need for high voltage operating devices along with smart grid utilization. The research also analyzes the segments including thyristor, diodes, rectifier, MOSFET, and others.
The GaN segment to maintain its lead status throughout the forecast period
Based on technology, the GaN segment held the highest market share, accounting for nearly half of the global power disrete and modules market in terms of revenue in 2018, and is expected to maintain its lead status throughout the forecast period. This is due to rise in utilization of GaN in radio frequency equipment, increase in demand from the telecommunication industry, and surge in demand for LiDAR, AC fast charger, and wireless power devices. Contrarily, the SiC segment is expected to portray the highest CAGR of 11.1% from 2019 to 2026, owing to its characteristics such as higher breakdown electric field strength, lesser thermal expansion, wider band gap, and more resistance to chemical reaction as compared to traditional silicon semiconductor.
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Asia-Pacific to maintain its dominance, North America to follow
Based on region, Asia-Pacific contributed to the highest market share based on revenue in 2018, holding more than half of the global power discrete and modules market, and is estimated to maintain its dominance during the forecast period. Moreover, this region is estimated to register the highest CAGR of 7.4% from 2019 to 2026. This is attributed to increase in industrialization, globalization, and surge in demand for medical applications including automated robots in wireless charging healthcare instruments and surgeries. However, North America is estimated to witness the largest CAGR of 3.3% from 2019 to 2026.
Market players grabbing the largest pie
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