Growing penetration of power electronics (PE) across myriad industry verticals including consumer electronics products, energy and power, and automotive is set to boost the global PE market trends. Renewable energy trends and demand for electric and hybrid vehicles will elevate the popularity of PE. Surge in industrial electrification and the need for decarbonizing the power & energy sector will unlock new growth opportunities for the PE market. According to the report published by Allied Market Research, the global power electronics market is predicted to amass revenue worth $43.7 billion by 2031.
Major players in the global PE market are executing strategies such as the launching of new products with the purpose to enhance power efficiency and in conformation with the strict energy conservation laws enforced by regulatory bodies. In addition, strategic partnerships have helped the market players in expanding their business portfolio across the PE industry. Let us discuss a few of the major trends witnessed across the global PE industry.
New product launches have strongly influenced the growth of the global PE market. Datum Electronics Ltd, a leading UK firm in torque products and power shafts business, launched a new shaft power limitation tool. Reportedly, the new tool offers functions complying with the energy efficiency existing ship index law enacted by the international maritime organization. Â Furthermore, FlexGen, a major energy tech solution provider, introduced a new product referred to as FlexPod for distributed applications as well as behind-the-meter apps.
Moreover, the product consists of power conversion electronics, batteries, fire suppression systems, and thermal management systems. Apart from this, the firm’s energy management software referred to as HybridOS enables the product. The strategic move is aimed at improving the energy storage capabilities of commercial and industrial businesses. The initiative will also help commercial and industrial sectors to effectively store energy. Earlier, FlexGen launched an EV charging solution that integrates its energy management software (EMS) tool, HybirdOS, with battery storage.
Strategic partnerships have unleashed new growth opportunities for each industry with the global PE industry no exception to this. Â Qualcomm Inc., a key semiconductor manufacturer, extended its strategic partnership with Samsung Electronics Co., Ltd., a South Korean electronics firm. The extension of the partnership is intended for increasing the license agreement between two firms on 3G, 4G, 5G, and 6G mobile networks.
The move is aimed at reinforcing the technology dominance of both the players across the global power electronics industry. Furthermore, Siemens plc, a tech firm, joined hands with Compound Semiconductor Applications (CSA) Catapult to focus on the rapid growth of the disruptive power electronics industry in the UK. Moreover, the initiative will help in enhancing edge PE abilities across the country along with effectively integrating end-to-end supply chains in the UK with power electronics.
Continuing with the ongoing trends of strategic partnerships, TT Electronics plc, a key producer of electronics parts, signed a partnership agreement with Honeywell Aerospace, a subsidiary firm of Honeywell International Inc. The move is intended for designing a new power supply tool for next-gen inertial navigation units. Moreover, Renault Group, a major car producer, entered a partnership with Vitesco Technologies Group AG, a vehicle supplier for power train and drivetrain technologies. The formation of partnership is aimed at the co-development and production of power electronics for hybrid and electric powertrains.
About the author:
Dhananjay Punekar is writer, avid reader & book lover, and interested in watching sports. He holds post-graduate degree in management and is working as a Sr. Specialist Content Writer at Allied Market Research. He can be reached at dhananjay.punekar@alliedanalytics.com
