POWER ELECTRONICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Power electronic devices such as IGBTs, MOSFETs, and diodes generate a significant amount of heat during their operation as there is conversion of electrical to mechanical energy or vice versa. Effective heat dissipation from these devices is crucial to ensure optimum performance, reliability and longevity of the power electronic systems. However, with rapid advancement in power semiconductor technology and increasing demand for compact and high-powered systems, thermal management is becoming an increasingly acute issue.

The heat flux from modern wide bandgap semiconductor devices like SiC and GaN is much greater than conventional silicon-based components used in power electronics earlier. Next-generation semiconductors while providing faster switching speeds and higher energy efficiencies, also produce more heat per unit area compared to silicon.

Market Opportunities: Emergence of connected and smart technologies

Connected devices and IoT ecosystems are facilitating greater optimization, control and integration of power systems. Advanced technologies like artificial intelligence and machine learning are enabling more autonomous and adaptive management of power generation, transmission and consumption. This allows for improved reliability, higher efficiencies and reduced environmental impact.