Portland, Oct. 23, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power electronics market was estimated at $13.89 billion in 2015 and is expected to hit $24.84 billion by 2022, registering a CAGR of 8.9% from 2016–2022. The report provides an in-depth analysis of the market, including top investment pockets, industry drivers and restraints, market size & forecast, market classification, and competitive scenario.

Increasing adoption of power electronics in an electric vehicle aggrandized need for power management devices, and enhanced efficiency drive the growth of the global power electronics market. On the other hand, certain leakage issues restrain growth to some extent. However, several government initiatives in HVDC and smart grid are expected to create multiple opportunities for the key players in the industry.

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The power modules segment held the highest share in 2015-

Based on type, the power modules segment contributed to nearly half of the total market revenue in 2015 and is expected to dominate during the forecast period. The power discrete segment, on the other hand, would grow at the fastest CAGR of 10.1% till 2022.

The IGBT segment to lead the trail during the study period-

Based on the device, the IGBT segment accounted for two-fifths of the total market share in 2015 and is anticipated to rule the roost through 2016–2022. The same segment is also predicted to showcase the fastest CAGR of 10.5% by 2022.

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Asia-Pacific to remain lucrative throughout the estimated period-

Based on geography, the Asia-Pacific region garnered a major share in 2015, contributing to more than half of the total market. The same segment would also cite the fastest CAGR of 9.6% during 2016–2022.

Leading market players-

The key market players analyzed in the global power electronics market report include Mitsubishi Electric Corp., Toshiba Corporation, Fuji Electric Co. Ltd., STMicroelectronics, Infineon Technologies AG, Renesas Electronics Corporation, Rockwell Automation, Inc., ABB Group, Microsemi Corporation, and Texas Instruments, Inc. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their foothold in the industry.

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