Silicon Will Remain Predominant With an 87% Share, but New SiC and GaN Technologies Will Be the Fastest-Growing -- at 30% and 32% Annual Rates Respectively, Says Lux Research
BOSTON, MA--(Marketwired - Nov 19, 2014) - Power electronics -- used to convert and manage electricity in devices ranging from mobile phones to pumps and motors -- will grow to a market worth $23 billion for discrete components in 2024, up from $13 billion today according to Lux Research.
Silicon-based devices will remain the main technology of choice, but silicon carbide (SiC) and gallium nitride (GaN) will be the fastest-growing, gaining a combined 13% share in 2024.
"As power demands in applications from consumer electronics to the power grid get more demanding, silicon is running up against physical limits, offering opportunities for both SiC and GaN," said Pallavi Madakasira, Lux Research Analyst and the lead author of the report titled, "Sizing-up the $23 Billion Discrete Power Electronics Market in 2024."
"GaN is a direct threat to silicon, as it can replace silicon in many applications, while SiC transistors can actually create additional new opportunities for silicon in high-voltage applications that will use SiC and silicon components together," she added.
Lux Research evaluated the $23 billion market for discrete power electronics, assessing market drivers and diverse technologies. Among their findings:
The report, titled "Sizing-up the $23 Billion Discrete Power Electronics Market in 2024," is part of the Lux Research Energy Electronics Intelligence service.
About Lux Research
Lux Research provides strategic advice and ongoing intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.
Lux Research, Inc.