July 20, 2024

Growing energy demand from transportation sector to drive the growth of Smart Power Technology Market

The global Smart Power Technology Market is estimated to be valued at US$ 174.31 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Smart power technology involves using sophisticated digital control techniques for energy conversion, management and efficiency. It helps to distribute and control the flow of electric power for end-use devices efficiently. Smart power technologies are gaining prominence across various sectors such as transportation, telecommunication, industrial and residential due to their advantages such as enhanced efficiency, reduced energy losses, minimized carbon footprint and ability to operate in variable load conditions.

Market key trends:
One of the key trends in the smart power technology market is the growing focus on development of cost-effective and compact devices. Continuous advancements are being made to develop smart power ICs and modules with enhanced functionalities in compact chip sizes. Furthermore, there is rising focus among researchers and developers on integrating wide bandgap semiconductor substrates such as silicon carbide and gallium nitride for development of smart power devices with high voltage blocking capability and high temperature tolerance. This is expected to further drive the market growth during the forecast period.
Porter’s Analysis

Threat of new entrants: The barriers to entry are moderately high in the smart power technology market due to high R&D investments required and stringent product certification process.

Bargaining power of buyers: Buyers have moderate bargaining power since there are multiple established players operating in the smart power technology market providing similar products and technologies.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative component and chip suppliers in the market.

Threat of new substitutes: The threat of substitutes is medium as technologies like renewable energy can provide similar functional benefits but require significantly high investments.

Competitive rivalry: High due to presence of numerous global and regional players competing on basis of technology, product quality, and pricing.

Key Takeaways

The global smart power technology market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for energy efficient solutions across industries. The market size for 2023 is US$ 174.31 BN.

Regional analysis: Asia Pacific region dominates the global market and is expected to maintain its leading position during the forecast period owing to rapidly growing industrial sector and increasing adoption of smart grid technologies in countries like China and India. North America is expected to showcase significant growth due to rising focus on renewable energy integration and modernization of aging power infrastructure in the US.

Key players: Key players operating in the smart power technology market are Smart Power Devices Ltd., Smart Power Technologies LLC, Texas Instruments Incorporated., STMicroelectronics N.V, RICOH Electronic Devices Co., Schukat Electronic Vertriebs Gmbh and Wärtsilä Corporation. Smart Power Devices Ltd. and Smart Power Technologies LLC collectively account for over 30% of the global market share.