Partnerships and new product to drive power electronics business

Growing penetration of power electronics (PE) across myriad verticals including consumer electronics, energy & power, and automotive is expected to drive global PE market trends. Renewable energy trends and the demand for electric and hybrid vehicles will increase the popularity of PE. The rise of industrial electrification and the need to decarbonize the electricity and energy sector will open new growth opportunities for the PE market. According to the report published by Allied Market Research, the global power electronics market is expected to generate $43.7 billion in revenue by 2031.

Major players in the global PE market are executing strategies such as launching new products with the aim of improving energy efficiency and in compliance with strict energy conservation laws enforced by regulatory bodies. Furthermore, strategic partnerships have helped the market players to expand their business portfolio in the PE industry. Let’s discuss some of the major trends seen in the global PE industry.

New product launches have heavily influenced the growth of the global PE market. Datum Electronics Ltd, a leading UK company in torque and driveshaft products, has launched a new shaft power limiting tool. According to our information, the new tool offers functions in line with the existing Energy Efficiency Ship Index Act promulgated by the International Maritime Organization. Additionally, FlexGen, a leading energy technology solution provider, has launched a new product called FlexPod for distributed applications as well as behind-the-meter applications.

Additionally, the product includes power conversion electronics, batteries, fire suppression systems and thermal management systems. Apart from that, the company’s energy management software called HybridOS enables the product. This strategic decision aims to improve the energy storage capacities of commercial and industrial companies. The initiative will also help the commercial and industrial sectors to store energy efficiently. Earlier, FlexGen launched an EV charging solution that integrates its energy management software (EMS) tool, HybirdOS, with battery storage.

Strategic partnerships have opened up new growth opportunities for every industry, with the global PE industry being no exception. Qualcomm Inc., a key semiconductor manufacturer, has extended its strategic partnership with Samsung Electronics Co., Ltd., a South Korean electronics company. The extension of the partnership aims to increase the license agreement between two companies on 3G, 4G, 5G and 6G mobile networks.

This decision aims to strengthen the technological dominance of the two players in the global power electronics industry. Additionally, Siemens plc, a technology company, has partnered with Catapult Compound Semiconductor Applications (CSA) to focus on the rapid growth of the UK’s disruptive power electronics industry. Additionally, the initiative will help improve state-of-the-art PE capabilities across the country while effectively integrating UK end-to-end supply chains with power electronics.

Continuing the ongoing trends of strategic partnerships, TT Electronics plc, a key producer of electronic parts, has signed a partnership agreement with Honeywell Aerospace, a subsidiary of Honeywell International Inc. The move is for the design of a new tool for power supply for next-gen inertial navigation systems. In addition, Groupe Renault, a major car manufacturer, has entered into a partnership with Vitesco Technologies Group AG, a vehicle supplier for transmission and transmission technologies. The formation of the partnership aims at the co-development and production of power electronics for hybrid and electric powertrains.

About the Author:

Dhananjay Punekar is a writer, avid reader and book lover with an interest in sports. He holds a graduate degree in management and works as a senior specialist content writer at Allied Market Research. He can be contacted at [email protected]