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 technologies enable intelligent electricity transmission to end users through modernization of aging power grid infrastructure. These technologies offer features like efficient power distribution, remote monitoring, and self-healing networks.
Market key trends:
One of the key trends driving the growth of the smart power technology market is the increasing adoption of smart grids. Smart grids aim to modernize aging power infrastructure through utilization of automated control and communication systems. They integrate renewable energy sources, provide smart metering systems, and facilitate two-way communication between utilities and consumers. Growing investments in renewable energy integration and modernization of aging power grids in countries across the globe are fueling the demand for smart power technologies. Additionally, the rising emphasis on development of self-healing power distribution networks through utilization of sensors, monitors, and automated switches is also contributing to the market growth.
Segment Analysis
The global smart power technology market is dominated by the smart power ICs segment. Smart power ICs find extensive application in industrial motor control, consumer electronics, data centers, telecommunication infrastructure, automotive, healthcare, and other industries. Factors like improving demand for advanced power management integrated circuits (PMICs) and increasing adoption of smart grid networks are proliferating the growth of smart power ICs. The segment held over 60% share of the global market in 2023 owing to its ability to deliver high system level integration with functional safety, security and power management features.
Key Takeaways
The global smart power technology market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period 2023 to 2030, due to increasing demand for energy efficient power equipment across industries.
The market size is estimated to reach US$ 174.31 Billion in 2023. APAC dominated the global market and is estimated to grow at the fastest rate due to rapid industrialization and infrastructural developments in major economies like China and India. North America is another significant market for smart power technologies due to stringent regulations regarding energy efficiency.
Regional analysis – APAC accounted for over 35% share of the global market in 2023. This is attributed to large presence of manufacturing units, expanding industrial sector and growing electronics & semiconductor industry in China, India, Japan and South Korea. These countries are increasingly adopting advanced smart grid solutions and efficient power management devices to curb energy costs.
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. Texas Instruments holds a significant market share due to its diverse product portfolio in power management and energy efficiency domains.
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