Thyristor: Key market research findings
- Growth in smart grid market
- Increased demand for energy worldwide
Technavio has released a new market research report on the global thyristor market, which is expected to grow at a CAGR of 7% between 2016 and 2020. Increase in demand for electricity across the globe has created demand for new power systems resulting in the incorporation of thyristor valves for effective current conversion. The rising demand for power infrastructure in many developed economies and the increased investments in industrial electronics applications such as home automation, medical electronics, test and measurement, energy generation and distribution, and military and civil aerospace have been triggering the demand for high-power thyristors in devices and equipment. APAC leads the global thyristor market, occupying around 42% of the overall market share. Much of the region’s growth can be attributed to the high demand for power electronic devices.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The rising demand for electricity in APAC and the Gulf Cooperation Council (GCC) has prompted the countries in these regions to invest in smart grid technology. This will have a significant effect on the thyristor market for high-voltage applications over the next four years. Thyristors are used in several smart grid electronic systems such as Voltage source converter HVDC (VSC-HCDC), LCC-HVDC, UHVDC and FACTS, for advanced T&D of power over long distances, ensuring high power quality,” says Asif Ghani, Lead Analyst, Hardware & Semiconductor, Technavio Research
The demand for electricity has risen substantially across the globe, leading to the more requirement of T&D networks, which will boost the demand for thyristors. Moreover, the growing use of renewable energy, such as wind, solar, geothermal, and hydropower is expected to propel the thyristors market in the Americas, China, India, and the GCC countries during the forecast period. Also, these countries are making huge investments to meet their future requirements for energy, which will boost demand in the thyristor market.
The leading players in the global thyristor market are ABB, ON Semiconductor, Infineon Technologies, Hitachi, Mitsubishi Electric, STMicroelectronics, Texas Instruments, and Toshiba. The market is highly competitive and fragmented due to the presence of a large number of small and regional vendors in the market. Vendors in the market need to shift their focus to untapped markets, such as the Latin American market, which is a lucrative hub for manufacturers due to low-cost labor, financially open territory, government support for economic integration, and several initiatives. The key vendors in the market are investing in and emphasizing strategies to carry out further research to develop innovative products.
A more detailed analysis is available in the Technavio report, Global Thyristor Market 2016-2020
