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Status of the Power Electronics Industry 2016
Jun.2016

power_electronics_market_evolution_two_possible_paths
6 490 €

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Description

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With strong price pressure and a very strong leader, how will the power electronics market and landscape evolve in the future?

Vehicle hybridization is pulling the power electronics market

The 21st century is full of challenges to overcome, including population growth, reducing CO2 emissions and developing energy sources to replace liquid fuel. Power electronics will play a key part in solving these problems. Among the applications Yole Développement follows, motor drives are helping increase motor efficiency, photovoltaics and wind turbines continue expand their role in energy supply, and rail networks are moving more people. But one application stands out thanks to the huge volumes involved: electric vehicles. In the 2000s MOSFETs drove growth, and in the early 2010s it was renewable energy. The late 2010s and 2020s could be the golden era for electric vehicles, if customers adopt it and governments keep on subsidizing the field.

2015 has been a difficult year for the power electronics market, with the global value of power ICs, power modules and discrete components decreasing from $15.7 billion to $15.2 billion, a 3% drop. This fall is explained mainly by strong Average Selling Price (ASP) decreases at IGBT module level. We expect this ASP trend to continue, mainly because of price pressure from the automotive market. But overall IGBT module and global power electronics market value should increase, as volume growth outweighs this ASP fall. The automotive market will strengthen its position, as we expect electric and hybrid electric vehicles (EV/HEV) to represent a major part of the IGBT module market by 2021. Over this time the power MOSFET market is expected to grow slightly for all applications, going from $1 billion to $1.2 billion value.

In the “Status of Power Electronics Industry 2016” report Yole Développement forecasts the power electronics market’s evolution, with two different scenarios depending on the future of electrified vehicles. This report gives updated market forecasts for wafers, inverters, MOSFETs and IGBTs, both as discretes and modules, up to 2021. It also provides splits by power, voltage, wafer size and application.

Power electronics market evolution two possible paths

EV HEV will represent a major part of IGBT market in 2021 

The industry landscape is evolving, and power electronics consolidation is happening

The market slowdown impacted most industry players, who saw a reduction of their power electronics revenue. Nevertheless, some companies managed to increase their revenues between 2014 and 2015. The most impressive growth is Infineon’s, whose power electronics revenues for the first complete year of corporate activities since its acquisition of International Rectifier went up 20% year-on-year. The group now firmly leads the power electronics industry, when taking into account power transistors, diodes and modules. To compete with this strong opponent, company strategies break down three ways: high R&D investments, diversification or acquisitions.

Chinese companies are concerned by this landscape evolution, especially as they try to capture added-value and master the overall power electronics manufacturing process. During just the first five months of 2016, two companies from China acquired European silicon wafer manufacturing companies. In addition to their acquisitions, Chinese players are also hiring experts and building their own fabs to manufacture power devices internally. This phenomenon may have a big impact on power electronics industry, as more than a third of the IGBT market is currently in China.

Yole Développement presents and analyzes all recent changes in the power electronics landscape, the financial situation and investments of some of the leading companies and supply-chain evolution trends. The report provides the top 25 ranking of power electronics players, with changes compared to 2014, and along with market shares for IGBTs and MOSFETs.

Power electronics landscape one giant and other players 

International Rectifier and Infineon, Fairchild and ON Semiconductor: Who will be next?

Yole Développement estimates that Infineon’s power electronics revenues are more than double those of the number two player. This very strong leadership was achieved thanks to the acquisition of International Rectifier, which permitted Infineon to acquire both customer portfolio and technological knowledge on GaN material.

ON Semiconductor’s offer to acquire Fairchild by may go in the same direction, as Fairchild is strongly involved in the automotive field, an application where ON Semiconductor may be weaker. Acquiring Fairchild would give the combined company easier access to the automotive market, as Fairchild already has the necessary certifications.

The tussle for the acquisition of Fairchild between ON Semiconductor and the consortium of China Resources Microelectronics and Hua Capital Management show that M&A for power electronics is now a tough battlefield. Expected consolidation in this landscape will surely bring contested deals and counter-offers, as players seek to strengthen to compete at a similar level. In this report Yole Développement analyzes the financial situation of some of the players that could be next to be acquired or make bids. It analyzes financial data from 2010 to 2015 in order to give insights on how the landscape may evolve in the future.

Consolidation of power electronics landscape is ongoing 

Objectives of the Report

This report’s objectives are to:

  • Provide an overview of power electronics market evolution
  • Analyze which applications are the most important
  • Identify business opportunities in power electronics
  • Establish the top 25 players for power electronics in 2015, with evolution compared to 2014 and financial analysis
  • Bring data concerning power electronics industry consolidation, M&A and diversification and future trends
  • Access the market for wafers, devices, modules and inverters
  • Present and analyze main technological challenges to overcome and developed solutions

what's new

  • Analysis of the latest M&A
  • Major trends and developments in the power electronics market and industry, and expectations for the future
  • Updates on business opportunities in power electronics
  • Power electronics player ranking and landscape analysis for 2015
  • Financial analysis and case studies of some of the leading companies in the power electronics business
  • Market and forecasts for power electronics devices below 400V
  • Updated market forecasts up to 2021 for power electronics in units and $
  • Technology analysis update and future trends

 

Table of contents

What’s new?    5


What we got right, what we got wrong    6


Report objectives    7


Companies cited in the report    8


Yole Développement methodology    9


Executive summary    11


Power electronics history, use and trends    30


Focus on China    52


Power electronics market     60


> Global power electronics market

> Inverter market

> MOSFET market

> IGBT market


Main challenges to face and business opportunities in power electronics    97


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key players and power electronics landscape    110


Case studies: power electronics companies and financial analysis    121


Evolution of power electronics landscape    142


Technology analysis    152


> Wide band gap material

> Toward more and more integration in power electronics

   -  Integration at inverter level: focus on power stack

   -  Integration at power module level: focus on power packaging


Conclusions    183


Related reports    186


Related events    187


Yole Développement presentation    188


 

Companies cited

ABB
AgileSwitch
Alpha and Omega Semiconductor (AOS)
Alstom
Amantys
Avago
Bombardier
BYD
China’s National Silicon
Continental
CRRC
Danfoss
Delphi
Diodes Incorporated
Dynex
Envision
Fairchild
Fuji Electric
Gamesa
General Electric
Global Wafers
Goldwind
Hitachi
Huawei
Infineon
Ixys

Macmic
Methode Electronics
Microsemi
Mitsubishi Electric
NXP / Freescale
Okmetic
ON Semiconductor
Panasonic
Powerex
Renesas
Rohm
Sanken
SBE Inc.
Semikron
Shindengen
Siemens
Sino Microelectronics
ST Microelectronics
StarPower
Sungrow
Tesla Motors
Topsil
Toshiba
Toyota
Vensys
Vishay

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY FEATURES OF THE REPORT

  • Explanation of Power Electronics market dynamics
  • Application landscape and its impact on the market
  • Industrial landscape, player evolution and financial analysis
  • Power electronics markets at inverter, module and device levels
  • Technology trends