The thyristor market is expected to grow with a CAGR of 7.3 per cent during the forecast period. The market is driven by government-supported initiatives to support the use of the HVDC grid. With urbanization and industrialization increasing, energy demand is also rising. Most countries rely on electrical grids for the transmission of high voltage current from the generation source to cities.
However, due to the growing concern for the environment, governments around the world have started to focus on a more sustainable method of power and transmission. Governments are switching from traditional electrical grids to high-voltage direct current (HVDC) systems due to their higher efficiency, stability and cost-effective nature.
The HVDC system can not replace the traditional electrical grid system; rather, it increases the capacity of the system for long-distance transmission. In addition, the HVDC system allows the government authorities to take full advantage of the energy generated from renewable energy sources. It also enables the deployment of a smart grid solution, which acts as a major driver for the thyristor market.
This study on the global thyristor market gives a detailed cross-segment and cross-country assessment based on different segments, including power rating and application. Based on the power rating, the market segments are below 500MW, 500-999MW and above 1000MW. On the basis of their application, the market is fragmented into industrial electronics, consumer electronics, communications and automotive electronics.
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The replacement of the aging infrastructure, particularly in the energy sector, is likely to drive the thyristor market. Thyristors are much more efficient than their substitutes, and replacing older equipment is likely to spur market growth. Increased efficiency of thyristors throughout transmission and distribution of power also gives significant cost savings. Thyristors are more penetrating in advanced economies than in developing economies.
Factors such as financial vulnerability, low awareness of the ideal use of thyristor, and dramatic costs of development in the advancement of foundations are the greatest test in the demand development of the thyristor market. Increased demand for buyer hardware, increased interest in building plants with low carbon outflows from control frameworks and efficient matrix operation are needed to drive the thyristor market in the coming years. The thyristor market is still in its incipient phase, and it is relied upon to witness enormous advancements and patent filings. Most of the major electronic organizations are conducting advancements and broad research exercises in order to gain the main mover advantage. As of now, the thyristor market is on the brink of new product advancement.
The global market for thyristor is competitive as the adoption of this product is spread across different consumer segments with electronic capability. The market is also fragmented because of the presence of a large number of small and regional players. In this market, suppliers with the capacity to adopt growth strategies such as the integration of more optimized technology will gain a competitive edge over their peers.
On the basis of application, the global thyristor market is divided into industrial electronics, consumer electronics, communications and automotive electronics. By 2026, the consumer electronics segment is supposed to hold about one-third of the total market and to expand at a rapid rate throughout the forecast period. Thyristors not only improve efficiency but also reduce maintenance costs compared to conventional solutions. In terms of power rating, the market is segmented to below 500MW, 500-999MW and above 1000MW. Mainly driven by demand from urban regions, the segment of 500-999MW held the largest share of revenue in 2017. On the other hand, the segment below 500MW is expected to widen at a rapid pace due to the increasing demand from a growing population around the world.
North America has been driving the Thyristor market worldwide. A significant measure of improvement work is being done to modernize the old power framework. In addition, a considerable measure of the new power foundation is being set up in the district, which is needed to drive the popular development of thyristors. North America is the trail of Europe. The rest of the world is the most attractive area in the Thyristor market in the world, as there is a huge development in the power industry.
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