The global thyristors market is evaluated at US$891.318 million for the year 2019 and is projected to grow at a CAGR of 2.06% reaching the market size of US$1,028.358 million by the year 2026.
A thyristor is a four-layer strong state semiconductor gadget with P and N-type material. At whatever point a gate gets an activating current then it begins' directing until the voltage over the thyristor gadget is under forwarding inclination. So it goes about as a bi-stable switch under this condition. Due to their crucial role in voltage regulation, they are commonly used in electrical components, and a steady rise in the demand for electrical components around the world will result in an increasing demand for these devices. Thyristors are used across all major industry verticals and in the Asia Pacific region, all the major industry verticals are at a growing phase due to rapid industrialization and urbanization in major countries like India and China, which as a result is anticipated to push the demand for thyristors during the forecast period.
The recent outbreak of the novel coronavirus disease had a negative impact on the global thyristors market. Due to the shutting down of manufacturing hubs which was implemented as a measure to curb the spread of coronavirus, the production declined which led to a decline in the market growth. Also, the supply chain disruptions that arose due to travel restrictions, along with decreased demand from end-use industries, further harmed the global thyristors market growth in 2020.
Growing automotive industry.
One of the major factors anticipated to drive the growth of the global thyristors market during the forecast period is the growing automotive industry, as thyristors are widely used in automobiles. According to ANFAVEA, Brazil, the production of automobiles in Brazil has increased from around 2.18 million units in 2016 to 2.94 million units in 2019. As investment continues to percolate through the Brazilian economy with major global automobile manufacturers such as General Motors and Toyota setting up production facilities in the country, the demand for thyristors is projected to grow. Another example of the rise in production and sales of automobiles in India. Between 2016-2020, domestic automobiles production increased at a CAGR of 2.36%, and 26.36 million vehicles being manufactured in the country in FY20. Also, domestic sales of vehicles increased at a CAGR of 1.29% between FY16-FY20 with 21.55 million vehicles being sold in FY20. Furthermore, some countries are building strategies to increase their automotive production to compete globally. For instance, in March 2017, Argentine President announced the project that aims to manufacture 1 million units annually by 2023 along with the development of new motorization technologies and strategic auto parts in order to make the domestic industry more competitive at the global level. The rising production and sales of automobiles are expected to surge the growth of the global thyristors market during the forecast period.
Rise in urbanization and industrialization.
The growing urbanization and industrialization are leading to increased growth of consumer electronics, industrial electronics, and others which is anticipated to increase the use of thyristors during the forecast period. According to the data from World Bank, the share of the urban population in the European Union was 70.8% in 2000 which increased to around 75% in 2019. The European Commission estimates that the share of the urban population in Europe will be around 83.7% in 2050. Also, the data from the 2020 e-handbook of statistics, United Nations, shows that the urban population of Mexico is projected to increase from 102.6 million in 2019 to nearly 135.5 million in 2050. According to data from World Bank, the urban population in Brazil was 141.9 million in 2000 which increased to 183.2 million in 2019, increasing by more than 29%. Also, the proportion of the urban population in the country was 73.9% in 1990 which increased to 86.8% in 2019. According to "World Urbanization Prospects: The 2018 Revision" by the Department of Social and Economic Affairs, United Nations, the share of the urban population in Brazil will be more than 92% by 2050. The increase in urban population is attributed to, along with migration, the rapid urbanization happening around the world, which is projected to boost the market growth during the assessment period.
The Asia Pacific to dominate the market growth
Geographically, the Asia Pacific region is anticipated to hold a significant market share and is projected to witness substantial growth during the forecast period due to the rapid urbanization and industrialization happening in the region in countries like China, India, and others. Also, the rising investments in power transmission systems in the region are further expected to propel market growth in the coming years.
|Market size value in 2019||US$891.318 million|
|Market size value in 2026||US$1,028.358 million|
|Growth Rate||CAGR of 2.06% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Power Rating, End-Use Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Honeywell International Inc., Fuji Electric Co., Ltd., Infineon Technologies AG, STMicroelectronics, Toshiba Corporation, Diodes Incorporated, Renesas Electronics Corporation, Mitsubishi Electric Corporation, ABB Ltd., ON Semiconductor|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global thyristors market?
A1. Thyristors Market was valued at US$891.318 million in the year 2019.
Q2. What will be the thyristors market size by 2026?
A2. The global thyristors market is projected to reach a market size of US$1028.358 million by 2026.
Q3. What are the growth prospects for the thyristors market?
A3. The thyristors market is projected to grow at a CAGR of 2.06% during the forecast period.
Q4. What factors are anticipated to drive the thyristors market growth?
A4. One of the major factors anticipated to drive the growth of the global thyristors market during the forecast period is the growing automotive industry, as thyristors are widely used in automobiles.
Q5. Which region holds the maximum share of the thyristors market?
A5. Geographically, the Asia Pacific region is anticipated to hold a significant share of the thyristors market due to the rapid urbanization and industrialization happening in the region in countries like China, India, and others.
Honeywell International Inc.
Fuji Electric Co., Ltd.
Infineon Technologies AG
Renesas Electronics Corporation
Mitsubishi Electric Corporation
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