The global solid-state power controller market is projected to garner a revenue of USD 5,646.9 million by 2032, up from USD 1,562.4 million in 2022, moving forward with a CAGR of 13.7% during the forecast period.
Solid state power controllers are semiconductor devices that manage the power that is supplied to the load, and the demand for the same is rising as they perform well in diagnosing and supervising functions to identify overload conditions and prevent accidents such as short circuits.
Due to the faster response timing and more efficiency in handling criticality such as in power systems in aircraft, solid state power controllers ensure proper operations, in turn surging the demand for solid state power controllers.
Moreover, the solid state power controller market is also fostered by the technological advancements that have enabled the programming of microprocessors to increase the controlling characteristics of the sliding state power controller.
| Report Attribute | Details |
|---|---|
| Solid State Power Controller Market Value (2022) | USD 1,562.4 Million |
| Solid State Power Controller Market Anticipated Forecast Value (2032) | USD 5,646.9 Million |
| Solid State Power Controller Market Projected Growth Rate (2022 to 2032) | 13.7% |
A rapid increase in industrialization and commercialization building of power plants in tandem with the electrification of railways and metros is expected to expand the solid-state power controller market size. Moreover, government initiatives toward smart cities are likely to positively impact the growth in revenue of the global solid state power controller market during the forecast period.
The rise in the number of aircraft produced and the number of major market players who provide cutting-edge command and control solutions are also likely to push the solid state power controller market growth forward.
The market for aircraft electrical SSPCs is predicted to recover from covid-19 more quickly than the market for entire electrical systems as the future of air transportation shifts away from fossil fuels, with hybrid and all-electric aircraft leading the way.
The same can be owed to the paradigm shift from contractors to SSPCs. As a result, demand for solid-state power controllers is expected to augment during the forecast period.
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The rising sales of solid state power controllers can be attributed to the increase in the requirement for energy conservation in manufacturing industries and home utilities to minimize power losses.
In addition to this, the growing need for damage prevention in appliances and equipment due to overvoltage conditions among consumers is projected to facilitate market growth to a considerable extent. Growing awareness among the population is also expected to positively impact the global solid-state controller market outlook.
On the other hand, one of the prime challenges which restrict the growth of the global solid-state power controller market is its high installation cost, complexity in deployment, and lack of standardization.
North America is likely to be at the forefront of the solid state power controller market with a share of 31.8% in 2022 due to the presence of established manufacturing firms and rising demand from end-use industries like machinery & equipment, automotive, and others.
Also, the widespread use of aircraft for commercial, military, and regional purposes in the area also supports the market. Additionally, regional investments in military aircraft are the biggest worldwide, contributing to the region’s market share.
The market for solid-state power controllers is likely to grow at the fastest rate during the forecast period in Europe, with an anticipated solid-state power controller market share of 20.5% in 2022.
The industrialization and modernization taking place in this area are escalating, which is driving up the demand for machinery and appliances that use little energy, in turn propelling the market size on the whole.
Numerous start-ups have been emerging in the solid state power controller market, bringing about recent developments that are shaping the solid-state power controller market's future trends.
Three solid-state drive (SSD) controllers were unveiled by start-up InnoGrit, one of which has a neural network accelerator built-in for data centres. They enter a crowded market with claims of dominance and competitive advantages.
As NAND flash prices appear to be bottoming out, the chips become available.
In order to continue the transition away from hard disc storage in laptops and servers that require performance, power, or size advantages, OEMs and data centres are anticipated to take advantage of the lower prices.
Many companies are putting an emphasis on organic growth strategies, including product approvals, product launches, and others like patents and events.
Acquisitions and partnerships & collaborations are a couple of examples of inorganic growth strategies that are observed in the solid-state power controller market.
These actions have made it possible for market participants to upsurge their clientele and augment the solid-state power controller market share.
With the increasing demand for Aircraft Electrical Solid-State Power Controller (SSPC) in the global market, players in the solid-state power controller market are anticipated to benefit from lucrative growth opportunities in the future.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 13.7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Asia Pacific; The Middle East and Africa; Europe |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Data Device Corp.; Eurotherm; Carlo Gavazzi; Jiangsu Modun Electric; Spang Power Electronics; Teltech; ABB; General Electric; ON Semiconductor; STMicroelectronics; Texas Instruments |
| Customization | Available Upon Request |
The global solid state power controller market is set to advance at a CAGR of 13.7% (2022 to 2032).
North America is likely to hold a solid state power controller market share of 31.8% in 2022.
Solid state power controller market is anticipated to account for about USD 5,646.9 million by 2032.
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Solid State Power Controller Market
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