Passive Components for Power Converters 2022

Glossary

Table of contents

Scope of the report

Report methodology

About the authors

Companies cited in this report

Who should be interested by this report

Yole Group of Companies related reports

Definitions

3 pages summary

Executive summary

Introduction

Market forecasts

• 2021-2027 converter market – split by application
• 2021-2027 passive component market – split by application (in M$)
• 2021-2027 passive component market – split by passive components types (in M$)
• Converter market vs. passive components market in 2021
• 2021-2027 capacitor market (Munits and M$)
• Capacitor market share for power converter ($M)- Evolution between 2021 and 2027
• 2021-2027 Inductors & Transformers market for power converter (Munits and M$)
• Inductor and transformer market share for power converter ($M)- Evolution between 2021 and 2027
• 2021-2027 Resistor market for power converters (Munits and M$)
• 2021-2027 Laminated busbar market for power converters (M$)
• 2021-2027 Passive components market evolution
• 2021-2027 Passive components – market growth in power converters
• Take away

Market trends

• Power electronics’ driving applications – Historical perspective
• Power electronics applications – main drivers
• New challenges

Market shares and supply chain

• Passive components supply chain
• Main companies involved in several passive component businesses
• Passive components distributors
• Passive components suppliers getting greener
• Impact of WBG on passive components
• Capacitor
  • Capacitor supply chain – geographical positioning
  • Film capacitors manufacturers – geographic location
  • Electrolytic capacitors manufacturers – geographic location
  • Vertical integration level – film capacitors
  • Vertical integration level – electrolytic capacitors
  • Direct sales vs. distribution via an external company
  • Film capacitor manufacturers market shares 2021
  • Electrolytic capacitor manufacturers market shares 2021
• Magnetics, Inductor & transformer
  • Main magnetics manufacturers, by region
  • Magnetic core manufacturers – split by magnetic material types
  • Inductor/transformer manufacturers – geographic location
  • Inductors/transformers supply chain
• Resistors
  • Main resistor manufacturers, by region
• Laminated busbars
  • Main laminated busbar manufacturers, by region
  • Laminated busbar Players – market share
  • Laminated busbar supply chain structure
• Supply chain – take away

Passives’ presence in applications trends

• EV/HEV
  • Powertrain – passive components
  • On-board charger – passive components
  • Traction inverter- passive components
  • Functions and challenges
  • System-level trends
• PV
  • PV – passive components
  • Functions and challenges
  • System-level trends
• Wind
  • Wind – passive components
  • Functions and challenges
  • System-level trends
• Rail
  • Rail – passive components
  • Functions and challenges
  • System-level trends
• UPS
  • UPS- passive components
  • Functions and challenges
  • System-level trends
• Industrial Motor drives
  • Industrial motors- passive components
  • Functions and challenges
  • System-level trends

Passive components demand and shortage

• Reasons for increasing demand for passive components
• Shortage of passive components?
• Shortage of passive components – 2022 and beyond?
• Advantages of production using multiple factories
• Trends to delocalize the manufacturing?
• Passive components shortage – take away
• Future Challenges for Passive Components in System Trends

Future power electronics challenges

• Junction temperature evolution
• Semiconductor temperature evolution over time
• Higher switching frequency
• What needs for WBG?

Technology trend

• Technology overview
• Main technology trends in passive components – overview
• Capacitor
  • Main capacitor types in power electronics
  • Classification of capacitors (or insight in capacitor technology)
    • Film capacitor
    • Electrolytic aluminum capacitors
    • Multilayer capacitor
  • Main functions of capacitors in power conversion system
  • DC link capacitors for various power applications
  • Film capacitor technology
  • Electrolytic aluminum capacitors technology
  • Key technology evolutions and roadmap
  • Capacitor technology – challenges
  • Capacitor technology trends – downsizing
  • Capacitor technology trends – high-temperature capacitors
  • Capacitor technology trends – high-energy density capacitors
  • Capacitor technology trends – cooling
• Magnetics
  • Magnetics in power electronics
  • Classification of the main magnetic materials used in power electronics
    • Ferrites
    • Laminated steel
    • Iron powder
    • Amorphous alloys
    • Nanocrystalline
  • Key technology evolutions
  • Inductors & Transformers
  • Factors affecting inductance
  • Types of losses for inductors
  • Positioning of various inductors
  • Main challenges
• Resistor
  • Resistor classification
  • Insight in different resistor technologies
  • Resistor characteristics
  • Functions and resistor types – Technology split by dissipation requirements
  • Innovations
• Laminated Busbars
  • Laminated busbars in a nutshell
  • Connections classification
  • Laminated busbars advantages and drawbacks
  • PCB vs. laminated busbars
  • Connection type choice
  • Laminated busbar metal material
  • Why is interest in laminated busbars growing?
  • Main applications of Laminated busbars in power converters
  • Laminated busbars specifications and materials used
  • insulation material comparison
  • Constraints and future development axes
  • Laminated busbar evolution
  • Laminated busbars innovations and specific products

Conclusions

Outlook

The cost of passive components will represent about 15% of total power converters’ cost by 2027

Power converters are a crucial component of power electronics systems. The power converter market will grow from $54 billion in 2021 to $76 billion by 2027 with a Compound Annual Growth Rate (CAGR) of 2021-2027 of 5.9%. In a power converter, both active and passive electronic components play important roles. Active components such as transistors and diodes supply energy to a circuit. The passive components such as resistors, inductors, capacitors, and transformers store electrical charges and limit current flow, filter, suppress surges, measure, time, and tune. In this report, Yole Développement investigates the passive components, specifically capacitors, inductors, resistors, and laminated busbars, related to power converters. We look at six end-applications, motors, electric and hybrid electric vehicles (EV/HEV), photovoltaics (PV), wind, rail, and Unterruptible Power Supplies (UPS).
The overall passive components market for power converters will grow from around $7.4 billion in 2021 to $11.5 billion by 2027, with a CAGR 2021-2027 of 8%, representing around 15% of the power converters market by 2027. Among the passive components, capacitors will reach a market value of $4.9 billion by 2027, with a CAGR 2021-2027 of 8.3%. On the other hand, the inductor market will reach $4.4 billion by 2027, with a CAGR of 2021-2027 of 8.0%. The demand for resistors will grow from $1.2 billion in 2021 to $1.9 billion by 2027.

EV/HEV applications increasingly drive technology trends in passive components

In the past, passive component needs were mainly driven by industrial applications. However, today EV/HEV applications increasingly drive technology trends in passive components. Actually the requirements for high-frequency operation, high efficiency, robustness, reliability, small size, and weight of automotive passive components are often more severe than industrial products due to increased vehicle safety standards and a harsh environment. Therefore, highly reliable passive components are needed. This offers an opportunity for passive component manufacturers to improve their market position by providing solutions adapted to continuously evolving customer needs. Moreover, the high and further rapidly growing demand for EV/HEV applications enables rapid payback of development costs for innovative solutions.

Passive components are a very fragmented and diverse market

There are many passive component suppliers, and the growing market attracts new players. The leading passives components companies include Nippon Chemi-Con, Murata, Kyocera/AVX, TDK, all in Japan; Vishay in the USA; Yageo in Taiwan and Samsung Electro-mechanics in Korea. In the case of capacitors, Nippon Chemi-Con, Nichicon, Rubycon, and Panasonic are the top electrolytic capacitor manufacturers, and Panasonic, TDK, Nichicon, and Vishay are the top film capacitor manufacturers. Likewise, TDK, Samsung Electro-mechanics, Yageo, and Murata are the top inductor manufacturers. Finally, Rogers Corporation and Mersen are the leading laminated busbar manufacturers.
Yole observes a clear trend among passive components companies to diversify their businesses and regional portfolios. Many passive component suppliers involved in one component are also supplying other passive components. Many passive component companies have presences and manufacturing capacities in several countries. Manufacturing in countries like China, India, or Latin America offers lower costs than in Europe or Japan. Because of the growing demand Yole expects that passive component companies’ mergers and acquisitions will continue in coming years, aiming to add new product lines, increase profitability, access more customers, or eliminate competition.

AT&M, ASC Capacitors, Advanced Conversion, Avnet, Amphenol, Anglia, Anhui Safe Electronics, Arcol, Borealis, Bourns, Bevone,CEFEM, Coilcraft, Cornell Dubilier, Caddock, Cressall Resistors, Cal-Chip, Current Power Technology, Ducati Energia, Dupont, Danfoss, Digikey, Dehui Film, Electronic Concepts, Eaton,Eagtop, Electronicon, Elfa Distrelec, Exxelia, Fair-Rite Products Corp., Fairfild, Future Electronics, Faratronic, Ferroxcube, FDK, Hitachi Metals, HK Film Capacitors, Incresol, Jianghai, JFE, Kemet, Kendeil, Kyocera AVX, Kamaya Inc., Lelon Electronics, Meritek, Murata, Magnetec, Micrometals, Magnetics, Man Yue Electronics, Mersen, Mitsui, Mauser Electronics, Method Electronics, Nichicon, Nippon-Chemi-Con, Nantong Jianghai, NRC Electronics, Nic Components Corp., Panasonic, Pride Electronics, Premo, Precision Resistor Company, Rubycon, Rohm, Renesas, Rogers Corporation, Ryoen Kasei Co. Ltd., Satma PPC SAS, Shin-Etsu Film, Shizuki, Semikron, Samyoung, Siemens, Schaffner, Storm Power Components, Sumida, Samsung Electro-Mechanics, ctronics, Sun King Power ETDK, Taiyo Yuden, Trasfor, Toray, Teijin, Treofan, Tocos, VAC, Vishay, Viking, Xiamen Faratronic, Würth Group, Wenlida, West Deane Machinery, Yageo, and more.

Key Features

• The passive component market is over 15% of the size of the converter market, reaching $7.4B in 2021
• The EV/HEV industry will drive a remarkable expansion of the capacitor, inductor, and transformer markets over the next five years, with a CAGR 2021-2027 exceeding 18%
• The laminated busbar market for the rail industry represents over $75M
• Nippon Chemi-Con, Nichicon, Rubycon, and Panasonic are the top electrolytic capacitor manufacturers, and Panasonic, TDK/Epcos, Nichicon, and Vishay are top film capacitor manufacturers
• Rogers Corporation and Mersen are the leading laminated busbar manufacturers
• In the power capacitor industry, film technology continues to be the mainstream
• The specific requirements of passive components for automotive applications, such as vibration tolerance, downsizing, high-temperature tolerance, high reliability, and better thermal management, offer the opportunity for passive component manufacturers to improve their market position by providing solutions adapted to continuously evolving customer needs

What's new

• Market forecast 2021-2027 in $M and units for capacitors, inductors, transformers, resistors, and laminated busbars
• Market evolution analysis for these passive components in EV/HEV, photovoltaics, wind turbines, rail traction, UPS, and industrial motor drives
• Passive component manufacturer landscape, supply chains and market shares
• Presentation of the main technologies, innovations and challenges for capacitors, magnetics, resistors, and laminated busbars
• Passive components demand and shortage analysis
• Focus on how new trends including higher temperatures and higher switching frequencies at system level will impact the requirements for passive components
• Analysis of the presence, functionality, and trends for passive components in power converters
• Future technology roadmaps

Objectives of the report

• Identify and analyze the main market segments for different passive devices
• Analyze the dynamics of different markets and provide insight into drivers, restraints and challenges
• Analyze the supply chain structure and evolution, and identify the key players. Provide an insight into vertical and horizontal integration trends, recent investments and M&A.
• Provide a clear overview of current passive component technologies.
• Highlight the main challenges and proposed innovations.