For the second, the PCIM Europe 2023 we will be focusing on a specific country: the United States. On this occasion, we asked our long-standing exhibitors operating in the US for their assessment of the US market, especially with regard to the power electronics industry.
- For what reasons did you decide to establish a location in the US?
Vincotech is a global manufacturer of power modules and therefore a presence in the country with the highest economic performance worldwide is a must. The US provides a market environment in which innovation is accelerated and courageously implemented. This includes the area of eco-friendly energy generation, storage and its intelligent and resource-saving use. Power electronics play a special role for solutions in this future-oriented field.
- How important is the US as a sales and distribution market for your company in Europe?
The US is an important part of our global footprint. The country is growing and becoming more concerned with energy efficiency. This is evidenced by the adoption of electric vehicles, PV installations, energy storage, and semiconductor wide bandgap technologies which means a growing market for power electronics.
- How do you see the US market in terms of the power electronics industry?
It is the smallest market compared to Europe and APAC, but it is growing fast and shows great untapped potential. New innovative market applications are coming from the US, making it an important market for future business.
- Which power electronics products from the US are in demand in Europe and which European products are in demand in the US?
Many of the power modules and power chips available on the market are of European or Japanese origin, and these are needed in the US. However, the US is aggressive in developing new innovative technologies (e.g. wide bandgap solutions) and applications that can be used worldwide. The Tesla example shows the potential of the US to revolutionize traditional markets.
- Does the US market stand out from other markets such as Europe, Asia, etc. in the field of power electronics?
Within the US, the drive for more efficient power electronics has lagged behind both the European and Asian markets, partly due to the low cost of energy. But this has changed in recent years and the demand for solar power, more efficient motors, and better power equipment has increased significantly. From an overarching market perspective, the US trade dispute with China has a global impact on many companies using US technology, and this can affect the current market constellations as well as their supply chains.
- In your opinion, what can European companies learn from US companies in general?
US companies can learn to take a longer-term approach to markets, invest for the long term and maintain continuity, as many European companies do. European companies can learn from the innovation drive, R&D commitment and investment courage in new technologies and markets that are common in the U.S. US companies tend to react swiftly to market opportunities, but the flipside of the coin is that they sometimes abandon projects too quickly.
“The Tesla example shows the potential of the US to revolutionize traditional markets.“
- USA Special