Power Integrations sees a recovery in the second half of the year folling the Covid-19 pandemic, supported by growth in a new generation of chargers based on gallium nitride (GaN) and USB Power Delivery (PD).
“Second quarter revenues were $106.8 million in line with our guidance and up 4% year-over-year in spite of a challenging environment,” said Balu Balakrishnan, CEO of Power Integrations
The year-over-year growth was driven by communications and industrial categories, while consumer business fell sharply and automotive for electric vehicles is still growing from a low base. The industrial business grew high single digits year-over-year and was the largest category in the quarter at 35 percent of sales.
“We saw a combination of the recovery and broad-based industrial applications as well as incremental growth across diverse range of verticals, where trends like home and building automation, electrification are creating opportunities,” said Balakrishnan. “On the automation side, we are seeing growth in USB wall outlets, smart meters, and other IoT applications such as network thermostats and door locks, where high reliability, compact size, low standby power consumption are critical factors.”
“Electrification is creating opportunities in applications like lawn equipment, vacuum cleaners, and personnel transportation such as scooters and e-bikes, where rechargeable batteries are replacing traditional power sources. Growth in these areas was offset somewhat by lower revenues from high-power due to softer demand in the energy exploration and a slowdown in infrastructure projects due to the pandemic. However, high power has its own attractive verticals with strong long-term growth prospects including renewable energy, long distance DC transmission, and electric transportation,” he said.
PI’s gate drivers are in use today in electric buses and locomotives and are in testing at several automotive OEMs and Tier 1 suppliers for drivetrain and charging applications in next generation electric cars, he says.
“We are also aggressively pursuing low power opportunities in electric cars, which can contain as