Press Releases

The global power electronics market is expected to witness a CAGR of 4.5% during the forecast period. Power electronics are switching devices that efficiently, compactly, and robustly transmit power from a source to a load for convenient use. The conversion of electric power from one form to another is controlled by this gadget. The adoption of SiC and GaN has provided enhancement in semiconductor technologies like MOFSETs and IGTs. Power electronics-based power converters are highly adopted in renewable energy systems i.e., wind and solar energy systems. Power electronics will play a pivotal role in the energy management of EVs as there is a stable growth of electric vehicles and plug-in hybrid electric vehicles. Factors attributing to the growth of power electronics is the surging demand across various end-user industries like automotive, energy & power, etc. due to the rising adoption of high voltage operating devices. The increased adoption in various applications like industrial motor drives, electric grid stabilization, and consumer electronics and initiatives by the government to improve smart manufacturing and research industries will bolster the growth in the market. Thus, the rising demand for high-power density, increased penetration in utility applications, rising demand for improving power cycling and thermal capacities will fuel the growth of the power electronics market.

The power electronics market refers to the industry segment that deals with the development, manufacturing, and deployment of electronic devices and systems for efficient power conversion and control. Power electronics technology enables the conversion, conditioning, and control of electrical power, facilitating the efficient and reliable operation of various electronic systems.

The power electronics market has experienced significant growth in recent years due to several factors, including:

Increasing demand for energy-efficient solutions: With the growing emphasis on energy efficiency and environmental sustainability, there is a rising demand for power electronics systems that enable efficient power conversion and utilization. Power electronics technology plays a crucial role in improving the energy efficiency of various applications, such as renewable energy systems, electric vehicles, industrial motor drives, and consumer electronics.

Renewable energy integration: The increasing deployment of renewable energy sources, such as solar and wind, requires power electronics systems to efficiently convert the generated power into usable forms. Power electronic inverters and converters are used to convert the DC power generated by renewable sources into AC power for grid integration or local consumption. The rapid growth of the renewable energy sector has significantly contributed to the expansion of the power electronics market.

Electric vehicle adoption: The transition towards electric mobility has fueled the demand for power electronics systems in electric vehicles (EVs). Power electronics components, such as motor drives, battery management systems, and onboard chargers, are essential for efficient energy conversion, motor control, and charging infrastructure. The increasing adoption of EVs has created substantial opportunities for power electronics manufacturers.

Industrial automation and motor drives: Power electronics systems are widely used in industrial automation for motor control and drives. These systems enable precise speed and torque control, improving the efficiency and performance of industrial machinery. The growth of industries such as robotics, manufacturing, and process automation has driven the demand for power electronics solutions.

Consumer electronics and smart devices: Power electronics technology plays a vital role in consumer electronics and smart devices. Efficient power supplies, battery charging circuits, and power management systems are crucial for the operation and longevity of portable devices, smartphones, laptops, and smart home appliances. The proliferation of smart devices and the Internet of Things (IoT) has increased the demand for power electronics solutions.

In September 2022, Infineon Technologies AG has opened a high-tech chip factory for power electronics and has built a 300-millimeter thin wafer fabrication facility at Villach, Austria by investing 1.6 billion euros.

The emergence of the COVID-19 outbreak has affected the global economy and the power electronics market has also been affected by it as many industries verticals using power electronics were affected by the crisis. The industry players have witnessed disruption in the supply chain for power electronics from the supply and demand sides. However, the market is anticipated to bounce back and will recover from the crisis.

Browse 63 market data Tables and 40 Figures spread through 255 Pages and in-depth TOC on " Power Electronics Market by Device Type (Power Discrete (Diode, Transistors, and Thyristor), Power Modules (Intelligent Power Modules and Power Integrated Modules), and Power IC (Power Management Integrated Circuit (PMIC) and Application-Specific Integrated Circuit (ASIC))), by Material (Silicon, Silicon Carbide, Sapphire, Gallium Nitride, and Others), by Voltage (Low Voltage, Medium Voltage, and High Voltage), by Industry Vertical (Consumer Electronics, Industrial, Automotive & Transportation, ICT, Aerospace & Defense, Energy & Power, and Others), and Region - Global Forecast to 2030"

By material, the sapphire segment is projected to witness the fastest growth during the forecast period.

Based on material, the global power electronics market is divided into silicon, silicon carbide, sapphire, gallium nitride, and others. Sapphire is anticipated to be the fastest-growing segment during the forecast period 2023-2030 owing to its superior application in smartwatches, cell phone cover glasses, optical wafers, and LED lights.

Global Power Electronics Market Segmentation Analysis

Discover More About This Report, Download A Free Sample Copy of Global Power Electronics Market

“Asia-Pacific is anticipated to have tremendous growth during 2023-2030.”

Asia-Pacific is anticipated to witness significant growth as there is rising investment in the semiconductor industry owing to the increasing growth in gadgets like wearable devices and internet-linked connected appliances in the economies like India, Singapore, South Korea, and Taiwan. The industry players in the region are focused on EV automotive, consumer electronics, and the power and energy industry. The APAC offers tremendous opportunities as the region is the largest producer and consumer of electronic gadgets. Because the region is the world's greatest producer and consumer of electrical devices, the region offers a significant opportunity.

Some of the major players in the global Power Electronics market include NXP Semiconductors, TOSHIBA CORPORATION, Renesas Electronics Corporation, Texas Instruments Incorporated, Fuji Electric Co., Ltd., Infineon Technologies AG, Vishay Intertechnology, Inc., Mitsubishi Electric Corporation, STMicroelectronics, and ABB.

Scope of the Report

Global Power Electronics Market Coverage

Device Type Insight and Forecast 2018-2030

• Power Discrete
  • Diode
  • Transistors
  • Thyristor
• Power Modules
  • Intelligent Power Modules
  • Power Integrated Modules
• Power IC
  • Power Management Integrated Circuit (PMIC)
  • Application-Specific Integrated Circuit (ASIC)

Material Insight and Forecast 2018-2030

• Silicon
• Silicon Carbide
• Sapphire
• Gallium Nitride
• Others

Voltage Insight and Forecast 2018-2030

• Low Voltage
• Medium Voltage
• High Voltage

Industry Vertical Insight and Forecast 2018-2030

• Consumer Electronics
• Industrial
• Automotive & Transportation
• ICT
• Aerospace & Defense
• Energy & Power
• Others

Geographical Segmentation

Power Electronics Market by Region

North America

• By Device Type
• By Material
• By Voltage
• By Industry Vertical
• By Country – U.S., Canada, and Mexico

Europe

• By Device Type
• By Material
• By Voltage
• By Industry Vertical
• By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

• By Device Type
• By Material
• By Voltage
• By Industry Vertical
• By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

• By Device Type
• By Material
• By Voltage
• By Industry Vertical
• By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries