Global Market Power Electronics is Anticipated to grow at a Significant Pace i.e., USD 46.9 Billion during the Forecast Period 2021-2027

Published Date: Dec, 2021

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.

In September 2021, 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 2027"

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 2021-2027 owing to its superior application in smartwatches, cell phone cover glasses, optical wafers, and LED lights.

Global Power Electronics Market Segmentation Analysis

Segment

Categorization

Leading Category

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)

Power Discrete (Largest)

Power IC (Fastest)

Material

Silicon, Silicon Carbide, Sapphire, Gallium Nitride, and Others

Silicon (Largest)

Sapphire (Fastest)

Voltage

Low Voltage, Medium Voltage, and High Voltage

High Voltage (Largest)

Industry vertical

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

Consumer Electronics (Significant Growth)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific (Fastest)

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“Asia-Pacific is anticipated to have tremendous growth during 2021-2027.”

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

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Device Type, Material, Voltage, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

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

Global Power Electronics Market Coverage

Device Type Insight and Forecast 2015-2027

  • 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 2015-2027

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

Voltage Insight and Forecast 2015-2027

  • Low Voltage
  • Medium Voltage
  • High Voltage

Industry Vertical Insight and Forecast 2015-2027

  • 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

 

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Global Market Power Electronics is Anticipated to grow at a Significant Pace i.e., USD 46.9 Billion during the Forecast Period 2021-2027