Product Code: GVR-1-68038-795-7
Power Electronics Market Growth & Trends:
The global power electronics market size is expected to reach USD 53.66 billion by 2030, registering to grow at a CAGR of 5.2% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increased focus on the usage of renewable energy sources has been one of the major factors driving the market. In addition, the development of power infrastructure, coupled with the increasing demand for battery-powered portable devices, has led to the increased adoption of power electronic devices and products across various industry verticals such as power, automotive, communication, aerospace & defense, consumer electronics, and other sectors.
Power electronic devices use switching electronic circuits to regulate the flow of energy. They are also used in the alteration of electric power, which is usually performed by semiconductor devices such as diodes, transistors, and thyristors. Power electronic devices are useful in connecting renewable energy resources with power grids and transportation of energy. They have applications in electric trains, motor drives, and lighting equipment and play a key role by enabling heat sinking and soft starting of the motors.
The power electronics market is extensively consolidated, in terms of applications and materials that are used to produce power electronic devices. The advancements and exhaustive research & development activities in the power devices have enabled the evolution of power electronics. The market possesses significant potential for growth and is dynamic and adaptive in nature. A few highlighting features of the power electronic devices are durability against coarse environmental conditions, extended life (suitable for rugged industrial applications), and better efficiency & reliability.
The power electronics industry has been undergoing continuous developments and upgrades, since its emergence. Several factors, such as the rapid inception of renewable energy sources and rising adoption of electric vehicles & radio communication, are influencing the market growth. The adoption of power electronic devices in healthcare systems & instruments and the automotive industry is expected to drive the market over the forecast period.
The Asia Pacific market is expected to grow at the fastest CAGR during forecast period, owing to the emergence of manufacturing hubs across the continent. Countries, such as China, India, South Korea, and Singapore, are expanding their domestic manufacturing activities across various industry verticals, such as consumer electronics, telecommunication, military & defense, and automotive, to strengthen their economies. In addition to this, prominent industry players are investing and establishing production & distribution units to capture the regional markets. All the above-mentioned factors are further providing additional impetus to the power electronics market.
However, the market is facing challenges such as high initial expenditures and deposition of Gallium Nitride (GaN), Gallium Arsenide (GaAs), and Silicon Carbide (SiC) on the silicon materials which is a quite tedious and complex procedure, especially to reach while in high voltage ranges. Expensive & time-consuming processes and complexity issues involved in manufacturing power devices are anticipated to restrain the market growth.
Power Electronics Market Report Highlights:
- The global power electronics market was valued at USD 38.12 billion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2030
- The silicon (Si) segment held the largest market revenue share of 88.9% in 2023. The demand for silicon in the power electronics market is increasing due to its essential properties that meet the growing needs of high-efficiency and high-performance applications. Silicon's ability to withstand high temperatures and voltages and its superior electrical conductivity and thermal stability make it suitable for power devices like transistors, diodes, and integrated circuits
- IC segment dominated the market in 2023. The increasing utilization of smart systems and electric vehicles due to technological progress boosts the need for power electronics. These gadgets depend on effective power transformation and management systems supplied by ICs.
- Automotive segment is projected to grow at the fastest CAGR over the forecast period. The shift towards electric vehicles (EVs) and hybrid vehicles is a primary driver, as these vehicles rely heavily on power electronics for efficient energy management, battery charging, and motor control.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Global Power Electronics Market Variables, Trends, & Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Market Size and Growth Prospects (USD Million)
- 3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.2. Market Restraints Analysis
- 3.4. Global Power Electronics Market Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic and Social landscape
- 3.4.2.3. Technological landscape
- 3.4.2.4. Environmental landscape
- 3.4.2.5. Legal landscape
Chapter 4. Global Power Electronics Market: Material Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Global Power Electronics Market: Material Movement Analysis, 2023 & 2030 (USD Million)
- 4.3. Silicon (Si)
- 4.3.1. Silicon (Si) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4. Sapphire
- 4.4.1. Sapphire Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.5. Silicon Carbide (Sic)
- 4.5.1. Silicon Carbide (Sic) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.6. Gallium Nitride (GaN)
- 4.6.1. Gallium Nitride (GaN) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.7. Others
- 4.7.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Global Power Electronics Market: Device Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Global Power Electronics Market: Device Movement Analysis, 2023 & 2030 (USD Million)
- 5.3. Discrete
- 5.3.1. Discrete Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.4. Module
- 5.4.1. Module Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5. IC
- 5.5.1. IC Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.6. Packaging
- 5.6.1. Packaging Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.7. Others
- 5.7.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Global Power Electronics Market: Application Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Global Power Electronics Market: Application Movement Analysis, 2023 & 2030 (USD Million)
- 6.3. ICT
- 6.3.1. ICT Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4. Consumer Electronics
- 6.4.1. Consumer Electronics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5. Power
- 6.5.1. Power Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6. Industrial
- 6.6.1. Industrial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.7. Automotive
- 6.7.1. Automotive Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8. Aerospace & Defense
- 6.8.1. Aerospace & Defense Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.9. Others
- 6.9.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Global Power Electronics Market: Regional Estimates & Trend Analysis
- 7.1. Global Power Electronics Market Share, By Region, 2023 & 2030 (USD Million)
- 7.2. North America
- 7.2.1. North America Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.2. UK
- 7.3.2.1. UK Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.2. Japan
- 7.4.2.1. Japan Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.3. China
- 7.4.3.1. China Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.4. India
- 7.4.4.1. India Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.5. Australia
- 7.4.5.1. Australia Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.6. South Korea
- 7.4.6.1. South Korea Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6. Middle East and Africa
- 7.6.1. Middle East and Africa Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.2. UAE
- 7.6.2.1. UAE Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.3. Saudi Arabia
- 7.6.3.1. Saudi Arabia Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. South Africa Power Electronics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis by Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Heat Map Analysis
- 8.4. Company Profiles
- 8.4.1. Semiconductor Components Industries, LLC
- 8.4.1.1. Participant's Overview
- 8.4.1.2. Financial Performance
- 8.4.1.3. Product Benchmarking
- 8.4.1.4. Recent Developments/ Strategic Initiatives
- 8.4.2. ABB
- 8.4.2.1. Participant's Overview
- 8.4.2.2. Financial Performance
- 8.4.2.3. Product Benchmarking
- 8.4.2.4. Recent Developments/ Strategic Initiatives
- 8.4.3. Infineon Technologies AG
- 8.4.3.1. Participant's Overview
- 8.4.3.2. Financial Performance
- 8.4.3.3. Product Benchmarking
- 8.4.3.4. Recent Developments/ Strategic Initiatives
- 8.4.4. Texas instruments Inc.
- 8.4.4.1. Participant's Overview
- 8.4.4.2. Financial Performance
- 8.4.4.3. Product Benchmarking
- 8.4.4.4. Recent Developments/ Strategic Initiatives
- 8.4.5. ROHM Co. Ltd
- 8.4.5.1. Participant's Overview
- 8.4.5.2. Financial Performance
- 8.4.5.3. Product Benchmarking
- 8.4.5.4. Recent Developments/ Strategic Initiatives
- 8.4.6. STMicroelectronics NV
- 8.4.6.1. Participant's Overview
- 8.4.6.2. Financial Performance
- 8.4.6.3. Product Benchmarking
- 8.4.6.4. Recent Developments/ Strategic Initiatives
- 8.4.7. Renesas electronic corporation
- 8.4.7.1. Participant's Overview
- 8.4.7.2. Financial Performance
- 8.4.7.3. Product Benchmarking
- 8.4.7.4. Recent Developments/ Strategic Initiatives
- 8.4.8. Vishay Intertechnologies Inc.
- 8.4.8.1. Participant's Overview
- 8.4.8.2. Financial Performance
- 8.4.8.3. Product Benchmarking
- 8.4.8.4. Recent Developments/ Strategic Initiatives
- 8.4.9. Toshiba Corporation
- 8.4.9.1. Participant's Overview
- 8.4.9.2. Financial Performance
- 8.4.9.3. Product Benchmarking
- 8.4.9.4. Recent Developments/ Strategic Initiatives
- 8.4.10. Mitsubishi Electric Corporation
- 8.4.10.1. Participant's Overview
- 8.4.10.2. Financial Performance
- 8.4.10.3. Product Benchmarking
- 8.4.10.4. Recent Developments/ Strategic Initiatives