What Has Been the Growth Trajectory for the Power Electronics For Renewable Energy Market in Recent Years?
The power electronics for renewable energy market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for power electronics in renewable energy has experienced significant growth. The sector is projected to expand from $8.97 billion in 2024 to $9.71 billion in 2025, recording a compound annual growth rate (CAGR) of 8.2%.
The historical growth pattern can be linked to a rise in the use of renewable energy sources, the requirement for grid integration and energy storage solutions, a global focus on clean energy, an increase in the application of power electronics in renewable energy production, and storage systems, and a boost in the demand for hybrid and plug-in hybrid vehicles.
What are the Forecasted Growth and Key Factors of the Power Electronics For Renewable Energy Market?
The power electronics for renewable energy market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of power electronics for renewable energy is predicted to witness a substantial surge in the upcoming years. It is expected to increase to $13.13 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%.
The robust growth anticipated within the forecast period can be ascribed to the implementation of stringent regulations and policies designed to minimize carbon emissions, shift towards green energy alternatives, increasing government incentives promoting renewable energy, escalating utilization of renewable energy sources, and the rising trend for advanced power conversion and control architectures. Key emerging trends within the forecast timeframe involve technological breakthroughs in power semiconductor devices, adoption of renewable energy technologies, advancements in power electronic technology, innovative developments in power electronics, in combination with energy storage systems integration.
Which Drivers Are Accelerating Growth In The Power Electronics For Renewable Energy Market?
The escalating usage of renewable energy sources is set to fuel the rise of the power electronics for renewable energy market in the future. Renewable energy sources -- among them solar, wind, hydro, geothermal, and biomass -- are renewable resources that are utilized for eco-friendly power production. The mounting usage of these sources is spurred by concerns over the environment and climate change, the accessibility and availability of renewable energy, demographic factors, and energy security and autonomy. Power electronics play a pivotal role in renewable energy sources, allowing for the effective transformation and management of electrical power from sources such as solar arrays and wind turbines, which facilitates the ideal transmission of energy and integration into the power grid. In an example from June 2024, the Department for Energy Security and Net Zero, a government department based in the UK, reported that renewable electricity made up 50.9% of the UK's total energy production, generating 39.2 TWh in the first quarter of 2024, a rise of 3.7% from the first quarter of 2023. This increase was largely due to a 7.4% uptick in onshore wind production, a result of increased wind speeds. As a result, the growing uptake of renewable energy sources is spurring the expansion of the power electronics for renewable energy market.
How Is the Power Electronics For Renewable Energy Market segmented?
The power electronics for renewable energy market covered in this report is segmented –
1) By Type: Converters, Inverters, Voltage Control Devices, Other Types
2) By Power Range: Up to 1 MW, 1 MW to 3 MW, 3 MW to 5 MW, Above 5 MW
3) By Application: Power Generation, Power Transmission, Power Distribution, Power Control
4) By End Use: Solar Photovoltaic (PV), Wind, Hydro, Fuel Cell, Other End Uses
Subsegments:
1) By Converters: AC-DC Converters, DC-DC Converters, DC-AC Converters, Bidirectional Converters, Photovoltaic (PV) Converters, Wind Power Converters, Grid-Tied Converters, Isolated Converters
2) By Inverters: Central Inverters, String Inverters, Microinverters, Hybrid Inverters, Battery-Based Inverters, Grid-Tied Inverters, Off-Grid Inverters, Multilevel Inverters
3) By Voltage Control Devices: Voltage Regulators, Power Factor Correction Devices, Reactive Power Controllers, Static VAR Compensators (SVC), Surge Protection Devices, Voltage Stabilizers, Dynamic Voltage Restorers (DVR)
4) By Other Types: Energy Storage Systems, Power Distribution Units, DC Distribution Systems, Frequency Converters, Protection And Monitoring Systems, Smart Grid Power Electronics
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What New Trends Are Influencing the Power Electronics For Renewable Energy Market?
Major players in the power electronics market for renewable energy are predominantly geared towards creating high-power modules for enlarging power converters that amplify energy efficacy, boost system dependability, and aid the incorporation of renewable energy sources into the power grid. A high-efficiency power module is an advanced electronic component crafted to effectively administer and regulate large amounts of electrical power in demanding applications like renewable energy structures and electric vehicles. For example, in April 2024, Japan-based Fuji Electric Co. Ltd., a power semiconductor module production company, unveiled the HPnC X series 1700 V, 3,300 V Class module, a power module specifically built for large power converters operating between DC 1700 V and 3.3 kV. The HPnC X series is available in two voltage classes, 1700 V and 3300 V. These modules provide a rated current from 1200 A to 1800 A, based on the model, and possess measurement of 100 mm x 144 mm x 40 mm, a comparatively small size for high current ratings. These modules harness Fuji Electric's latest generation of IGBT chips, refined for superior heat dissipation.
Who Are the Key Players in the Power Electronics For Renewable Energy Market?
Major companies operating in the power electronics for renewable energy market are include:
• Siemens AG
• Hitachi Ltd.
• Mitsubishi Electric Corporation
• ABB Ltd
• Toshiba International Corporation
• Eaton Corporation
• Texas Instruments Incorporated
• STMicroelectronics NV
• Infineon Technologies AG
• NXP Semiconductors NV
• Analog Devices Inc.
• Renesas Electronics Corporation
• ON Semiconductor Corp
• Microchip Technology Inc.
• Fuji Electric Co. Ltd.
• Qorvo Inc
• ROHM CO. LTD.
• Vishay Intertechnology Inc.
• Littelfuse Inc.
• Microsemi Corporation
• WOLFSPEED INC.
• SEMIKRON International GmbH
• Navitas Semiconductor Inc
• Transphorm Inc.
• Efficient Power Conversion Corporation
What Is The Most Dominant Region In The Power Electronics For Renewable Energy Market?
North America was the largest region in the power electronics for renewable energy market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics for renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
