Global Power Electronics market data 2024, Forecast To 2033

The power electronics market has seen substantial growth, progressing from $46.44 billion in 2023 to $49.1 billion in 2024, with a compound annual growth rate (CAGR) of 5.7%. The historic period's growth is attributed to the expansion of the electronics and semiconductor industry, the growth of renewable energy systems, the demand for efficient energy conversion, increased adoption of electric vehicles, and regulatory standards for energy efficiency. Moving forward, the market is expected to experience robust growth, reaching $61.22 billion in 2028, maintaining a CAGR of 5.7%. Anticipated growth drivers include customized power electronic solutions for specific applications, integration of power electronics in smart grid systems, sustainable and energy-efficient power electronics, growth in electric aircraft and eVTOLs, and the expansion of 5G networks and power-efficient devices. Key trends in the forecast period involve the use of GaN and SiC power semiconductor materials, regulatory compliance in power electronics safety, power electronics for energy storage and microgrids, high-frequency and miniaturized power converters, and IoT integration in power electronics for smart devices.