What Has Been The Evolution of the Power Electronics Market in Recent Years?
The power electronics market has seen considerable growth due to a variety of factors.
• The market size for power electronics has been on a consistent growth curve in the past few years. The predictions indicate an increase from $48.26 billion in 2024 to $50.62 billion in 2025, showing a compound annual growth rate (CAGR) of 4.9%.
This growth during the historic period can be explained by factors such as the expansion in the electronics and semiconductor industry, wider adoption of renewable energy systems, the need for efficient energy conversion, a rise in the adoption of electric vehicles, and regulations set for energy efficiency.
What Is the Forecasted Market Size and Growth Rate for The Power Electronics Market?
The power electronics market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the power electronics market is projected to experience robust expansion, reaching a value of $63.18 billion by 2029 with a CAGR of 5.7%.
The anticipated growth within this period is linked to tailored power electronic solutions for distinct applications, incorporation of power electronics in smart grid frameworks, eco-friendly and energy-saving power electronics, the emergence of electric aircraft and evtols, and the development of 5g networks and energy efficient apparatuses. Key trends predicted during this forecasted period involve GaN and sic power semiconductor substances, regulatory compliance regarding power electronics safety, power electronics utilized in energy storage and microgrids, high-frequency power converters and their miniaturization, and the inclusion of IoT in power electronics for smart appliance development.
What Are The Core Factors Supporting Growth In The Power Electronics Market?
The power electronics market is witnessing significant growth due to the swift progression of electric vehicles. Electric vehicles, which are either partially or entirely driven by electricity, require power electronics in numerous components to manage the flow of electrical energy. They also have a vital role in energy administration. For instance, the International Energy Agency (IEA), an independent intergovernmental agency based in France, reported that in 2022, there are 26 million electric cars globally, marking a 60% increase from 2021. Consequently, the fast-paced advancement of electric vehicles is anticipated to further fuel the expansion of the power electronics market.
What Are The Major Segments Within The Global Power Electronics Market?
The power electronics market covered in this report is segmented –
1) By Product: Discrete, Module
2) By Material: Silicon, Silicon Carbide, Gallium Nitride
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By Application: Power Management, UPS, Renewable, Other Applications
5) By End User Industry: Automotive, Consumer Electronics, IT and Telecommunication, Military And Aerospace, Industrial, Energy And Power, Other End Use Industries
Subsegments:
1) By Discrete: Diodes, Transistors, Thyristors, Rectifiers
2) By Module: Power Modules, Intelligent Power Modules (IPMs), Multi-Chip Modules (MCMs)
Pre-Book The Power Electronics Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Trends Are Expected To Transform The Power Electronics Market?
A significant trend that is becoming more prominent within the power electronics market is the advancement of technology. This refers to the discovery of knowledge that pushes technology forward. Large corporations within the power electronics industry are concentrating on creating advanced technologies to fulfill the needs of their customers. Take for example, STMicroelectronics, a manufacturer of semiconductors and electronics from Switzerland. In September 2023, they launched a new class of IGBTs which boasted a breakdown-voltage capacity of 1350V and a maximum operating temperature of 175°C. This improved design margins, performance, and reliability while reducing power dissipation and boosting efficiency. In addition, innovative technology also led to the STPOWER IH2 series' freewheeling diode, beneficial for quasi-resonant converters that operated between 16kHz and 60kHz. These IGBTs are perfect for induction heating applications in domestic appliances, capable of reducing power dissipation in 2kW applications by up to 11%.
Who Are the Key Players in the Power Electronics Market?
Major companies operating in the power electronics market include:
• ABB Ltd.
• Fuji Electric Co. Ltd.
• Infineon Technologies AG
• Microsemi Corporation
• Mitsubishi Electric Corporation
• Renesas Electronics Corporation
• STMicroelectronics
• Texas Instruments incorporated
• Toshiba Corporations
• Vishay Intertechnology
• NXP Semiconductors
• GaN Systems Inc.
• Littelfuse Inc.
• Maxim Integrated
• ROHM Co. Ltd.
• Transphorm Inc.
• ON Semiconductor Corporation
• Microchip Technology Inc.
• UnitedSiC Inc.
• Wolfspeed Inc.
• IXYS Corporation
• Power Integrations Inc.
• Cree Inc.
• Diodes Incorporated
• Semtech Corporation
• Analog Devices Inc.
• Fairchild Semiconductor International Inc.
• International Rectifier Corporation
• Linear Technology Corporation
• Monolithic Power Systems Inc.
• Powerex Inc.
• Silicon Laboratories Inc.
• Sanken Electric Co. Ltd.
• TDK Corporation
• Vicor Corporation
• Yaskawa Electric Corporation
• Murata Manufacturing Co. Ltd.
• Panasonic Corporation
What Is The Most Dominant Region In The Power Electronics Market?
Asia-Pacific was the largest region in the power electronics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
