[Research Report] The power electronics market is expected to grow from US$ 43.37 billion in 2022 to US$ 65.36 billion by 2030; it is estimated to record a CAGR of 5.3% from 2022 to 2030.

Analyst Perspective:

Rising electrical energy consumption across the globe is driving the power electronics market. More than 50% of total energy consumption is predicted to be transformed into electricity, which must be produced, distributed, and used as effectively as feasible. Furthermore, rising climate change encourages manufacturers to develop sustainable solutions is fueling the power electronics market. Under such changing conditions, two major technologies that are likely to play critical roles in resolving future problems include a shift in electrical power production from conventional, fossil (and short-term) based energy sources to renewable energy sources, as well as the use of highly efficient power electronics in power transmission/distribution, power generation, and end user application, which is driving the power electronics market.

Market Overview:

Power electronics is a device with a circuit that distributes power from a source to a load in a sturdy, efficient, compact, and substantial manner for easy use. Power electronics play a major part in electrified vehicle applications by supplying small and high-efficiency power conversion systems.

The device uses diodes, transistors, and thyristors to control the transfer of electric power from one form to another. Power electronics devices, which have a faster switching rate and higher efficiency, can be utilized to execute operations efficiently at high current or high voltage. Furthermore, depending on the application, power electronics can regulate both unidirectional and bidirectional energy flow, and regenerated energy can be returned for utility. Power electronics devices are projected to be significant technologies in the future, helping to improve system efficiency and performance in automotive and energy-saving applications. These factors are anticipated to fuel the power electronics market.

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Power Electronics Market: Strategic Insights

Power Electronics Market

• 
  CAGR (2022 - 2030)

  5.3%
• Market Size 2022
  US$ 43.37 Billion
• Market Size 2030
  US$ 65.36 Billion

Market Dynamics

GROWTH DRIVERS

• Integration of SiC-based Power Electronics in Electric Vehicles
• Rising Demand for Power-efficient and High-energy Devices
• Growing Adoption of Consumer Electronics Devices and Appliances

FUTURE TRENDS

• Growing Adoption of Smart Grid Technology

OPPORTUNITIES

• Increasing Demand for Al-based Power Electronics

Key Players

• Infineon Technologies AG
• Semiconductor Components Industries, L.L.C. (On Semiconductor)
• STMicroelectronics NV
• Mitsubishi Electric Corp
• Fuji Electric Co Ltd
• ROHM Co Ltd
• Renesas Electronics Corp
• Littelfuse, Inc
• Toshiba Electronic Devices & Storage Corp

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Power Discrete
• Power Module
• Power IC

Material

• Silicon

Industry Vertical

• ICT
• Automotive & Transportation
• Consumer Electronics
• Industrial
• Energy & Power
• Others

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Market Driver:

Rising Demand for Power-efficient and High-energy Devices Drives Power Electronics Market Growth

Industrial appliances such as motor drives, power converters, UPSs, and server power supplies consume a large amount of power. Consequently, any improvement in industrial power supply efficiency will result in a significant drop in operating expenses for a business. The demand for high-efficiency power supplies is increasing across the globe due to their improved thermal performance and higher power density. Currently, uninterruptible power supplies are one of the most widely used applications for power semiconductors. Numerous hardware such as computers, communications equipment, data centers, and other electrical equipment are integrated with power semiconductors that protect them against unplanned power outages. The system used for uninterruptible power supplies typically consists of batteries and an IGBT (insulated-gate bipolar transistor) inverter, which have high voltage capabilities. This increases its adoption in high-current-density applications.

High-efficiency power sources are becoming increasingly necessary worldwide. Growing awareness related to efficient energy usage is creating demand for power semiconductors among consumers. Power semiconductors are also becoming an essential component to reduce the carbon footprint of society worldwide. Power semiconductors such as diodes, thyristors, and transistors are highly used for regulating electricity in automotive, consumer electronics, power, energy, ICT, and other industries. Thus, the rising demand for power-efficient and high-energy devices drives the power electronics market.

Report Segmentation and Scope:

The power electronics market is segmented on the basis of type, material, and industry vertical. Based on type, the power electronics market is segmented into power discrete, power module, and power IC. In terms of material, the power electronics market is categorized into silicon (SI), silicon carbide (SIC), gallium nitride (GAN), and others. On the basis of industry vertical, the power electronics market is segmented into ICT, automotive & transportation, consumer electronics, industrial, energy & power, and others. By region, the power electronics market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

Segmental Analysis:

Based on type, the power electronics market is segmented into power discrete, power module, and power IC. The power module segment held the largest power electronics market share in 2022 and is anticipated to grow during the forecast period. Many designers are adopting power modules instead of typical discrete POL designs to tackle the problem of creating power subsystems, citing speed to market, size constraints, reliability, and design skills as motivators. Power modules are high-power electrical components that integrate one or more components into a working, independent unit. They often have a base plate for attaching a heat sink as well as electrical connectors for quick and easy installation and removal. Improved power handling, reliability, and reduced parasitic circuit parts are all feasible by building the component as a module.

Regional Analysis:

Asia Pacific held the largest power electronics market share in 2022. The significant presence of consumer electronics can be linked to the market's expansion in Asia Pacific. The rising demand for power generation, as well as government attempts to support power generation in several Asia Pacific countries, are boosting the cost of power generation. Renewable energy infrastructure development is a critical factor driving the power electronics market. Moreover, the expanding population in developing countries, particularly China and India, which is increasing the deployment of communication infrastructure, is expected to fuel the market expansion for power electronics in the region during the forecast period. The presence of well-established power electronics market players such as Renesas Electronics Corporation, Mitsubishi Electric Corporation, Fuji Electric Co., and Toshiba Corporation in Asia Pacific boosts the market growth. Furthermore, the development of Chinese firms such as BYO, Huawei, CRRC, and Sungrow is strengthening the domestic power electronics sector in the country. All these factors are driving the growth of the Asia Pacific power electronics market.

China remains the world's largest automobile sector in terms of yearly sales as well as manufacturing output, with domestic output estimated to exceed 35 million vehicles by 2025. According to Ministry of Industry and Information Technology figures, over 26 million vehicles were sold in 2021, including 21.48 million passenger vehicles—representing a 7.1% increase over 2020. Commercial vehicle sales totaled 4.79 million units, a 6.6% decrease from 2020. Moreover, China is witnessing increased demand for EVs. For instance, in 2022, more than 5.92 million new passenger plug-in electric cars were recorded in China (83% more than in 2021), registering a new record. Thus, there is an increased need to control automobile’s engines in the field of automotive electronics for proper control and conversion, thereby increasing the importance of power electronics. The growth of the power electronics market in China is expected to create several opportunities for businesses and individuals that develop and manufacture power electronics products and services.

Key Player Analysis:

Infineon Technologies AG, Semiconductor Components Industries, L.L.C. (On Semiconductor), STMicroelectronics NV, Mitsubishi Electric Corp, Fuji Electric Co Ltd, ROHM Co Ltd, Renesas Electronics Corp, Littelfuse, Inc, Toshiba Electronic Devices & Storage Corp, and Vishay Intertechnology Inc are among the key power electronics market players profiled in the report.

Power Electronics Market Report Scope

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Recent Developments: 

The power electronics market players highly adopt inorganic and organic strategies. A few recent key market developments are listed below: 

• In November 2023, Mitsubishi Electric Corporation announced that it will enter into a strategic partnership with Nexperia B.V. to develop silicon carbide (SiC) power semiconductors for the power electronics market. Mitsubishi Electric will leverage its wide-bandgap semiconductor technologies to develop and supply SiC MOSFET chips that Nexperia will use to develop SiC discrete devices.
• In October 2023, Infineon Technologies AG opened a new laboratory for the development of quantum electronics in Oberhaching near Munich. The objective is to develop and test microelectronic circuits for quantum computers that will be stable and small, will operate reliably, and can be produced on an industrial scale. Approximately twenty researchers will work at the lab. In addition to quantum computing, activities will also focus on the development of AI algorithms for the early detection of variances in power systems.  
• In October 2023, Littelfuse, Inc., an industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced the release of IXTY2P50PA—the first automotive-grade Polar P-Channel Power MOSFET. This innovative product design meets the demanding requirements of automotive applications, providing exceptional performance and reliability.
• In August 2023, Infineon Technologies AG announced a collaboration with Infypower, a Chinese market leader in new energy vehicle charging. Infineon will provide INFY with the industry-leading 1200 V CoolSiC MOSFET power semiconductor devices to improve the efficiency of electric vehicle charging stations.
• In August 2023, Vishay Intertechnology introduced a new 650V E Series power MOSFET of the fourth generation that provides high efficiency and power density for telecom, industrial, and computing applications. The Vishay Siliconix n-channel SiHP054N65E reduces on-resistance by 48.2%. It offers a 59% reduction in resistance times gate charge, a key figure of merit (FOM) for 650V MOSFETs used in power conversion applications.