Power Electronics Market Size, Share, Growth Report and Analysis 2030

Power Electronics Market Size and Forecast (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Power Discrete, Power Module, and Power IC), Material [Silicon (SI), Silicon Carbide (SIC), Gallium Nitride (GAN), and Others], and Industry Vertical (ICT, Automotive & Transportation, Consumer Electronics, Industrial, Energy & Power, and Others)

  • Report Code : TIPEL00002271
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 180
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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
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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).

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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.

electronics-and-semiconductor
Segmental Analysis:
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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.

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.

Power Electronics Market Report Scope

Report Attribute Details
Market size in 2022 US$ 43.37 Billion
Market Size by 2030 US$ 65.36 Billion
Global CAGR (2022 - 2030) 5.3%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Type
  • Power Discrete
  • Power Module
  • Power IC
By Material
  • Silicon
By Industry Vertical
  • ICT
  • Automotive & Transportation
  • Consumer Electronics
  • Industrial
  • Energy & Power
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 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
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type, Material, and Industry Vertical

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which are the key players holding the major market share of the power electronics market?

    The key players holding majority shares in the power electronics market include Infineon Technologies AG, Semiconductor Components Industries, LLC (On Semiconductor), STMicroelectronics NV, Vishay Intertechnology Inc, and Mitsubishi Electric Corp.

    Which country holds the major market share of the power electronics market?

    The US held the largest market share in 2022, followed by China.

    What is the estimated global market size for the power electronics market in 2022?

    The power electronics market was US$ 43.47 billion in 2022 and is expected to grow at a CAGR of 5.3% from 2022 to 2030.

    What are the driving factors impacting the power electronics market?

    The Increasing Integration of SiC-based Power Electronics in Electric Vehicles can be one of the drivers for the market.

    What are the future trends of the power electronics market?

    The Growing Adoption of Smart Grid Technology can be a beneficial trend for the power electronics market.

    Which is the fastest growing country market?

    China is anticipated to grow with the highest CAGR over the forecast period.

    The List of Companies - Power Electronics Market

    1. Infineon Technologies AG
    2. Semiconductor Components Industries, L.L.C. (On Semiconductor)
    3. STMicroelectronics NV
    4. Mitsubishi Electric Corp
    5. Fuji Electric Co Ltd
    6. ROHM Co Ltd    
    7. Renesas Electronics Corp
    8. Littelfuse, Inc
    9. Toshiba Electronic Devices & Storage Corp
    10. Vishay Intertechnology Inc

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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