Power Electronics Market Trends and Analysis by Application, Vertical, Region, and Segment Forecast to 2029
Ideal for market intelligence professionals and business strategists, this research uncovers where growth is headed in the power electronics industry.
What Is The Current Outlook For The Power Electronics Market?
The power electronics market size has grown steadily in recent years. It will grow from $48.26 billion in 2024 to $49.78 billion in 2025 at a compound annual growth rate (CAGR) of 3.1%. The growth in the historic period can be attributed to growth in the electronics and semiconductor industry, expansion of renewable energy systems, demand for efficient energy conversion, increase in electric vehicle adoption, regulatory standards for energy efficiency.
The power electronics market size is expected to see strong growth in the next few years. It will grow to $61.03 billion in 2029 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to 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, expansion of 5g networks and power-efficient devices. Major trends in the forecast period include 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, iot integration in power electronics for smart devices.
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What Are The Driving Factors Impacting The Power Electronics Market?
The rapid development of electric vehicles is significantly contributing to the growth of the power electronics market. Electric vehicles are vehicles that are partially or fully powered by electric power. Power electronics are used in numerous components of electric vehicles to handle electrical energy flow and also play a key role in energy management. For instance, according to International Energy Agency (IEA), a France-based independent intergovernmental agency, in 2022, there are 26 million electric cars on the road worldwide, up 60% relative to 2021. Therefore, the rapid development of electric vehicles is expected to propel the growth of the power electronics market going forward.
Analysis Of Major Segments Driving The Power Electronics Market Growth
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)
What Are The Upcoming Trends Of Power Electronics Market In The Globe?
Technological advancements are a key trend gaining popularity in the power electronics market. Technological advancement is a discovery of knowledge that advances technology. Major companies operating in the power electronics sector are focused on developing advanced technologies to meet consumer demand. For instance, in September 2023, STMicroelectronics, a Switzerland-based electronics and semiconductors manufacturer, introduced a new class of IGBTs with a breakdown-voltage capability of 1350V and a maximum operating temperature of 175°C, enhancing design margins, performance, and reliability. The STPOWER IH2 series also improves power conversion efficiency, featuring a low saturation voltage for reduced power dissipation and a freewheeling diode that enhances efficiency in quasi-resonant converters operating between 16kHz and 60kHz. These IGBTs are ideal for induction heating applications in household appliances, achieving up to an 11% reduction in power dissipation in 2kW applications.
Which Are The Top Players Involved In 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
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Which Region Drives The Most Demand 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.
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