Power Electronics Market on Path to Prosperity, Forecasts Show USD 61.0 Billion Valuation by 2028

The Power Electronics Market Size is expanding rapidly, propelled by many elements delineated in the latest report entitled "Power Electronics Market Size." This dynamic sector, valued at USD 46.2 billion in 2023, is expected to develop at a noteworthy compound annual growth rate (CAGR) of 5.7% to reach USD 61.0 billion by 2028.

The power electronics market is examined in depth in this study, which divides it into segments based on vertical, geography, material, voltage, device type, and voltage. Power IC, power discrete, and power module are some of the device types that are available. The materials that are used are silicon (Si), silicon carbide (SiC), and gallium nitride (GaN). The voltage categorization system accommodates a range of industry requirements from low to medium to high. Furthermore, as a result of the broad acceptance and use of power electronics across numerous industries, vertical segmentation is evident in the information and communication technology (ICT), consumer electronics, industrial, automotive, and aerospace sectors.

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Power electronics are essential to changing the electrical energy landscape, especially as we move more and more towards renewable sources. Power electronics play a crucial role in effectively converting, controlling, and managing electrical energy from renewable energy sources, such as solar and wind power, which are becoming more and more popular. This guarantees improved grid stability and optimal energy use. Furthermore, power electronics are important for the growing electric vehicle (EV) sector. These systems are essential for regulating and controlling the electrical energy flow in hybrid and plug-in electric vehicles (PEVs) in the field of vehicle power electronics. They contribute to the overall efficiency and performance of EVs by making critical tasks like motor control, energy conversion, and battery charging easier.

By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period.

In the field of power electronics, power modules are becoming more and more popular due to their integrated design and numerous benefits. These little modules provide an efficient solution by consolidating several parts into one unit, making installation easier and performance higher. They are especially desirable in applications where space is at a premium, such consumer electronics, industrial automation systems, and electric cars, due to their small form size. Power modules not only save space but also have increased dependability and better thermal performance, which means they work steadily even in harsh conditions. Their higher power density makes energy conversion and distribution more effective, which improves system longevity and overall performance.

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By Material: Silicon-based devices to account for the largest market share during the forecast period.

With a significant market share, silicon is the preferred material for making a variety of power electronics. Silicon is a fundamental semiconductor material that is highly reliable and versatile. It is especially useful when creating power electronic devices intended for low- and medium-voltage applications. Silicon is essential to a wide range of power semiconductor devices, such as integrated circuits (ICs), discrete components, and modules. These silicon-based devices support a wide range of consumer and industrial applications by performing crucial tasks in power rectification, power factor correction, and power amplification. The characteristics of silicon, in particular its resistance to high-frequency switching operations, are advantageous for diodes and transistors, which are essential parts of power electronics.

By Vertical: The consumer electronics is projected to register a larger market share during the forecast period.

Within the power electronics industry, Power electronics is the foundation for the functionality of consumer electronics, which are essential to modern life. Whether it's direct current (DC) or alternating current (AC), almost all electronic devices depend on a stable power source and effective power management to maximise energy efficiency. Power electrical devices are used in a wide range of items in the consumer electronics industry. Power electronics underpin the operation of anything from entertainment fixtures like televisions and game consoles to necessary home appliances like air conditioners, refrigerators, and washing machines, guaranteeing smooth functioning. Furthermore, a multitude of linked gadgets are hitting the market as a result of new developments in smart home technology, which have further broadened the market for consumer electronics. Smart gadgets use power electronics to maximise power consumption and improve operational efficiency. Examples of these devices include smartphones, tablets, wearables, and Internet of Things devices. Additionally, power management systems help minimise energy waste and lower the total carbon footprint of devices like gaming consoles, routers, chargers, and adapters, among others. By encouraging energy saving and efficiency, the incorporation of power electronics into consumer electronics not only enhances device performance but also advances environmental initiatives. The need for creative power management solutions in consumer electronics is expected to increase as customer preferences continue to change, propelling additional developments in the field of power electronics.

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By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.

Driven by robust investments across many sectors, the Asia Pacific region is emerging as a dynamic hub responsible for the significant expansion within the power electronics industry. Countries in this region are seeing a spike in demand for advanced power electronic solutions due to significant investments made in consumer electronics, smart grid programmes, and infrastructure development. Important companies that have a significant impact on the power electronics market in Asia Pacific are Mitsubishi Electric Corporation and Fuji Electric Co., Ltd., both of which are based in Japan. The area is rapidly advancing in power electronics thanks to its creative technology and calculated initiatives. Particularly in China and Japan, the increasing use of electric cars (EVs) is one of the main development drivers in the Asia Pacific industry. The rapid shift to electric mobility in these nations is being fueled by government incentives, environmental concerns, and technology developments. The need for power electronics systems and components designed specifically for EV applications is therefore growing. China has been a significant driver of market expansion, driven mostly by significant expenditures in domestic manufacturing capabilities. Reducing dependency on foreign suppliers is the goal of the nation's strategic focus on developing and manufacturing power electronic wafers domestically, which will strengthen the nation's supply chain and increase its resilience.

Power Electronics Companies:

• Infineon Technologies AG (Germany),
• ON Semiconductor (US),
• STMicroelectronics (Switzerland),
• Mitsubishi Electric Corporation (Japan),
• Vishay Intertechnology, Inc. (US),
• Fuji Electric Co., Ltd. (Japan),
• NXP Semiconductors (Netherlands),
• Renesas Electronics Corporation (Japan),
• Texas Instruments Incorporated (US),
• TOSHIBA CORPORATION (Japan),
• ABB (Switzerland),
• Littelfuse, Inc. (US),
• Analog Devices, Inc. (US),
• Microchip Technology Inc. (US),
• ROHM CO., LTD. (Japan),
• Semikron (Germany),
• Transphorm Inc. (US),
• Qorvo, Inc (US),
• WOLFSPEED, INC. (US),
• Euclid Techlabs (US),
• Navitas Semiconductor (US),
• Efficient Power Conversion Corporation (US).

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