Name: Power Electronics Market Size, Share, Trends and Growth Report – Global Opportunities &amp; Forecast, 2023-2030
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Power Electronics Market Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2023-2030

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GMI Research analysis indicates that the Power Electronics Market size was estimated at USD 44.5 billion in 2022 and is slated to register a single digit CAGR of 5.1% over the forecast period, and is projected to reach USD 66.2 billion in 2030.

Power Electronics Market

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Major Power Electronics Market Drivers

The global power electronics market growth is driven by an increase in demand for power electronics, growing innovations in 5G technologies, increase in consumption of power in emerging nations coupled with a rise in semiconductor adoption and power electronics devices. There is a significant rise in electrical energy consumption, and a growing number of applications are now based on power. It is estimated that over 60% of total energy consumption will be transformed into power for different applications, emphasizing the demand for effective production, usage of electrical energy, and distribution. Moreover, the urgency to address climate change increases the importance of identifying future eco-friendly solutions. In the changing landscape, two key technologies are predicted to challenge future hurdles. Firstly, the move from traditional fossil-derived energy sources to renewable energy sources is predicted to revolutionize electrical power production. Secondly, the adoption of highly efficient energy electronics in power distribution or transmission, end-user applications,, and power generation is predicted to evolve the role of power electronics.

The rapid innovation in power systems and the continuous construction of smart grids have driven the of 5G communication technology. Renowned for ultra-low latency, deep coverage, ultra-low power consumption, extreme capacity, and high reliability, 5G has emerged as the technological innovation. Its incorporation is fostering the environmentally friendly development of energy systems. The growing employment of communication networks and 5G technologies is predicted to propel the power electronics industry because there is an increasing need for higher power density in this context. Furthermore, a growing emphasis on power efficiency, an emergence of smart systems, technological innovations, and developing utilization of EVs, and portable automated and electronic devices are propelling customer need for power electronics. This trend is predicted to endure customers for more interconnected, effective, and sustainable solutions.

Moreover, the global power electronics market is predicted to witness growth driven by the increasing need for electronic vehicles globally. Different components in vehicles, including interior lighting, ignition switch, power steering, and interior lighting, utilize power electronics. These power electronics are effective in controlling the electric power of electric vehicles. Furthermore, growing environmental concerns have led governments globally to implement measures aimed at controlling vehicle emissions. Regions including North America and Europe have rigorously adopted regulations to decrease their carbon footprint. In addition, increased awareness among the population about the harming effects of vehicle emissions on the environment has increased customer demands for hybrid and electric automobiles. Major vehicle manufacturers are investing in the research and development of power-efficient and emission-free automobiles. Therefore, the growing adoption of EVs globally is predicted to drive power electronics need in the coming future.

Vehicle power electronic components play an important role in processing and regulating the flow of electrical energy in plug-in and hybrid EVs. In addition, they are accountable for controlling an engine’s torque and speed. Key components in this category include DC converters, charges, and inverters. The extensive usage of such electronics in EVs is influenced by the need for high-power electric energy to drive the electromotors. Power components such as IGBT and MOSFETs serve as power electronic switches in powertrain systems are deducting the overall size. These advantages are expected to contribute to significant growth in the power electronics market size in the forecast period.

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Meanwhile, several power electronics companies are developing their integrated circuits by combining different functions into a single chip, advancing complex designs. However, integration of procedures of such technologies offers challenges and demand substantial investments. Consolidating all systems into one chip makes things more complicated, and it also increases the need to decrease power usage, making it less suitable for high-power applications. These factors are predicted to restraint the power electronics market growth in the forecast period.

The industry 4.0 trend has been making significant improvements in different industries, propelled introduction of innovative automation technologies. The increasing focus on enhancing productivity and reducing operational time has resulted in a significant rise in the adoption of process automation technologies, especially in emerging economies such as China, Australia, South Korea, India, and several others. Furthermore, governments in different countries are taking initiatives to encourage procedure automation to develop industrial production potential. For instance, in 2021, the India Brand Equity Foundation stated that the Department of Heavy Industries in India introduced the Samath Udyog Bharat 4.0 initiative. This initiative focuses on increasing the integration of process automation technologies to expand the manufacturing sector around the country by 2025. Power electronics are important in automation technologies, including applications such as switches, robotic arms, automated and connected circuits, and many more, initiate automation is estimated to propel the market demand.

Power IC segment registered the largest market size in the global power electronics market

Low-power integrated circuits offer a blend of high effectiveness and a small form factor for compact applications such as IoT devices, wearable sensors, and several other portable devices, including handheld and smartphone applications. Power ICs play an important role in DC-to-DC conversion, voltage, and battery charging, providing versatile applications in different industries. Thereby, the power ICs market is predicted to maintain the largest share in the forecast period.

Power Electronics Market

Silicon-based power electronics segment dominated the largest market size in global market

Power electronics based on silicon find broad applications in different industries and devices. The adaptability personalizes different operations, including amplification, switching, and rectification, in a wide variety of electronic systems. The convenience of integrating silicon-derived devices into prevailing electronic systems is a valuable feature for producers on incorporating power electronics into a different application, and products.

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Asia Pacific region is predicted to register the largest revenue share in the global market

The Asia Pacific region is anticipated to lead the power electronic market and the highest CAGR in the forecast period. The regional market growth is attributed to the existence of customer electronics, ICT, automotive, and industrial sectors in countries, including Japan, China, and South Korea. The increasing need for power generation and government initiatives in different nations of APAC to motivate the development of renewable energy infrastructure progressively contribute to driving the global market growth. The increasing population in emerging nations such as India, and China, increasing the deployment of communication infrastructure, is predicted to further accelerate Asia Pacific power electronics market growth.

Power Electronics Market

China’s automotive sector has witnessed growth, establishing a more popular position in the global auto industry. In 2022, China accomplished sales of 5.67 million EVs and plug-ins, are stated by the China Passenger Car Association. This increase is attributed to customers transitioning from traditional gas-powered models, influenced by government subsidies and elevated oil costs. With the expanding EV industry, there is a rise in the need for power electronics.

Top Market Players

Various notable players operating in the market include ON Semiconductor Corporation, ABB Ltd., Infineon Technologies AG, Texas Instruments Inc., ROHM Co. Ltd, STMicroelectronics NV, Renesas Electronic Corporation, Vishay Intertechnologies Inc., Toshiba Corporation, Mitsubishi Electric Corporation among others.

Key Developments

- In 2023, STMicroelectronics introduced of an innovative category of IGBTs featuring a developed breakdown-voltage potential of 1350V to confirm robust performance, and prolonged reliability under all functioning situations.
- In 2023, Infineon Technologies AG announced a product expansion of PQFN 2×2 mm²to expand its product portfolio.
- In 2023, Renesas successfully launched a New Gate Driver IC for electric vehicle inverters to maneuver high-voltage power electronics.

Segments covered in the Report:

The Global Power Electronics Market has been segmented on the basis of Device Type, Material and End-user Industry. Based on the Device Type, the market is segmented into Power Discrete, Power IC, Power Module. Based on the Material, the market is segmented into Silicon, Silicon Carbide (SiC), Gallium Nitride (GaN). Based on the End-user Industry, the market is segmented into Automotive, Military and Aerospace, IT and Telecommunication, Consumer Electronics, Industrial, Others.

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Report Coverage	Details
Market Revenues (2022)	USD 44.5 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Device Type, By Material, By End-user Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ON Semiconductor Corporation, ABB Ltd., Infineon Technologies AG, Texas Instruments Inc., ROHM Co. Ltd, STMicroelectronics NV, Renesas Electronic Corporation, Vishay Intertechnologies Inc., Toshiba Corporation, Mitsubishi Electric Corporation among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation