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How has the power electronics for renewable energy market evolved, and where is it heading next?
The power electronics for renewable energy market size has grown strongly in recent years. It will grow from $8.97 billion in 2024 to $9.71 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increased adoption of renewable sources of energy, demand for grid integration and energy storage solutions, growing global emphasis on clean energy, increase in usage of power electronics in renewable energy generation, and storage systems, the surge in demand for hybrid and plug-in hybrid vehicles.
The power electronics for renewable energy market size is expected to see strong growth in the next few years. It will grow to $13.13 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to stringent regulations and policies, aiming to reduce carbon emissions, transition to sustainable energy solutions, rising government incentives for renewable energy, growing popularity of renewable energy sources, and growing demand for sophisticated power conversion and control systems. Major trends in the forecast period include technological advancements in power semiconductor devices, deployment of renewable energy technologies, Improvements in power electronics technology, technological developments in power electronics, and combining energy storage systems with integration.
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What are the key drivers behind the rapid expansion of the power electronics for renewable energy market?
The increasing adoption of renewable energy sources is expected to propel the growth of power electronics for renewable energy market going forward. Renewable energy sources refer to naturally replenishing energy resources, such as solar, wind, hydro, geothermal, and biomass, used for sustainable power generation. The rising adoption of renewable energy sources is influenced by environmental concerns and climate change, renewable energy accessibility and availability, demographic factors, energy security, and independence. Power electronics are used in renewable energy sources to efficiently convert and control electrical power from sources such as solar panels and wind turbines, enabling optimal energy transmission and grid integration. For instance, in June 2024, according to the Department for Energy Security and Net Zero, a UK-based governmental department, renewable electricity accounted for 50.9% of the UK’s total generation, producing 39.2 TWh in Quarter 1 of 2024, a 3.7% increase from Quarter 1 of 2023. This growth was driven by a 7.4% rise in onshore wind generation, attributed to higher wind speeds. Therefore, the increasing adoption of renewable energy sources is driving the power electronics for renewable energy market.
What is the segmentation for the power electronics for renewable energy market?
The power electronics for renewable energy market covered in this report is segmented –
1) By Type: Converters; Inverters; Voltage Control Devices; Other Types
2) By Power Range: Up to 1 MW; 1 MW to 3 MW; 3 MW to 5 MW; Above 5 MW
3) By Application: Power Generation; Power Transmission; Power Distribution; Power Control
4) By End Use: Solar Photovoltaic (PV); Wind; Hydro; Fuel Cell; Other End Uses
Subsegments:
1) By Converters: AC-DC Converters; DC-DC Converters; DC-AC Converters; Bidirectional Converters; Photovoltaic (PV) Converters; Wind Power Converters; Grid-Tied Converters; Isolated Converters
2) By Inverters: Central Inverters; String Inverters; Microinverters; Hybrid Inverters; Battery-Based Inverters; Grid-Tied Inverters; Off-Grid Inverters; Multilevel Inverters
3) By Voltage Control Devices: Voltage Regulators; Power Factor Correction Devices; Reactive Power Controllers; Static VAR Compensators (SVC); Surge Protection Devices; Voltage Stabilizers; Dynamic Voltage Restorers (DVR)
4) By Other Types: Energy Storage Systems; Power Distribution Units; DC Distribution Systems; Frequency Converters; Protection And Monitoring Systems; Smart Grid Power Electronics
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Who are the most influential companies in the power electronics for renewable energy market?
Major companies operating in the power electronics for renewable energy market are Siemens AG, Hitachi Ltd., Mitsubishi Electric Corporation, ABB Ltd, Toshiba International Corporation, Eaton Corporation, Texas Instruments Incorporated, STMicroelectronics NV, Infineon Technologies AG, NXP Semiconductors NV, Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corp, Microchip Technology Inc., Fuji Electric Co. Ltd., Qorvo Inc, ROHM CO. LTD., Vishay Intertechnology Inc., Littelfuse Inc., Microsemi Corporation, WOLFSPEED INC., SEMIKRON International GmbH, Navitas Semiconductor Inc, Transphorm Inc., Efficient Power Conversion Corporation
How will emerging trends drive the power electronics for renewable energy market throughout the forecast period?
Major companies operating in the power electronics for renewable energy market are focused on developing high-power modules for large power converters to enhance energy efficiency, improve system reliability, and facilitate the incorporation of renewable energy sources into the electrical grid. A high-performance power module refers to an advanced electronic component designed to efficiently manage and control high levels of electrical power in demanding applications, such as renewable energy systems and electric vehicles. For instance, in April 2024, Fuji Electric Co. Ltd., a Japan-based power semiconductor module manufacturing company, launched the HPnC X series 1700 V, 3,300 V Class module, a power module engineered for large power converters operating between DC 1700 V and 3.3 kV. The HPnC X series comes in two voltage classes, 1700 V and 3300 V. The modules offer a rated current between 1200 A and 1800 A, depending on the specific model, and have dimensions of 100 mm x 144 mm x 40 mm, which is a relatively small size for the high current ratings. The modules utilize Fuji Electric’s latest generation of IGBT chips, which have been optimized for high heat dissipation.
What are the major regional insights for the power electronics for renewable energy market, and which region holds the top position?
North America was the largest region in the power electronics for renewable energy market in 2024.Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics for renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Power Electronics For Renewable Energy Market Report 2025 Offer?
The power electronics for renewable energy market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Power electronics for renewable energy refers to the technology used to convert and control electrical power from renewable sources such as solar and wind. These systems regulate voltage, current, and frequency, ensuring efficient energy transfer from sources to the grid or storage. This technology is essential for maximizing energy efficiency and ensuring the reliable operation of renewable energy systems.
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