The power electronics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Power Electronics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The power electronics market size has grown strongly in recent years. It will grow from $46.44 billion in 2023 to $49.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. 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 $61.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. 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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Scope Of Power Electronics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Power Electronics Market Overview
Market Drivers –
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.
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
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Regional Insights –
Asia-Pacific was the largest region in the power electronics market in 2023. 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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Power Electronics Market characterstics
3. Power Electronics Market Trends And Strategies
4. Power Electronics Market – Macro Economic Scenario
5. Global Power Electronics Market Size And Growth
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31. Global Power Electronics Market Competitive Benchmarking
32. Global Power Electronics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Power Electronics Market
34. Power Electronics Market Future Outlook and Potential Analysis
35. Appendix
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