Power Electronics Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Power electronics are electronic circuit devices that transfer power from a source to a load efficiently and robustly using diodes, transistors, and thyristors. It converts electrical power from one form to another to deliver power.

Sizing and Forecast
The power electronics market size has grown strongly in recent years. It will grow from <b>$46.44 billion in 2023 to $49.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. </b> 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 <b>$61.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. </b> 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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Segmentation & Regional Insights
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

<b>Asia-Pacific</b> was the largest region in the power electronics market in 2023. <b>Asia-Pacific</b> 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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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the power electronics market include <b> 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 </b>

The power electronics market report table of contents includes:

1. Executive Summary

2. Power Electronics Market Characteristics

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

Top Major Players:

ABB Ltd.

Fuji Electric Co. Ltd

Infineon Technologies AG

Microsemi Corporation,

Mitsubishi Electric Corporation

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