The power electronics market size has seen steady growth in recent years. It will grow from $48.26 billion in 2024 to $50.62 billion in 2025 at a compound annual growth rate (CAGR) of 4.9%. The historic growth can be attributed to expansion in the electronics and semiconductor industry, growing adoption of electric vehicles, increased demand for efficient energy conversion, and regulatory standards for energy efficiency.
Moving forward, the power electronics market size is projected to grow significantly, reaching $63.18 billion in 2029 at a CAGR of 5.7%. This growth is expected to be spurred by customized power electronic solutions for specific applications, integration of power electronics in smart grid systems, desire for more sustainable and energy-efficient power electronics, expansion of 5G networks and power-efficient devices.
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What Are The Key Drivers Of The Power Electronics Market?
A significant driver of the power electronics market is the rapid development of electric vehicles. Electric vehicles, which are partially or fully powered by electric power, heavily use power electronics in various components to manage the flow of electrical energy. According to the International Energy Agency (IEA), there were 26 million electric cars on the road worldwide in 2022, a 60% increase from 2021. This growing demand for electric vehicles is expected to further propel the power electronics market growth.
What Are the Key Market Segments Within the Global Power Electronics Market?
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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Who Are The Major Players in The Power Electronics Market?
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.
What Are The Emerging Trends in The Power Electronics Market?
Technological advancements are a significant trend in the power electronics market. Major companies are developing advanced technologies to meet consumer demand. For example, STMicroelectronics introduced an optimal class of IGBTs in 2023 with a breakdown-voltage capability of 1350V and a maximum operating temperature of 175°C, boosting design margins, performance, and reliability.
Which Region Is Expected To Grow The Fastest In The Power Electronics Market?
Asia-Pacific was the largest region in the power electronics market in 2024. It is anticipated to be the fastest-growing region in the forecast period, covering other regions like Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Power Electronics Market Report 2025 Offer?
Power electronics are electronic circuitry devices that efficiently and robustly transfer power from a source to a load using diodes, transistors, and thyristors. It facilitates the conversion of electrical power from one form to another. The Power Electronics Market research report from The Business Research Company provides insights into global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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