New York, April 13, 2023 (GLOBE NEWSWIRE) -- Market.us forecasts that the power electronics market will exceed USD 94.21 billion by 2032 from USD 43.3 billion in 2022, with a projected compound annual growth rate (CAGR) of 8.3% from 2023 to 2032.
The role of power electronics is essential in electric vehicle applications. They provide efficient and compact solutions for power conversion. It is a device that efficiently, compactly, and robustly transfers electricity from a source to a load to allow easy utilization. This device uses transistors, diodes, and thrusters to convert electricity from one form to another. Power electronics devices can efficiently execute high-voltage or high-current operations because they have a faster switching speed and higher efficiency.
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Key Takeaway:
- By Type, the power module segment is expected to grow significantly from 2023 to 2032.
- By Material, the silicone segment has dominated the market with a share of 37% and it is anticipated to grow at a high CAGR from 2023 to 2032.
- By Application, the aerospace and defense segment will hold a significant revenue share in 2022.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 43.5%.
- North America held a 26% revenue share in 2022.
The global Power Electronics Market has grown as electric vehicles become more popular. The power infrastructure development and the shift towards renewable power sources drive the global Power Electronics Market. There is also a growing demand for portable, energy-efficient, battery-powered devices. During the forecast period, businesses in the Power Electronics Market will benefit from the increasing industrialization of developing countries and the increased use of SiC and GaN products in different fields.
There will be many obstacles and limitations that will hinder the growth of the Power Electronics Market. The complexity of the device, grid capacity concerns, and integration of cutting-edge technological gadgets could hamper global growth.
Factors affecting the growth of the power electronics industry
There are several factors that can affect the growth of the power electronics industry. Some of these factors include:
- Increasing demand for Solid-state circuitry devices: Solid-state circuitry devices called power electronics can be used to control and alter electrical energy from the source to load safely and efficiently. Power electronics allow power management to increase energy conservation in many applications, including consumer electronics and industrial systems.
- Adapted across various industries: Power electronics are being adopted in multiple verticals, including automotive, aerospace, defense, and energy & power. This is due to the increasing demand for power management devices.
- Increasing use of electric vehicles: Global power electronics demand is expected to grow due to the growing demand for electric vehicles worldwide. Power electronics are used in various vehicle components, including windshield wiper control, interior lighting, and ignition switch. Power electronics are crucial in managing electric vehicles' energy.
- The emergence of Industry 4.0: The primary drivers of the market growth in power electronics are increasing demand for automation technologies and the emergence of Industry 4.0
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Top Trends in Power Electronic Market
One of the primary factors that positively influence the use of power electronics in various applications, such as fan regulators, light dimmers, induction cookers, vacuum cleaners, and uninterruptible power systems (UPS), is the growing reliance on consumer electronics due to rapid urbanization and rising disposable incomes. The market is also driven by the increasing use of electronic devices, such as pumps, blowers, elevators, and rotary kilns. In the automotive industry, power electronics is used for electric power steering, interior lighting, and braking systems. The increasing demand for safer, more luxurious, and innovative vehicles with integrated infotainment is driving the market growth.
The growing construction and mining industries are also driving the use of power electronics off-road. It is also becoming more popular in the aerospace, defense, and spacecraft industries to provide power and control for aircraft, spacecraft, uncrewed aerial vehicles (UAVs), satellites, missiles, and space shuttles. Due to rising energy costs and environmental concerns, there is a growing demand for renewable energy sources. Power electronics are also being used in solar and wind power panels.
Market Growth
Power electronics are increasingly being used in various energy conversion end-uses. Rapidly increasing demand for energy-efficient devices in many end-user industries is significantly growing the global power electronics market. Increasing demand for automation technology, acceptance of Industry 4.0, and rising adoption of automated assembly lines and industrial robots are the main factors driving the growth of the power electronics market. However, the continued shortage of semiconductors in the global market obstructs the market growth of power electronics. A widening gap between the demand and supply of semiconductors can negatively affect the global power electronics market during the forecast period.
Regional Analysis
APAC is the world's largest market for power electronics. Technological advancements and an increasing focus on renewable power sources across all industries drive market growth. Regional market growth is also driven primarily by the availability of cost-competitive, robust technologies. North America ranks second in the world's power electronics market. The region is home to advanced semiconductor technologies that are being used in new ways. The giant consumer electronics and automotive industries drive the region's market growth. The existence of many established infrastructures that allow the implementation of futuristic technology can boost market revenues.
Competitive Landscape
The competitive landscape of the power electronic market has also been examined in this report. Due to many local businesses, the market is somewhat fragmented. These market players want to expand their market share by investing in acquisitions, mergers, partnerships, and other strategies. Companies spend money to develop better products. Companies also place great importance on pricing. Some of the major players include Fuji Electric Co, Toshiba Corporation, ABB Group, Microsemi Corporation, Mitsubishi, Infineon Technologies AG, Rockwell Automation, Renesas Electronics Corporation, Texas Instruments Incorporated, and STMicroelectronics.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 43.3 Billion |
| Market Size (2032) | USD 94.21 Billion |
| CAGR (from 2023 to 2032) | 8.3% |
| APAC Revenue Share | 43.5% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
With the increased demand for electric cars around the globe, the power electronic market demand is also growing. Many vehicle components, such as a windshield wiper control, interior lighting, and ignition switch, are powered by power electronics. The management of electric vehicles' energy is crucially dependent on power electronics. Over the forecast period, the market for power electronics will grow due to the rapidly growing electric vehicle market. Due to environmental concerns, all countries have been required to reduce vehicle emissions. North America and Europe have adopted strict regulations to reduce their carbon footprint. Due to increasing awareness about the negative environmental consequences of vehicle emissions, hybrid, and electric vehicles are in high demand. Vehicle manufacturers invest heavily to develop emission-free, power-efficient vehicles. Over the next few years, the need for power electronics will increase due to the increasing use of electric cars around the globe.
Market Restraints
The intricate design of power electronics is a consequence of the industry's emphasis on combining various functions into one chip. Developing such complex devices demands a rigorous design process, skilled expertise, and multiple toolsets, leading to higher costs. These expensive devices may deter users from transitioning to more advanced technology.
Market Opportunities
Many features are available to increase the market share and sales of electronic products. Metal-Oxide-Semiconductor Field-Effect Transistor (MOSFET) will increase the benefits of technological advancements in electronic components like smartphones, computers, wireless communication & cloud system, and other mobile devices. MOSFET can control electric vehicles, inverters, and power supplies. MOSFET is widely used in industrial applications with low switching frequencies. These factors will create plenty of demand for power electronics.
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Report Segmentation of the Power Electronic Market
Type Insight
The power module segment had a moderate revenue share in 2022. The rising demand for innovative power modules drives significant revenue growth in this market. High-performance intelligent modules include a dedicated drive circuit to get more out of the Insulated-Gate Bipolar Transistor chip (IGBT) and a custom-integrated circuit to perform self-protection functions such as short circuits, supply below voltage, and temperature overflow. With the development of IGBT chips, leading electronics companies are working to improve each series of intelligent power modules. Another important factor driving revenue growth is the rising demand for efficient power systems, mainly due to the importance of renewable energy sources. Initiatives launched by government agencies and industry players in many countries to promote renewable energy sources are another factor that aids revenue growth. Power modules are an integral part of the power architecture and are often used in applications such as photovoltaic, micro-inverters, and off-shore wind turbine inverters.
Material Insight
Based on Material, the power electronics market is divided into sapphire, silicon, gallium nitride, silicon carbide, and other materials. Among all the materials, the silicon segment leads the market by covering a significant market share. Also, silicon is anticipated to grow significantly during the forecast period. The silicon segment's growth is due to the usage of power electronics in many applications. The demand for silicon-based power electronics has risen in the semiconductor sector.
Also, the sapphire segment is anticipated to create lucrative opportunities in the market during the forecast period. The demand for sapphire is increasing due to the use of sapphire in products like smartwatches.
Application Insight
By application, the power electronics market is classified into many types, such as automotive, aerospace and defense, ICT, consumer electronics, industrial, and other applications. From all the applications, the aerospace and defense sector dominated the global power electronics market in 2022. And it is anticipated to continue the growth throughout the forecast period. Power electronics are used in the defense and aerospace sector for various applications. Some aerospace and defense sector applications are flight control, cabin lighting, navigation, power drive controls, and communications.
The aerospace and defense sector is investing heavily in portable types of equipment which are easy to use and carry. Also, the focus of the aerospace and defense sector is on improving communication and surveillance than before. These factors are driving the growth of the aerospace and defense sector in the global market.
Recent Developments of the Power Electronic Market
- In 2020 - The U.S. Defence Industry has requested that US$ 718 billion be allocated in 2020, an increase of 5% from the 2019 budget.
- In September 2022, Toshiba's Double Transmon Coupler will Realize Faster and More Accurate Superconducting Quantum Computers. This opens the door to high-performance quantum computers that can solve various social problems.
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Market Segmentation
By Type
- Power Module
- Power Discrete
- Power IC
By Material
- Silicon Carbide
- Sapphire
- Gallium Nitride
- Silicon
- Others
By Application
- Automotive
- Industrial
- Consumer Electronics
- Aerospace & Defense
- ICT
- Others
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players:
- Fuji Electric Co
- Toshiba Corporation
- ABB Group
- Microsemi Corporation
- Mitsubishi
- Infineon Technologies AG
- Rockwell Automation
- Renesas Electronics Corporation
- Texas Instruments Incorporated
- STMicroelectronics
- Other key Players
Browse More Related Reports:
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- Electric-vehicle-power electronics market size was valued at USD 2.59 billion in 2018 and is projected to reach USD 30.01 billion by 2026, growing at a CAGR of 35.5% from 2019 to 2026.
- Current Transducer Market size is expected to be worth around USD 794 million by 2032 from USD 540.3 million in 2023, growing at a CAGR of 4.03% during the forecast period 2023 to 2032.
- MOCVD in power electronics market is expected to grow from USD 1.5 billion in 2018 to USD 338 billion by 2032, at a CAGR of 10.5%.
- Module level power electronics mlpe market size will reach USD 2958.9 million in 2028, growing at a CAGR of 15.2% over the analysis period.
- Electrochemical Capacitors Market size is expected to be worth around USD 42.8 billion by 2033 from USD 24.9 billion in 2022, growing at a CAGR of 3.5% during the forecast period 2023 to 2033.
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