New York, United States , June 12, 2023 (GLOBE NEWSWIRE) -- The Global Power Electronics Market Size is to grow from USD 29.64 billion in 2022 to USD 47.37 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.
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Power electronics is a field of study and technology that deals with the conversion, control, and management of electrical power. It involves the design and application of electronic devices and systems for efficient and precise control of electrical energy. Power electronics plays a crucial role in various applications such as renewable energy systems, electric vehicles, industrial motor drives, and consumer electronics. Key components include power semiconductor devices like transistors and diodes, along with converters, inverters, and control circuits. By efficiently manipulating power flow and voltage levels, power electronics enables energy conversion, regulation, and optimization, thereby enhancing the overall efficiency and performance of electrical systems.
Report Coverage
This research report categorizes the market for power electronics market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the power electronics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the power electronics market.
Browse key industry insights spread across 212 pages with 126 Market data tables and figures & charts from the report on "Global Power Electronics Market Size, Share, and COVID-19 Impact Analysis, By Offering (Power Discrete, Power Module, and Power IC), By Material (Silicon, Silicon Carbide, and Gallium Nitride), By Voltage (Low Voltage, Medium Voltage, and High Voltage), By Vertical (Consumer Electronics, Industrial, Automotive & Transportation, ICT, Aerospace & Defense, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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The gallium nitride segment is expected to grow at a CAGR of around 5.0% during the forecast period.
Based on material type, the global power electronics market is segmented into silicon, silicon carbide, and gallium nitride. The gallium nitride (GaN) segment is anticipated to experience significant growth during the forecast period. GaN is a wide-bandgap semiconductor material that offers superior performance compared to traditional silicon-based power electronics. Its high breakdown voltage, low resistance, and fast switching capabilities make it ideal for various applications, including power supplies, RF amplifiers, and electric vehicles. The increasing demand for high-power density, energy-efficient solutions is driving the adoption of GaN-based power electronics. As a result, the GaN segment is expected to witness substantial growth as industries seek advanced semiconductor materials for improved power conversion and management.
The industrial segment held the largest market share with more than 24.7% market share.
Based on industry vertical, the global power electronics market is segmented into consumer electronics, industrial, automotive & transportation, ICT, aerospace & defense, and others. The industrial segment held the largest market share in 2022, due to the widespread use of power electronics devices and systems in industrial applications such as motor drives, power supplies, robotics, and process control. The industrial sector demands reliable and efficient power electronics solutions to enhance productivity, reduce energy consumption, and optimize manufacturing processes. With the continuous growth of industrial automation and the need for energy-efficient solutions, the industrial segment remains a significant driver of the power electronics market.
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Asia-Pacific is predicted to grow at a significant CAGR during the forecasted period.
Based on region, Asia-Pacific is predicted to be a significant growth region for the power electronics market due to several factors. The region has a large and rapidly growing population, with increasing urbanization and industrialization driving the demand for energy-efficient systems and infrastructure. Furthermore, the region is home to several emerging economies that are investing heavily in renewable energy and electric transportation, creating opportunities for the power electronics market. Additionally, the presence of several key players in the power electronics industry in the region is contributing to the growth, with increasing research and development activities and partnerships driving innovation and market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global power electronics market include Infineon Technologies, ON Semiconductor, STMicroelectronics, Mitsubishi Electric, Vishay Intertechnology, Fuji Electric, NXP Semiconductors, Renesas Electronics, Texas Instruments, Toshiba, ABB Ltd., GaN Systems, Littelfuse, Maxim Integrated, Microchip, Rohm, Semikron, Transphorm, UnitedSiC, Wolfspeed, A Cree Company, Euclid Techlabs, GeneSiC, EPC, Analog Devices, and Hitachi.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global power electronics market based on the below-mentioned segments:
Power Electronics Market, By Offering
- Power Discrete
- Power Module
- Power IC
Power Electronics Market, By Material
- Silicon
- Silicon Carbide
- Gallium Nitride
Power Electronics Market, By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
Power Electronics Market, By Vertical
- Consumer Electronics
- Industrial
- Automotive & Transportation
- ICT
- Aerospace & Defense
- Others
Power Electronics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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