Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Power Electronics Market by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Voltage (Low, Medium, High), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace) and Geography - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
Expansive Growth Anticipated in Asia-Pacific's Power Electronics Sector as Industries Gear Towards Energy Efficiency and Advanced Automotive Systems
The latest market analysis on the global power electronics industry projects a significant increase in market value from USD 46.2 billion in 2023 to a promising USD 61 billion by 2028, registering a robust Compound Annual Growth Rate (CAGR) of 5.7%. This growth trajectory highlights the pivotal role that power electronics play in modern industrial applications and consumer technology advancements.
In-depth Industry Insights: Power Modules to Spearhead Market Growth
- The surge in demand for power modules across various industry verticals emerges as a central growth driver within the power electronics market. High power efficiency requirements, particularly in electric vehicles (EVs) and renewable energy systems, elevate the need for power modules renowned for their enhanced power density and reliability.
- Segments focusing on power modules, including motor drives and power supplies, are anticipated to exhibit the highest CAGR during the forecast period.
Emerging Technologies: SiC and GaN Semiconductors Revolutionize the Market
- The markets for Silicon Carbide (SiC) and Gallium Nitride (GaN) power electronics are expected to post higher growth rates due to their increasing adoption in the automotive industry. These advanced materials are gaining a strong foothold, particularly in EV manufacturing, due to their ability to improve inverter efficiency and operational temperature ranges.
- SiC's superior properties, such as higher efficiency and voltage capabilities, also make it a preferred choice in solar power inverters, charging infrastructure, and photovoltaic applications.
- The rise of 5G deployment is anticipated to further bolster the growth of the SiC market segment.
The Asia-Pacific region stands out for its expansive growth in the power electronics market, with predictions suggesting it will achieve the highest CAGR amongst other regions. China's dominance in electronics manufacturing significantly contributes to the regional market expansion, having a profound impact on the global power electronics landscape.
Competitive Landscape and Strategic Insights
The competitive analysis comprises detailed profiles of foremost companies shaping the global power electronics market such as those hailing from Germany, the US, Switzerland, and Japan. These market leaders are engaged in strategic developments including partnerships, new product launches, and enhancements to their power electronics offerings. Exclusive Market Sector Analysis
The comprehensive research publication provides a thorough analysis of the power electronics market, segmented by device type, material, voltage, and verticals across key geographic regions. Core drivers, restraints, and opportunities are thoroughly examined, delivering a strategic overview of the industry's path forward. The report’s extensive market coverage aims to equip stakeholders with critical insights into the power electronics ecosystem, including supply chain evaluations and a nuanced understanding of diverse market forces.
Investors, manufacturers, and entities operating within the power electronics space will find this study invaluable for decision-making and strategic planning to navigate the evolving landscape and capitalize on emerging opportunities in the energy-efficient electronics domain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 278 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $46.2 Billion |
| Forecasted Market Value (USD) by 2028 | $61 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Companies Mentioned
- ABB
- Analog Devices, Inc.
- Efficient Power Conversion Corporation
- Euclid Techlabs.
- Fuji Electric Co. Ltd.
- Infineon Technologies AG
- Littelfuse, Inc.
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- Navitas Semiconductor
- Nxp Semiconductors
- Qorvo, Inc
- Renesas Electronics Corporation.
- Rohm Co. Ltd.
- Semiconductor Components Industries, LLC (On Semiconductor)
- Semikron
- Stmicroelectronics
- Texas Instruments Incorporated
- Toshiba Corporation
- Transphorm Inc.
- Vishay Intertechnology, Inc.
- Wolfspeed, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/jjceto
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