Pune, India, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global power electronics market size was valued at USD 52.70 billion in 2022 and is projected to grow from USD 61.94 billion in 2023 to USD 153.30 billion by 2030, recording a CAGR of 13.8% during the forecast timeframe of 2023-2030.
One of the primary drivers of the power electronics market is the increasing need for energy-efficient solutions. Power electronics devices, such as inverters and converters, are used in electric vehicles, renewable energy systems (like solar and wind power), and HVAC systems to optimize energy usage and reduce environmental impact.
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List of Key Players Profiled in the Power Electronics Market Report:
- Texas Instruments (U.S.)
- Infineon Technologies (Germany)
- On Semiconductor (U.S.)
- Analog Devices Inc. (U.S.)
- TDK (Japan)
- Qualcomm (U.S.)
- STMicroelectronics (Switzerland)
- Murata Manufacturing (Japan)
- Vishay Inter technology (U.S.)
- ROHM (Japan)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 13.8% |
| 2030 Value Projection | USD 153.30 Billion |
| Market Size in 2023 | USD 61.94 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Power Electronics Market Growth Drivers | Rising Advancements and Applications of 5G Communication to Boost Opportunities for the Market |
| Rising Focus on EV and Fast Charging Stations to Propel the Market Growth |
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Here are some key aspects and trends in the power electronics market:
Renewable Energy Integration: The transition to clean and sustainable energy sources has led to a surge in demand for power electronics components and systems. Inverters and converters are essential for converting DC power from sources like solar panels and wind turbines into AC power for grid integration.
Electric Vehicles (EVs): The electric vehicle market has witnessed significant growth, and power electronics play a crucial role in EV powertrains. Power electronics are used in motor control, battery management, and fast charging solutions.
Consumer Electronics: Power electronics are ubiquitous in consumer electronics, such as smartphones, laptops, and televisions. Advancements in power management technologies have led to increased efficiency and longer battery life in these devices.
Industrial Applications: In industrial settings, power electronics are used for motor drives, robotics, and automation systems. These applications require precise control of electrical power to optimize performance and energy consumption.
Medical Devices: Medical equipment often relies on power electronics for accurate control of electrical signals and power supplies in diagnostic and treatment devices.
Data Centers: Data centers require efficient power conversion and distribution systems to support high-performance computing. Power electronics solutions help ensure reliable and energy-efficient operations in data center infrastructure.
Segments
High Demand for Portable Devices to Boost Usage of DC-to-DC Converters
Based on conversion, the market is divided into AC to AC, DC to DC, DC to AC, and AC to DC. The DC-to-DC segment is expected to hold a dominant position in the market due to the ever-expanding telecommunication sector.
Isolated Converters to Find Robust Use in Several Power Electronics Applications
By isolation, the market is bifurcated into isolated and non-isolated. The isolated segment held a dominant market share in 2022 as power electronic devices are being increasingly used in various applications such as factory automation, healthcare, building automation, aerospace, and automotive.
Power Control Operations Gain Traction for their Use in Aerospace, Automotive, and Energy Sectors
Based on operation, the market is segmented into power generation, power transmission, power distribution, and power control. The power control segment is projected to hold a dominant market share during the forecast period as it is being extensively used in several industry verticals such as aerospace, energy, and defense.
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Report Coverage:
The research report conducts an in-depth analysis of the market and highlights several key aspects such as material types, leading organizations, distribution channels, and end-uses of the product. The report also offers actionable insights into the major trends and competitive landscape of the market and underlines many major industry developments.
Drivers and Restraints:
High Focus on Fast Charging Stations and EVs to Accelerate the Market Growth
Power electronics are finding widespread usage in EVs as these vehicles need high power electric energy to rotate electric motors. Power components, such as MOSFETS and IGBT, are used as power electronic switches in power train systems. These components can help reduce the overall size of these powertrains. Such advantages are predicted to positively impact the market outlook during the forecast period.
Expensive and Tedious Integration Process to Dampen the Power Electronics Industry Progress
Many leading organizations in the market are focusing on improving their integrated circuits in a single chip, which can result in the creation of complex designs. Furthermore, the process of integrating such technologies can become quite arduous and requires high investments. Integration of all the systems on a single chip increases complexity. The system also raises the need for decreasing the overall energy consumption, making it unsuitable for power-intensive applications. Such factors are expected to restrain the power electronics market growth during the analysis period.
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Regional Insights:
North America to Boost its R&D Investment in Semiconductor Manufacturing
North America dominated the global power electronics market share and was valued at USD 11.43 billion in 2022 as the region started noticing strong growth in R&D spending to produce high-tech semiconductors. As per the Semiconductor Industry Association (SIA) report, in 2022, the American semiconductor sector was focused on increasing its investments to meet the long-term demand for chips. The total expenditure was estimated to be around USD 166 billion during the year.
Europe holds the second-largest market share as key players across the region are boosting their investments to improve technologies used to make power electronic devices.
Competitive Landscape:
Key Organizations to Deploy Innovative Technologies to Improve Processing Capacity
Leading organizations, such as Infineon Technologies, Texas Instruments, ROHM, and STMicroelectronics, are some of the top players in the global market. These companies are making advanced integrated circuits and using wide bandgap semiconductor materials, such as GaN and Sic, to enhance the efficacy and performance of power electronic devices. For example, in February 2022, Kubos Semiconductors Ltd. introduced the first commercial compact LED based on the cubic crystal phase of GaN.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 Pandemic on Global Power Electronics Market
- Global Power Electronics Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Segmental Definitions
- Market Analysis, Insights and Forecast – By Conversion
- AC to AC
- DC to DC
- DC to AC
- AC to DC
- Market Analysis, Insights and Forecast – By Isolation
- Isolated Conversion
- Non-Isolated Conversion
- Market Analysis, Insights and Forecast – By Operation
- Power Generation
- Power Transmission
- Power Distribution
- Others
- Market Analysis, Insights and Forecast – By End-User
- Automotive
- Consumer Electronics
- Aerospace and Defense
- Energy
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
TOC Continued...!
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Key Industry Development:
June 2021 – GE Electric announced plans to increase its solar and storage power electronics capacity by three times in 2022 to 9 GW every year. This capacity expansion was due to a strong rise in demand and increased backlog.
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