The power electronics market was valued at $41.8 billion in 2023 and is estimated to reach $71.7 billion by 2033, exhibiting a CAGR of 5.8% from 2024 to 2033.
Power electronics deals with the conversion and control of electric power using electric converters based on the switch of semiconductors. The power converter has four major categories such as DC/DC converters, AC/DC converters, DC/AC converters, and AC/AC converters. Each converter is composed of fundamental electronic components, including resistors, capacitors, and inductors, as well as semiconductor devices such as diodes, thyristors, and transistors. Power electronics are crucial in electrified vehicle applications, offering compact and efficient solutions for power conversion. These devices manage the transfer of power from a source to a load in a robust, efficient, and compact manner, facilitating optimal utilization. By employing components such as diodes, transistors, and thyristors, power electronics control the conversion of electric power between different forms. They excel in high-voltage and highcurrent operations due to their rapid switching capabilities and high efficiency. Additionally, power electronics can manage both unidirectional and bidirectional energy flows, allowing regenerated energy to be returned to the grid. These devices are anticipated to be key technologies for enhancing system efficiency and performance in automotive and energy-saving applications. Power modules, or power electronic modules, integrate multiple power components, such as power semiconductors, into a single package, offering higher power density and reliability compared to discrete components.
Power metal oxide semiconductor field effect transistors (MOSFETs) play a critical role as electronic switches, controlling loads with very low resistance and high-frequency switching. These attributes are leveraged in high-efficiency power supplies, electric and hybrid vehicles, photovoltaic inverters, RF switching, and IT equipment power supplies. Advancements in automotive electronics are a key driver for the power electronics market. Modern vehicles increasingly depend on sophisticated electronic systems for enhanced performance, safety, and efficiency, creating a rising demand for advanced power electronics components. Innovations such as electric powertrains, advanced driver-assistance systems (ADAS), and state-of-the-art infotainment require high-performance power converters, inverters, and battery management systems. These technological improvements not only boost vehicle functionality but also escalate the need for reliable and efficient power electronics solutions. As automotive technology evolves, the need for cutting-edge power electronics components accelerates, thus driving market growth and fostering technological advancements in the sector. Moreover, surge in demand for SiC-based photovoltaic cells in the developing countries, including China, Brazil, and India fuels the growth of the global market.
However, one of the major restraints is the complex integration process for advanced electronics devices. Designing complex devices requires robust methodology, skillsets, and different toolsets for integration, which also raises the cost of the devices. This high cost of devices restrains users from switching to new innovative technologies devices. On the contrary, rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal-oxide- semiconductor field effect transistor (MOSFET) is anticipated to provide lucrative opportunities for the expansion of the power electronics market during the forecast period.
The power electronics market is segmented into device type, material, application, end use, and region. On the basis of device type, the market is classified into power discrete, power module, and power IC. By material, it is categorized into silicon carbide, gallium nitride, sapphire, and others. By application, it includes power management, uninterruptible power supply (UPS), renewable, and others. By end use, the market is fragmented into telecommunication, industrial, automotive, renewable, consumer & enterprise, military & defense, energy & power, and others. Region wise, the market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of AsiaPacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the report include Infineon Technologies AG, Mitsubishi Electric Corporation, ABB, Ltd, FUJI ELECTRIC CO, LTD., Microsemi Corporation, Rockwell Automation, Inc., Renesas Electronics Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., and Toshiba Corporation. Market players have adopted various strategies such as product launch, expansion, collaboration, partnership, innovation, investment, new product development, and acquisition to strengthen their foothold in the power electronics industry.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power electronics market analysis from 2023 to 2033 to identify the prevailing power electronics market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the power electronics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global power electronics market trends, key players, market segments, application areas, and market growth strategies.
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Market share analysis of players by products/segments
Regulatory Guidelines
SWOT Analysis
Key Market Segments
By Device Type
Power Discrete
Power Module
Power IC
By Material
Silicon Carbide
Gallium Nitride
Sapphire
Others
By Application
Power Management
Uninterruptible Power Supply
Renewable
Others
By End Use
Telecommunication
Industrial
Automotive
Consumer Electronics
Military and Defense
Energy and Power
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players:
ABB, Ltd
FUJI ELECTRIC CO, LTD.
Infineon Technologies AG
Microsemi Corporation
Mitsubishi Electric Corporation
Renesas Electronics Corporation
Rockwell Automation, Inc.
STMicroelectronics N.V.
Texas Instruments Incorporated
Toshiba Corporation
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.3.1. Moderate bargaining power of suppliers
3.3.2. Moderate threat of new entrants
3.3.3. Low to moderate threat of substitutes
3.3.4. Low to high intensity of rivalry
3.3.5. Low to high bargaining power of buyers
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Increase in Demand for Power Electronics Component across Various Industry Verticals
3.4.1.2. Growing Investments in Smart Grid Infrastructure
3.4.1.3. Rise in Integration of Power Electronics Components in Electric Vehicles
3.4.2. Restraints
3.4.2.1. Complexity in Integration and System Design
3.4.3. Opportunities
3.4.3.1. Rising Use of Renewable Energy Sources
3.4.3.2. Innovation in Power Metal-Oxide-Semiconductor Field-Effect Transistor (MOSFET)
CHAPTER 4: POWER ELECTRONICS MARKET, BY DEVICE TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Power Discrete
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Power Module
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
4.4. Power IC
4.4.1. Key market trends, growth factors and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market share analysis by country
CHAPTER 5: POWER ELECTRONICS MARKET, BY MATERIAL
5.1. Overview
5.1.1. Market size and forecast
5.2. Silicon Carbide
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Gallium Nitride
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
5.4. Sapphire
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis by country
5.5. Others
5.5.1. Key market trends, growth factors and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market share analysis by country
CHAPTER 6: POWER ELECTRONICS MARKET, BY APPLICATION
6.1. Overview
6.1.1. Market size and forecast
6.2. Power Management
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market share analysis by country
6.3. Uninterruptible Power Supply
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market share analysis by country
6.4. Renewable
6.4.1. Key market trends, growth factors and opportunities
6.4.2. Market size and forecast, by region
6.4.3. Market share analysis by country
6.5. Others
6.5.1. Key market trends, growth factors and opportunities
6.5.2. Market size and forecast, by region
6.5.3. Market share analysis by country
CHAPTER 7: POWER ELECTRONICS MARKET, BY END USE
7.1. Overview
7.1.1. Market size and forecast
7.2. Telecommunication
7.2.1. Key market trends, growth factors and opportunities
7.2.2. Market size and forecast, by region
7.2.3. Market share analysis by country
7.3. Industrial
7.3.1. Key market trends, growth factors and opportunities
7.3.2. Market size and forecast, by region
7.3.3. Market share analysis by country
7.4. Automotive
7.4.1. Key market trends, growth factors and opportunities
7.4.2. Market size and forecast, by region
7.4.3. Market share analysis by country
7.5. Consumer Electronics
7.5.1. Key market trends, growth factors and opportunities
7.5.2. Market size and forecast, by region
7.5.3. Market share analysis by country
7.6. Military and Defense
7.6.1. Key market trends, growth factors and opportunities
7.6.2. Market size and forecast, by region
7.6.3. Market share analysis by country
7.7. Energy and Power
7.7.1. Key market trends, growth factors and opportunities
7.7.2. Market size and forecast, by region
7.7.3. Market share analysis by country
7.8. Others
7.8.1. Key market trends, growth factors and opportunities
7.8.2. Market size and forecast, by region
7.8.3. Market share analysis by country
CHAPTER 8: POWER ELECTRONICS MARKET, BY REGION
8.1. Overview
8.1.1. Market size and forecast By Region
8.2. North America
8.2.1. Key market trends, growth factors and opportunities
8.2.2. Market size and forecast, by Device Type
8.2.3. Market size and forecast, by Material
8.2.4. Market size and forecast, by Application
8.2.5. Market size and forecast, by End Use
8.2.6. Market size and forecast, by country
8.2.6.1. U.S.
8.2.6.1.1. Market size and forecast, by Device Type
8.2.6.1.2. Market size and forecast, by Material
8.2.6.1.3. Market size and forecast, by Application
8.2.6.1.4. Market size and forecast, by End Use
8.2.6.2. Canada
8.2.6.2.1. Market size and forecast, by Device Type
8.2.6.2.2. Market size and forecast, by Material
8.2.6.2.3. Market size and forecast, by Application
8.2.6.2.4. Market size and forecast, by End Use
8.2.6.3. Mexico
8.2.6.3.1. Market size and forecast, by Device Type
8.2.6.3.2. Market size and forecast, by Material
8.2.6.3.3. Market size and forecast, by Application
8.2.6.3.4. Market size and forecast, by End Use
8.3. Europe
8.3.1. Key market trends, growth factors and opportunities
8.3.2. Market size and forecast, by Device Type
8.3.3. Market size and forecast, by Material
8.3.4. Market size and forecast, by Application
8.3.5. Market size and forecast, by End Use
8.3.6. Market size and forecast, by country
8.3.6.1. Germany
8.3.6.1.1. Market size and forecast, by Device Type
8.3.6.1.2. Market size and forecast, by Material
8.3.6.1.3. Market size and forecast, by Application
8.3.6.1.4. Market size and forecast, by End Use
8.3.6.2. France
8.3.6.2.1. Market size and forecast, by Device Type
8.3.6.2.2. Market size and forecast, by Material
8.3.6.2.3. Market size and forecast, by Application
8.3.6.2.4. Market size and forecast, by End Use
8.3.6.3. UK
8.3.6.3.1. Market size and forecast, by Device Type
8.3.6.3.2. Market size and forecast, by Material
8.3.6.3.3. Market size and forecast, by Application
8.3.6.3.4. Market size and forecast, by End Use
8.3.6.4. Italy
8.3.6.4.1. Market size and forecast, by Device Type
8.3.6.4.2. Market size and forecast, by Material
8.3.6.4.3. Market size and forecast, by Application
8.3.6.4.4. Market size and forecast, by End Use
8.3.6.5. Rest of Europe
8.3.6.5.1. Market size and forecast, by Device Type
8.3.6.5.2. Market size and forecast, by Material
8.3.6.5.3. Market size and forecast, by Application
8.3.6.5.4. Market size and forecast, by End Use
8.4. Asia-Pacific
8.4.1. Key market trends, growth factors and opportunities
8.4.2. Market size and forecast, by Device Type
8.4.3. Market size and forecast, by Material
8.4.4. Market size and forecast, by Application
8.4.5. Market size and forecast, by End Use
8.4.6. Market size and forecast, by country
8.4.6.1. China
8.4.6.1.1. Market size and forecast, by Device Type
8.4.6.1.2. Market size and forecast, by Material
8.4.6.1.3. Market size and forecast, by Application
8.4.6.1.4. Market size and forecast, by End Use
8.4.6.2. India
8.4.6.2.1. Market size and forecast, by Device Type
8.4.6.2.2. Market size and forecast, by Material
8.4.6.2.3. Market size and forecast, by Application
8.4.6.2.4. Market size and forecast, by End Use
8.4.6.3. Japan
8.4.6.3.1. Market size and forecast, by Device Type
8.4.6.3.2. Market size and forecast, by Material
8.4.6.3.3. Market size and forecast, by Application
8.4.6.3.4. Market size and forecast, by End Use
8.4.6.4. South Korea
8.4.6.4.1. Market size and forecast, by Device Type
8.4.6.4.2. Market size and forecast, by Material
8.4.6.4.3. Market size and forecast, by Application
8.4.6.4.4. Market size and forecast, by End Use
8.4.6.5. Rest of Asia-Pacific
8.4.6.5.1. Market size and forecast, by Device Type
8.4.6.5.2. Market size and forecast, by Material
8.4.6.5.3. Market size and forecast, by Application
8.4.6.5.4. Market size and forecast, by End Use
8.5. LAMEA
8.5.1. Key market trends, growth factors and opportunities
8.5.2. Market size and forecast, by Device Type
8.5.3. Market size and forecast, by Material
8.5.4. Market size and forecast, by Application
8.5.5. Market size and forecast, by End Use
8.5.6. Market size and forecast, by country
8.5.6.1. Latin America
8.5.6.1.1. Market size and forecast, by Device Type
8.5.6.1.2. Market size and forecast, by Material
8.5.6.1.3. Market size and forecast, by Application
8.5.6.1.4. Market size and forecast, by End Use
8.5.6.2. Middle East
8.5.6.2.1. Market size and forecast, by Device Type
8.5.6.2.2. Market size and forecast, by Material
8.5.6.2.3. Market size and forecast, by Application
8.5.6.2.4. Market size and forecast, by End Use
8.5.6.3. Africa
8.5.6.3.1. Market size and forecast, by Device Type
8.5.6.3.2. Market size and forecast, by Material
8.5.6.3.3. Market size and forecast, by Application