Power Electronics Market Forecasts to 2028 - Global Analysis By Material (Silicon/Germanium, Gallium Nitride (GaN), Silicon Carbide (SiC) and Other Materials), Component (Discrete, Modules and Power IC), Voltage (High Voltage, Medium Voltage and Low Voltage)Application, End User and By Geography
Estimated Year Value (2022)
US $37.79 BN
Projected Year Value (2028)
US $63.39 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Power Electronics Market is accounted for $37.79 billion in 2022 and is expected to reach $63.39 billion by 2028 growing at a CAGR of 9.0% during the forecast period. Power electronics are a class of solid-state electronic equipment used to efficiently and legally control and modify electricity from the source to the load. It enables power management in a variety of applications, including client natural philosophy, electrical vehicles, automotive, and industrial systems, to strengthen energy conservation. The power electronics industry is the increasing use of power electronics in the production of electric vehicles as a result of rising need for power infrastructure, battery-powered portable devices with improved energy efficiency.
According to Stockholm International Peace Research Institute (SIPRI), the United States, China, India, the United Kingdom, and Russia are the top 5 countries that have to spend close to USD 100 billion and more for their military in 2021.
Rising 5G communication advancements
Due to its ultra-low latency, high reliability, deep coverage, extreme capacity, and ultra-low power consumption, 5G communication technology is becoming more and more popular in a variety of fields as power systems evolve quickly and smart grid construction expands. It has emerged as a crucial technology for fostering scientific and technological advancements and quickening the development of sustainable energy systems, the network's core system, micro base stations, and the industry will experience growth as a result of the expanding use of 5G technologies and communication networks.
Process of complex design and integration
The power electronics industry's companies are concentrating on combining various functionality onto a single chip, which leads to a complicated design and the designing and integration of complicated devices requires specialised knowledge, a solid methodology, and a specific toolkit, all of which raise the price of the devices as a whole. As a result, it is anticipated that the transfer to more modern technical equipment will be hindered by the high cost of the products.
Widespread use of renewable energy sources
Currently, a number of nations are switching from the use of fossil fuels like coal and gas to generate power to renewable energy sources. As a result, new installations of renewable energy sources have been growing steadily while non-renewable energy sources have been declining at the same time. Power electronics are crucial in the transition of electrical energy patterns to more energy-efficient renewable energy sources. As wind and solar energy systems are the most potential renewable energy sources for generating electricity, power electronics-based power converters are also frequently used in these renewable energy systems. These systems can incorporate several power sources creating wide range of opportunities for the growth of the market.
A constantly shifting need for small, highly effective, and affordable devices
Significant opportunities are created by the rising need for portable and compact gadgets, but producers must constantly adapt to consumers' shifting demands for smaller devices. Miniaturisation of systems and components is required to meet the need for small, portable, and multifunctional products while also reducing production costs. Manufacturers are actively investing in research and development (R&D) to create products and improve their product offerings in order to maintain market competitiveness. Due to the uncertainty surrounding the life cycle of created technologies or goods, the ongoing desire for smaller devices may therefore function as a barrier because it does not justify the return on investments.
Due to a severe lack of raw materials needed to produce semiconductors, the COVID-19 pandemic had a devastating effect on the global market. The regular operations of the chip manufacturing industry suffered as a result. The development of microwave devices was further impeded by a chip scarcity, which further slowed down the uptake of power electronics.
The gallium nitride (GaN) segment is expected to be the largest during the forecast period
The gallium nitride (GaN) segment is estimated to have a lucrative growth, due to the industrial, transportation, energy and power, and ICT verticals are the main consumers of GaN-based semiconductor devices. These materials are now being used by makers of power electronics devices to create a variety of power discrete devices, including MOSFETs, diodes, rectifiers, and other FETs. GaN-based semiconductor and electronic devices have recently begun to be developed by makers of semiconductor products, devices, and systems. GaN is seen as a substitute for the sapphire- and silicon-based materials SiC used in power electronics.
The low voltage segment is expected to have the highest CAGR during the forecast period
The low voltage segment is anticipated to witness the highest CAGR growth during the forecast period, due to they are being used in application areas like consumer electronics and automotive, are made possible by low power consumption, energy harvesting, and wireless connection. Since wireless gadgets often run on batteries, they must deal with more compact energy storage systems. Low voltage power electronics have also emerged as a result of improvements in energy harvesting methods in electronics and historically been utilised in the automotive industry to create standardised power, thermal, and control interfaces with the aid of converters.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the biggest producer of a range of consumer electronics, including smartphones, tablets, laptops, wearable technology, and other connecting gadgets. The nation is also rapidly embracing electric vehicles, and it is anticipated that it will continue to be the world's largest EV market for the duration of the prediction. As a result, numerous multinational automakers have established production and assembly facilities in China, which is anticipated to increase demand for power electronics among local suppliers.
Region with highest CAGR:
South America is projected to have the highest CAGR over the forecast period, owing to the expansion of the energy and automotive industries in Brazil and Argentina. The Brazilian government claims, the country's ability to produce renewable energy was 84%, above the global average of 38% thanks to significant investments in this area. Such advancements will aid in the expansion of the local market.
Key players in the market
Some of the key players profiled in the Power Electronics Market include Infineon Technologies, Vishay Intertechnology, Renesas Electronics, Toshiba, Maxim Integrated, ROHM, Hitachi, SEMIKRON, STMicroelectronics, ON Semiconductor, Mitsubishi Electric, ABB, NXP Semiconductors, Littelfuse, GaN Systems and Texas instruments Inc.
In May 2023, Infineon acquires Tiny Machine Learning leader Imagimob to strengthen its offering in embedded AI solutions, With this acquisition Infineon advances its position to offer a world-class Machine Learning (ML) solution and significantly complements its AI offerings.
In May 2023, Infineon announces supplier agreement on wafers and boules with Chinese silicon carbide supplier TanKeBlue to diversify its supply base even further the agreement between Infineon and TanKeBlue contributes to general supply chain stability, also with regard to the growing demand for SiC semiconductor products for automotive, solar and EV charging applications and energy storage systems in the Chinese market.
• Gallium Nitride (GaN)
• Silicon Carbide (SiC)
• Other Materials
• Power IC
• High Voltage
• Medium Voltage
• Low Voltage
• Power Management
• Other Applications
End Users Covered:
• Consumer Electronics
• Energy & Power
• Military & Aerospace
• IT & Telecommunication
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Power Electronics Market, By Material
5.3 Gallium Nitride (GaN)
5.4 Silicon Carbide (SiC)
5.5 Other Materials
6 Global Power Electronics Market, By Component
6.4 Power IC
7 Global Power Electronics Market, By Voltage
7.2 High Voltage
7.3 Medium Voltage
7.4 Low Voltage
8 Global Power Electronics Market, By Application
8.3 Power Management
8.5 Other Applications
9 Global Power Electronics Market, By End User
9.2 Consumer Electronics
9.4 Energy & Power
9.5 Military & Aerospace
9.7 IT & Telecommunication
9.8 Other End Users
10 Global Power Electronics Market, By Geography
10.2 North America
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.5 Other Key Strategies
12 Company Profiling
12.1 Infineon Technologies
12.2 Vishay Intertechnology
12.3 Renesas Electronics
12.5 Maxim Integrated
12.10 ON Semiconductor
12.11 Mitsubishi Electric
12.13 NXP Semiconductors
12.15 GaN Systems
12.16 Texas instruments Inc.
List of Tables
1 Global Power Electronics Market Outlook, By Region (2020-2028) ($MN)
2 Global Power Electronics Market Outlook, By Material (2020-2028) ($MN)
3 Global Power Electronics Market Outlook, By Silicon/Germanium (2020-2028) ($MN)
4 Global Power Electronics Market Outlook, By Gallium Nitride (GaN) (2020-2028) ($MN)
5 Global Power Electronics Market Outlook, By Silicon Carbide (SiC) (2020-2028) ($MN)
6 Global Power Electronics Market Outlook, By Other Materials (2020-2028) ($MN)
7 Global Power Electronics Market Outlook, By Component (2020-2028) ($MN)
8 Global Power Electronics Market Outlook, By Discrete (2020-2028) ($MN)
9 Global Power Electronics Market Outlook, By Modules (2020-2028) ($MN)
10 Global Power Electronics Market Outlook, By Power IC (2020-2028) ($MN)
11 Global Power Electronics Market Outlook, By Voltage (2020-2028) ($MN)
12 Global Power Electronics Market Outlook, By High Voltage (2020-2028) ($MN)
13 Global Power Electronics Market Outlook, By Medium Voltage (2020-2028) ($MN)
14 Global Power Electronics Market Outlook, By Low Voltage (2020-2028) ($MN)
15 Global Power Electronics Market Outlook, By Application (2020-2028) ($MN)
16 Global Power Electronics Market Outlook, By Renewable (2020-2028) ($MN)
17 Global Power Electronics Market Outlook, By Power Management (2020-2028) ($MN)
18 Global Power Electronics Market Outlook, By UPS (2020-2028) ($MN)
19 Global Power Electronics Market Outlook, By Other Applications (2020-2028) ($MN)
20 Global Power Electronics Market Outlook, By End User (2020-2028) ($MN)
21 Global Power Electronics Market Outlook, By Consumer Electronics (2020-2028) ($MN)
22 Global Power Electronics Market Outlook, By Industrial (2020-2028) ($MN)
23 Global Power Electronics Market Outlook, By Energy & Power (2020-2028) ($MN)
24 Global Power Electronics Market Outlook, By Military & Aerospace (2020-2028) ($MN)
25 Global Power Electronics Market Outlook, By Automotive (2020-2028) ($MN)
26 Global Power Electronics Market Outlook, By IT & Telecommunication (2020-2028) ($MN)
27 Global Power Electronics Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
Frequently Asked Questions
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: email@example.com or phone: +1-301-202-5929
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at firstname.lastname@example.org or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.