Power Electronics Market to Hit USD 54.69 Billion by 2030 Driven by Rise in Renewable Energy Adoption and Electric Vehicle (EV) Revolution | By SNS Insider

Based on SNS Insider’s research, the power electronics market's growth is propelled by a combination of factors, including the transition to clean energy, the proliferation of electric vehicles, industrial automation, and the continuous demand for more efficient electronic devices.

Pune, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report predicts that “The Power Electronics Market, which was worth USD 39.66 billion in 2022, will reach a valuation of USD 54.69 billion by 2030, with a projected compound annual growth rate (CAGR) of 4.1% during the forecast period from 2023 to 2030.

Market Overview

Power electronics is a specialized branch of electrical engineering that focuses on the conversion and control of electrical power. It deals with the design, analysis, and application of electronic circuits and devices for the efficient conversion, conditioning, and control of electrical energy. Power electronics plays a crucial role in modern technology, influencing a wide range of applications, from renewable energy systems to consumer electronics. Power electronic devices are crucial for regulating voltage levels in electrical systems. They are used in voltage stabilizers and uninterruptible power supplies (UPS) to ensure a consistent and stable power supply to sensitive equipment.

Download Free Sample PDF Brochure: https://www.snsinsider.com/sample-request/1246 

Market Analysis

The power electronics market has been experiencing significant growth in recent years, driven by several key factors. The global shift towards clean and sustainable energy sources has been a major driver for the market. Power converters and inverters are essential components in renewable energy systems such as solar panels and wind turbines, enabling the conversion of DC power generated into usable AC power. The increasing demand for electric vehicles is boosting the market. Power electronic components are vital for EVs, including battery chargers, motor drives, and inverters. As governments worldwide push for electric mobility to reduce emissions, this segment is expected to grow exponentially. The proliferation of electronic devices and gadgets continues to drive demand for power electronics, particularly for efficient and compact power supplies and voltage regulators used in smartphones, laptops, and home appliances.

Power Electronics Market Overview & Scope:

Report AttributesDetails
Market Size in 2022USD 54.69 billion
Market Size by 2030USD 39.66 billion
CAGRCAGR of 4.1% From 2023-2030
Key SegmentsBy Type (Gallium Nitride, Silicon Carbide, Silicon, Others)

By Component (Thyristor, GTO, SCR, Static Switches, MCT, AC/DC Converter, MOSFET, Others)

By Wafer Size (450mm, 200mm, 300mm, 150mm)

By Application (Defense And Aerospace, Utilities And Energy, Transportation, Consumer Electronics, Telecommunications And IT, Automotive, Industrial, Others)

By Device (Discrete, IC, Module)
Key Market PlayersDenso Corp, Hitachi, Bosch, Nidec, Mitsubishi, ZF Friedrichshafen, Magna, Mahle, Brose, Vitescho, Renesas and other players
20% free customization scope (equivalent to 50 analyst working hours)If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization.
Pricing & Purchase OptionsAvail customized purchase options to meet your exact research needs. Explore purchase options.

Key Takeaway from Power Electronics Market Study

  • In the ever-evolving landscape of power electronics, one segment that has emerged as a frontrunner is Gallium Nitride (GaN). Gallium Nitride is a wide-bandgap semiconductor material that is revolutionizing the power electronics industry. Its unique properties, such as high electron mobility and excellent thermal conductivity, make it a standout choice for various applications, particularly in high-frequency and high-power devices.
  • In the dynamic realm of consumer electronics, the power electronics segment stands out as a dominant force, driving innovation and shaping the way we interact with technology. Consumer electronics encompass a wide range of products, from smartphones and laptops to gaming consoles and wearables, all of which rely heavily on efficient power management.

Recent Developments

  • Mitsubishi Electric, a global leader in electrical and electronic equipment, has taken a significant stride towards advancing the production of SiC (Silicon Carbide) power electronics through a strategic collaboration with Coherent, a prominent player in laser technology and photonics. This collaboration marks a pivotal moment in the semiconductor industry, as it brings together the expertise of two industry giants with the shared goal of scaling up the manufacturing of SiC power electronics.
  • The announcement of the U.S. Silicon Power Group's substantial investment of $121.73 million in India marks a significant milestone in the country's tech and manufacturing landscape. This investment not only reflects India's growing importance as a global technology hub but also underscores the deepening economic ties between the United States and India.

Inquiry Before Buying: https://www.snsinsider.com/enquiry/1246 

Market Dynamics Analysis

The power electronics market is currently experiencing a dynamic landscape shaped by a myriad of drivers, restraints, challenges, and potential threats. One of the primary drivers propelling this industry forward is the growing demand for energy-efficient solutions in various sectors, including automotive, industrial, and consumer electronics, as governments worldwide implement stringent energy efficiency regulations. Additionally, the rapid expansion of renewable energy sources such as solar and wind power necessitates advanced power electronics to efficiently integrate these sources into the grid. However, despite these opportunities, the market faces restraints in the form of supply chain disruptions and semiconductor shortages, which have caused production delays and increased component costs. Furthermore, the complexity of designing and manufacturing power electronic devices poses significant technical challenges. Threats to the market include intellectual property disputes and cybersecurity concerns as the digitization of power electronics systems increases their vulnerability to cyberattacks. To succeed in this dynamic market, industry players must navigate these dynamics effectively, investing in innovation, and resilient supply chains while addressing potential threats to ensure sustainable growth and competitiveness.

Key Regional Developments

In North America, there is a growing focus on electric vehicles (EVs) and renewable energy sources, driving the demand for power electronics components like inverters and converters. The United States, in particular, is investing heavily in research and development of advanced power electronics for grid modernization and electrification of transportation. Europe is a leader in power electronics market, with countries like Germany and Denmark pushing for increased integration of wind and solar power. Asia-Pacific is a manufacturing hub for power electronics components and systems, with countries like China, Japan, and South Korea dominating production.

Impact of Recession

The impact of an ongoing recession on the power electronics market is a mixed bag. While certain segments may experience a temporary decline in demand and supply chain challenges, others may benefit from changing priorities, government initiatives, and opportunities for innovation. Adaptability and strategic planning will be essential for companies operating in this industry to navigate the challenges and seize the opportunities that arise during economic downturns.

Buy This Exclusive Report: https://www.snsinsider.com/checkout/1246 

Table of Contents 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Global Power Electronics Market Segmentation, by Wafer type

8.1 Gallium Nitride

8.2 Silicon Carbide

8.3 Silicon

8.4 Others

9. Global Power Electronics Market Segmentation, by Component

9.1 Introduction

9.2 Thyristor

9.3 Gate Turn-Off Transistor (GTO)

9.4 Silicon Controlled rectifier (SCR)

9.5 Static Switches

9.6 MCT (MOS-Controlled Thyristor)

9.7 AC/DC Converter


9.9 Others

10. Global Power Electronics Market Segmentation, Wafer size

10.1 Introduction

10.2 450mm

103 200mm

10.4 300mm

10.5 150mm

11. Global Power Electronics Market Segmentation, By application

11.1 Introduction

11.2 Defense and Aerospace

11.3 Utilities and Energy

11.4 Transportation

11.5 Consumer Electronics

11.6 Telecommunications and IT

11.7 Automotive

11.8 Industrial

11.9 Others

12. Global Power Electronics Market Segmentation, By Device

12.1 Introduction

12.2 Discrete

12.3 IC

12.4 Module

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2    Canada

13.2.3    Mexico

13.3        Europe

13.3.1    Germany

13.3.2    UK

13.3.3    France

13.3.4    Italy

13.3.5    Spain

13.3.6    The Netherlands

13.3.7    Rest of Europe

13.4        Asia-Pacific

13.4.1    Japan

13.4.2    South Korea

13.4.3    China

13.4.4    India

13.4.5    Australia

13.4.6    Rest of Asia-Pacific

13.5        The Middle East & Africa

13.5.1    Israel

13.5.2    UAE

13.5.3    South Africa

13.5.4    Rest

13.6        Latin America

13.6.1    Brazil

13.6.2    Argentina

13.6.3    Rest of Latin America

14. Company Profiles

14.1 NXP Semiconductors

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 Alpha & Omega Semiconductor

14.3 Analog Devices Inc

14.4 Infineon Technologies AG

14.5 Renesas Electronics Corporation

14.6 Infineon Technologies

14.8 STMicroelectronics

14.9 Vishay Intertechnology

14.10 Texas Instruments

14.11 AMS AG

14.12 Diodes Incorporated

14.13 Toshiba Electronic Devices & Storage Corporation

14.14 ON Semiconductor

14.15 Mitsubishi Electric

14.16 Fuji Electric

14.17 ABB

14.18 Other

15. Competitive Landscape

15.1 Competitive Benchmark

15.2 Market Share Analysis

15.3 Recent Developments

16. Conclusion

Browse Adjacent Markets: Semiconductor Industry Research or Information & Communication Technology Industry Research Reports & Consulting

About SNS Insider

At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That's why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.


Contact Data