Press release
Power Electronics Market Size Worth US$ 42.0 Billion by 2028
Power Electronics Market
Report Highlights
How big is the power electronics market?
The global power electronics market size reached US$ 29.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.32% during 2023-2028.
What are power electronics?
Power electronics represent a branch of electrical engineering that involves the study, analysis, and designing of solid-state circuits. It relies on inductors, capacitors, and various other semiconductor switching devices, including metal-oxide-semiconductor field-effect transistors (MOSFET) and insulated-gate bipolar transistors (IGBT) for converting electricity and effectively regulating its flow. Power electronics assist in managing energy and promoting the conservation of power in consumer electronics, while offering reliability and ensuring minimal maintenance. Based on these properties, it is extensively employed in television (TV) sets, battery chargers, and personal computers (PCs).
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What are the growth prospects and trends in the power electronics industry?
The power electronics market is primarily being driven by the widespread product adoption across the automotive sector for manufacturing various components of modern vehicles, including windshield wiper control, adaptive front lighting, electric power steering, and ignition switch. This is further supported by the increasing demand for smart and luxurious automobiles that are integrated with advanced infotainment systems. In line with this, rising environmental concerns, along with the inflating prices of conventional energy solutions have prompted governments of various countries to undertake initiatives promoting the uptake of electric vehicles (EVs) and plug-in hybrid vehicles (HVs), which is acting as another major growth-inducing factor.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Device:
Power Discrete
Diode
Transistors
Thyristor
Power Modules
Intelligent Power Module
Power Integrated Module
Power ICs
Power Management Integrated Circuit
Application-Specific Integrated Circuit
Breakup by Material:
Silicon
Sapphire
Silicon Carbide
Gallium Nitride
Others
Breakup by Application:
Power Management
UPS
Renewable
Others
Breakup by Voltage:
Low Voltage
Medium Voltage
High Voltage
Breakup by End Use Industry:
Automotive
Military and Aerospace
Energy and Power
IT and Telecommunication
Consumer Electronics
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd.
Analog Devices Inc.
Fuji Electric Co. Ltd.
Infineon Technologies AG
Microchip Technology Inc.
Mitsubishi Electric Corporation
NXP Semiconductors N.V.
Renesas Electronics Corporation
ROHM Co. Ltd.
STMicroelectronics
Texas Instruments Incorporated
Toshiba Corporation
Vishay Intertechnology Inc
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Contact US
IMARC Group
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Email: sales@imarcgroup.com
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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