Power Electronics Market to Hit US$ 50.4 Billion by 2032: IMARC Group

IMARC Group's report titled "𝐏𝐨𝐰𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐛𝐲 𝐃𝐞𝐯𝐢𝐜𝐞 (𝐏𝐨𝐰𝐞𝐫 𝐃𝐢𝐬𝐜𝐫𝐞𝐭𝐞, 𝐏𝐨𝐰𝐞𝐫 𝐌𝐨𝐝𝐮𝐥𝐞𝐬, 𝐏𝐨𝐰𝐞𝐫 𝐈𝐂𝐬), 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥 (𝐒𝐢𝐥𝐢𝐜𝐨𝐧, 𝐒𝐚𝐩𝐩𝐡𝐢𝐫𝐞, 𝐒𝐢𝐥𝐢𝐜𝐨𝐧 𝐂𝐚𝐫𝐛𝐢𝐝𝐞, 𝐆𝐚𝐥𝐥𝐢𝐮𝐦 𝐍𝐢𝐭𝐫𝐢𝐝𝐞, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 (𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭, 𝐔𝐏𝐒, 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐕𝐨𝐥𝐭𝐚𝐠𝐞 (𝐋𝐨𝐰 𝐕𝐨𝐥𝐭𝐚𝐠𝐞, 𝐌𝐞𝐝𝐢𝐮𝐦 𝐕𝐨𝐥𝐭𝐚𝐠𝐞, 𝐇𝐢𝐠𝐡 𝐕𝐨𝐥𝐭𝐚𝐠𝐞), 𝐄𝐧𝐝 𝐔𝐬𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 (𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞, 𝐌𝐢𝐥𝐢𝐭𝐚𝐫𝐲 𝐚𝐧𝐝 𝐀𝐞𝐫𝐨𝐬𝐩𝐚𝐜𝐞, 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫, 𝐈𝐓 𝐚𝐧𝐝 𝐓𝐞𝐥𝐞𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐". The global power electronics market size reached US$ 31.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 50.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.

𝐅𝐨𝐫 𝐚𝐧 𝐢𝐧-𝐝𝐞𝐩𝐭𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐫𝐞𝐟𝐞𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/power-electronics-market/requestsample

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐀𝐟𝐟𝐞𝐜𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝐑𝐢𝐬𝐢𝐧𝐠 𝐄𝐧𝐞𝐫𝐠𝐲 𝐃𝐞𝐦𝐚𝐧𝐝:

The increasing global energy consumption is driven by industrialization and urbanization trends. In addition, the growing economies and populations are shifting toward urban areas, which is escalating the demand for electrical energy and the development of more efficient power electronics to manage and distribute electricity effectively, thus contributing to market growth.  Also, Industrialization, with its expanding manufacturing and production activities, relies on consistent and reliable power sources, thus augmenting the market growth. Moreover, rapid urbanization requires electricity for lighting, heating, cooling, and various electronic devices represents another major growth-inducing factor. Power electronics is essential in optimizing energy distribution and ensuring its availability.

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧:

The adoption of renewable energy sources, such as solar and wind power, has witnessed remarkable growth in recent years due to environmental concerns and a shift toward sustainable energy practices. In addition, advanced power electronics solutions are essential to effectively harness the potential of renewable energy, thus influencing the market growth. Along with this, solar panels and wind turbines generate direct current (DC) electricity, which must be converted into alternating current (AC) for use in homes and industries. Advanced inverters and converters allow efficient DC-AC conversion, minimizing energy losses in the process. Moreover, renewable energy sources are often decentralized, and located in various geographical areas offering efficient grid integration to ensure a stable and reliable energy supply. Power electronics facilitate the seamless integration of renewable energy into existing grids, allowing for smooth energy flow and reducing grid instability issues, representing another major growth-inducing factor.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬:

The power electronics benefits significantly from continuous technological advancements in semiconductor technology and materials. These innovations led to the development of more advanced and efficient power electronic components and systems. Moreover, semiconductor devices such as silicon carbide (SiC) and gallium nitride (GaN) are gaining traction in recent years due to their superior electrical properties. They offer higher efficiency, faster switching speeds, and increased temperature tolerance compared to traditional silicon-based components which translates into more efficient power converters and inverters, reducing energy losses in the conversion process. Furthermore, research into new materials and manufacturing techniques continues to drive progress in power electronics which allows the development of innovative solutions that cater to the evolving needs of various industries, from automotive to renewable energy.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

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

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐭𝐚𝐛𝐥𝐞 𝐨𝐟 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬: https://www.imarcgroup.com/power-electronics-market

𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

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

Power modules are the largest segment due to their versatility and efficiency in various applications that offer compact and integrated solutions, to improve energy management and conversion.

𝐁𝐲 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥:

Silicon
Sapphire
Silicon Carbide
Gallium Nitride
Others

Silicon carbide (SiC) dominates the market in terms of material, primarily because of its superior electrical properties, including high thermal conductivity and low switching losses. These qualities make SiC an ideal choice for power electronics applications where efficiency and reliability are paramount.

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧:

Power Management
UPS
Renewable
Others

Renewable energy accounted for the largest segment due to the shift toward sustainable energy sources, to efficiently harness and integrate renewable energy.

𝐁𝐲 𝐕𝐨𝐥𝐭𝐚𝐠𝐞:

Low Voltage
Medium Voltage
High Voltage

Medium voltage is the largest market segment driven by the demand for reliable power distribution systems in industries and commercial settings to maintain stable power supply networks.

𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞:

Automotive
Military and Aerospace
Energy and Power
IT and Telecommunication
Consumer Electronics
Others

The automotive sector has accounted for the largest market share in the power electronics industry, owing to the increasing electrification of vehicles that rely on power electronics for motor control and energy conversion.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

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

Asia Pacific region is dominating the power electronics market due to its rapid industrialization, urbanization, and strong emphasis on renewable energy adoption.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

The market presents significant opportunities for growth and innovation. As industries worldwide prioritize energy efficiency, the demand for advanced power electronics solutions is influencing the market growth. Also, several opportunities in the renewable energy sector and the integration of solar and wind power require efficient converters and inverters, thus augmenting the market growth. The electrification of transportation, particularly the growing electric vehicle (EV) market, offers substantial prospects for power electronics manufacturers, as EVs rely heavily on power electronics for propulsion and charging systems. Additionally, the ongoing development of smart grids and the need for reliable power distribution systems create avenues for innovation and market expansion. Furthermore, as industries seek ways to reduce energy consumption and improve power quality, power electronics companies are exploring new applications and technologies to address these evolving needs.

𝐍𝐨𝐭𝐞: 𝐈𝐟 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐰𝐢𝐭𝐡𝐢𝐧 𝐭𝐡𝐞 𝐬𝐜𝐨𝐩𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭, 𝐰𝐞 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐢𝐭 𝐭𝐨 𝐲𝐨𝐮 𝐚𝐬 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

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.

IMARCs 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 companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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