Press release
Power Electronics Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
The quick progression in the field of electric vehicles is a major catalyst for the expansion of the power electronics market. These electric vehicles, which are either partially or wholly driven by electric energy, utilize power electronics in several parts to manage the flow of electrical energy, and are instrumental in managing energy. For example, as per the data shared by the France-based intergovernmental agency, International Energy Agency (IEA), there are 26 million electric cars globally in 2022, which is a 60% increase compared to 2021. Hence, the swift progression of electric vehicles is anticipated to boost the expansion of the power electronics market in the future.
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How will the growth rate of the power electronics market shape industry trends by 2034?
In the past few years, there has been a consistent expansion in the power electronics market size. It is set to escalate from $48.26 billion in 2024 to $50.62 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.9%. Factors contributing to the growth during the historic period include the rise in the electronics and semiconductor sector, the widespread of renewable energy systems, the need for effective energy conversion, a surge in electric vehicle acceptance, and regulatory norms for energy efficiency.
Expectations are high for substantial growth within the power electronics market in the upcoming years. The market is projected to climb to a valuation of $63.18 billion by 2029, upholding a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this surge during the predicted period encompass custom-made power electronic solutions tailored for particular applications, the incorporation of power electronics within smart grid structures, eco-friendly and energy-efficient power electronics, alongside the growth of electric aircraft and evtols. Furthermore, the broadening of 5g networks and power-efficient gadgets also play a significant role. Notable trends in the forecast period consist of GaN and sic power semiconductor substances, regulatory conformity in power electronics safety, utilization of power electronics in energy storage and microgrids, high-frequency and miniaturized power converters, as well as IoT incorporation in power electronics intended for smart devices.
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What trends are poised to drive the future success of the power electronics market?
Progressive technology is becoming a major trend in the power electronics market. This advancement refers to the progression of knowledge that propels technology forward. Renowned companies active in the power electronics sector are striving to innovate these advanced technologies to cater to client expectations. A case in point is from September 2023, when the Switzerland-based electronics and semiconductors manufacturer, STMicroelectronics, launched a new category of IGBTs. These had a breakdown-voltage capacity of 1350V and could function at an utmost temperature of 175°C, boosting margins of design, performance, and trustworthiness. The created STPOWER IH2 series further adds to power conversion efficiency, marked by a low saturation voltage that helps diminish power dissipation, coupled with a freewheeling diode that increases efficiency in quasi-resonant converters working between 16kHz and 60kHz. These IGBTs are perfect for induction heating uses in home appliances, and they facilitate up to an 11% lessening in power dissipation in 2kW applications.
Which primary segments of the power electronics market are driving growth and industry transformations?
The power electronics market covered in this report is segmented -
1) By Product: Discrete, Module
2) By Material: Silicon, Silicon Carbide, Gallium Nitride
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By Application: Power Management, UPS, Renewable, Other Applications
5) By End User Industry: Automotive, Consumer Electronics, IT and Telecommunication, Military And Aerospace, Industrial, Energy And Power, Other End Use Industries
Subsegments:
1) By Discrete: Diodes, Transistors, Thyristors, Rectifiers
2) By Module: Power Modules, Intelligent Power Modules (IPMs), Multi-Chip Modules (MCMs)
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Which geographical regions are pioneering growth in the power electronics market?
Asia-Pacific was the largest region in the power electronics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the influential players reshaping the power electronics market landscape?
Major companies operating in the power electronics market include ABB Ltd., Fuji Electric Co. Ltd., Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments incorporated, Toshiba Corporations, Vishay Intertechnology, NXP Semiconductors, GaN Systems Inc., Littelfuse Inc., Maxim Integrated, ROHM Co. Ltd., Transphorm Inc., ON Semiconductor Corporation, Microchip Technology Inc., UnitedSiC Inc., Wolfspeed Inc., IXYS Corporation, Power Integrations Inc., Cree Inc., Diodes Incorporated, Semtech Corporation, Analog Devices Inc., Fairchild Semiconductor International Inc., International Rectifier Corporation, Linear Technology Corporation, Monolithic Power Systems Inc.,Silicon Laboratories Inc., Sanken Electric Co. Ltd., TDK Corporation, Vicor Corporation, Yaskawa Electric Corporation, Murata Manufacturing Co. Ltd., Panasonic Corporation
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What Is Covered In The Power Electronics Global Market Report?
•Market Size Forecast: Examine the power electronics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the power electronics market for a structured understanding.
•Key Players Overview: Analyze major players in the power electronics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the power electronics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the power electronics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the power electronics market.
•Industry Challenges: Identify potential risks and obstacles affecting the power electronics market.
•Competitive Landscape: Review strategic developments in the power electronics market, including expansions, agreements, and new product launches.
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