Power Electronics Market Size Forecasted To Achieve $63.18 Billion By 2029 With Steady Growth

"The Power Electronics Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Power Electronics Market Size and Projected Growth Rate?
The market size of power electronics has experienced a steady increase over the past few years. Projected growth shows an increase from $48.26 billion in 2024 to $50.62 billion in 2025, equating to a compound annual growth rate (CAGR) of 4.9%. The noteworthy growth during the historic period can be attributed to several factors, which include an expanding electronics and semiconductor industry, the widespread establishment of renewable energy systems, a surging demand for efficient energy conversion, a rise in the adoption of electric vehicles, and ongoing regulatory requirements for energy efficiency.

In the coming years, the power electronics market is projected to witness robust growth, reaching $63.18 billion in 2029 with a 5.7% compound annual growth rate (CAGR). A number of factors are driving this anticipated growth, such as the tailored power electronic solutions for various applications, the incorporation of power electronics in smart grids, the focus on sustainable and energy-saving power electronics, the development in electric aircraft and evtols, and the continued expansion of 5g networks and energy-efficient appliances. Over the forecast period, several trends are expected to emerge, including the use of GaN and Sic power semiconductor materials, the importance of regulatory compliance in power electronics safety, the application of power electronics in energy storage and microgrids, the rise of high-frequency and miniaturized power converters, and the integration of IoT in power electronics for smart devices.

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What Are the Major Segments in the Power Electronics Market?
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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What Are The Driving Power Electronics Market Evolution?
The advancement of electric vehicles is playing a significant role in the expansion of the power electronics market. Electric vehicles, which are either partially or wholly powered by electric power, heavily rely on power electronics. These are critical for managing the flow of electrical energy in numerous components of electric vehicles, and essential for managing energy. For example, the International Energy Agency (IEA), an independent intergovernmental agency based in France, has reported that there are 26 million electric cars on global roads in 2022, reflecting a 60% increase compared to 2021. Consequently, the swift progression of electric vehicles is anticipated to boost the growth of the power electronics market in the future.

Which Firms Dominate The Power Electronics Market Segments?
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., Powere*x Inc., Silicon Laboratories Inc., Sanken Electric Co. Ltd., TDK Corporation, Vicor Corporation, Yaskawa Electric Corporation, Murata Manufacturing Co. Ltd., Panasonic Corporation

What Trends Are Expected to Dominate the Power Electronics Market in the Next 5 Years?
The power electronics market is increasingly being influenced by the key trend of technological advancements. This epitomizes the discovery of knowledge that propels technology forward. Key players in the power electronics industry are concentrating their efforts on the development of cutting-edge technology to satisfy customer needs. A case in point is STMicroelectronics, a Switzerland-based electronics and semiconductors manufacturer, which in September 2023, launched a new category of IGBTs with a breakdown-voltage capability of 1350V and a maximum operational temperature of 175°C, thus improving design margins, performance, and trustworthiness. The STPOWER IH2 series has the added advantage of enhancing power conversion efficiency, thanks to its low saturation voltage which minimizes power dissipation and a freewheeling diode that boosts efficiency in quasi-resonant converters operating between 16kHz and 60kHz. These IGBTs are perfect for induction heating applications in domestic appliances, leading to a decrease up to 11% in power dissipation in 2kW applications.

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Which Is The Largest Region 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Electronics Market?
2. What is the CAGR expected in the Power Electronics Market?
3. What Are the Key Innovations Transforming the Power Electronics Industry?
4. Which Region Is Leading the Power Electronics Market?

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