Soaring Demand Set to Propel Power Electronics Market to $63.18 Billion by 2029

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What Is the Expected CAGR for the Power Electronics Market Through 2025?_x000D_
The market size of power electronics has experienced a consistent increase in recent years. From a valuation of $48.26 billion in 2024, it is projected to reach a worth of $50.62 billion in 2025, registering a compound annual growth rate (CAGR) of 4.9%. The growth during the historic timeframe can be connected to the expansion in the electronics and semiconductor industry, the development of renewable energy systems, the need for efficient energy conversion, a rise in the adoption of electric vehicles, and regulatory standards for energy efficiency._x000D_
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What's the Projected Size of the Global Power Electronics Market by 2029?_x000D_
In the forthcoming years, the power electronics market is projected to experience robust growth, elevating to $63.18 billion in 2029 with a compound annual growth rate (CAGR) of 5.7%. The predicted growth during this forecast period is linked to bespoke power electronic solutions designed for particular applications, the incorporation of power electronics into smart grid systems and energy-efficient power electronics. Other contributors include the growth in the electric aircraft and evtols industry, the expansion of 5g networks, and power-efficient appliances. Key trends to be observed during this period will include the use of GaN and sic power semiconductor materials, regulatory compliance regarding power electronics safety, power electronics utilized for energy storage and microgrids. The forecast period will also witness increased use of high-frequency and miniaturized power converters, along with the integration of IoT in power electronics for smart devices._x000D_
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Top Growth Drivers in the Power Electronics Industry: What's Accelerating the Market?_x000D_
The surge in electric vehicle production is playing a significant role in the expansion of the power electronics market. Electric vehicles, which are either partially or completely reliant on electrical power, make extensive use of power electronics. These are employed in multiple components of electric vehicles to manage the flow of electrical energy, performing a vital function in energy oversight. For example, data from the International Energy Agency (IEA), an independent intergovernmental organization based in France, indicates that the global roadways saw a 60% increase in electric cars from 2021, with 26 million units in circulation by 2022. Thus, the accelerated rise of electric vehicles is anticipated to drive the growth of the power electronics market in the future._x000D_
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What Trends Will Shape the Power Electronics Market Through 2029 and Beyond?_x000D_
The surge in technological innovations is a significant trend gaining momentum in the field of power electronics. Technological advancement essentially comprises new knowledge that propels technology forward. Prominent firms in the power electronics industry are concentrating on creating advanced technologies to cater to consumers' needs. For instance, in September 2023, STMicroelectronics, a renowned Swiss electronics and semiconductors manufacturer, launched a new category of IGBTs, demonstrating a breakdown-voltage capacity of 1350V and a peak operation temperature of 175°C to improve design margins, performance, and dependability. The STPOWER IH2 series also enhances power conversion efficiency by including a low saturation voltage for mitigated power dissipation and a freewheeling diode that increases efficiency in quasi-resonant converters operating between 16kHz and 60kHz. Ideal for induction heating applications in household appliances, these IGBTs can achieve up to an 11% decrease in power dissipation in 2kW applications._x000D_
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What Are the Main Segments in the Power Electronics Market?_x000D_
The power electronics market covered in this report is segmented -_x000D_
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1) By Product: Discrete, Module_x000D_
2) By Material: Silicon, Silicon Carbide, Gallium Nitride_x000D_
3) By Voltage: Low Voltage, Medium Voltage, High Voltage_x000D_
4) By Application: Power Management, UPS, Renewable, Other Applications_x000D_
5) By End User Industry: Automotive, Consumer Electronics, IT and Telecommunication, Military And Aerospace, Industrial, Energy And Power, Other End Use Industries_x000D_
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Subsegments:_x000D_
1) By Discrete: Diodes, Transistors, Thyristors, Rectifiers_x000D_
2) By Module: Power Modules, Intelligent Power Modules (IPMs), Multi-Chip Modules (MCMs)_x000D_
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Which Top Companies are Driving Growth in the Power Electronics Market?_x000D_
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_x000D_
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Which Regions Will Dominate the Power Electronics Market Through 2029?_x000D_
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._x000D_
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