Steady Expansion Forecast for Power Electronics For Renewable Energy Market, Projected to Reach $12.64 Billion by 2029

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Power Electronics For Renewable Energy Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The renewable energy power electronics market has seen substantial growth recently. Its size is projected to rise from $8.97 billion in 2024 to $9.55 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.5%. This growth during the historical period can be traced back to the amplified use of renewable energy sources, the need for energy storage and grid integration solutions, a global focus on clean energy, the rise in the employment of power electronics in renewable energy generation and storage systems, and the growing demand for hybrid and plug-in hybrid vehicles.

Power Electronics For Renewable Energy Market Size Forecast: What's the Projected Valuation by 2029?
Anticipations are pointing towards a robust enlargement of the power electronics for renewable energy market in the upcoming years. The market volume is expected to amass to $12.64 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.3%. The surge during the projected period is credited to strict rules and policies curbing carbon emissions, pivot to green energy solutions, increasing governmental initiatives promoting renewable energy, escalating acceptance of renewable energy sources, and an amplified appeal for advanced power conversion and control systems. The forecast period also anticipates significant trends such as enhancements in power semiconductor devices, the implementation of renewable energy technologies, progression in power electronics technology, and technological evolution in power electronics, in addition to the synergistic incorporation of energy storage systems.

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What Are the Drivers Transforming the Power Electronics For Renewable Energy Market?
As renewable energy sources continue to gain traction, the market for power electronics for renewable energy is predicted to surge. Renewable energy sources, such as solar, wind, hydro, geothermal, and biomass, are naturally occurring, renewable resources which are utilized for power generation in a sustainable manner. The uptake of these renewable sources is being propelled by environmental and climate change concerns, access to renewable energy, demographic factors, and the need for energy security and independence. Power electronics are crucial in harnessing energy from these renewable sources, as they facilitate efficient conversion and control of electrical power from origins such as solar panels and wind turbines, thus promoting effective energy transmission and integration into the grid. For example, in June 2024, the UK's Department for Energy Security and Net Zero reported that renewable electricity made up 50.9% of the UK's total energy production, generating 39.2 TWh in the first quarter of 2024, marking a 3.7% increase from the first quarter of 2023. This increase can be attributed to a 7.4% spike in onshore wind generation due to elevated wind speeds. Hence, the power electronics for renewable energy market is being fueled by the growing acceptance of renewable energy sources.

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What Long-Term Trends Will Define the Future of the Power Electronics For Renewable Energy Market?
Leaders in the power electronics for renewable energy industry are focusing on the creation of high-powered units for large power inverters with the objective of boosting energy efficiency, bolstering system dependability, and easing the integration of renewable energy into the electrical network. A high-efficiency power module is defined as a sophisticated electronic piece of equipment constructed to adeptly handle and regulate substantial quantities of electrical power in challenging scenarios such as renewable energy setups and electric vehicle applications. For example, in April 2024, the Japan-based power semiconductor module manufacturer, Fuji Electric Co. Ltd., introduced the HPnC X series 1700 V, 3,300 V Class module, a power module strategized for substantial power inverters functioning between DC 1700 V and 3.3 kV. The HPnC X series is available in two voltage categories, 1700 V and 3300 V. Depending on the exact model, the modules provide a rated current between 1200 A and 1800 A and sport dimensions of 100 mm x 144 mm x 40 mm, which are relatively diminutive for their high current ratings. These modules employ the latest generation of Fuji Electric's IGBT chips, which are fine-tuned for superior heat dissipation.

Which Segments in the Power Electronics For Renewable Energy Market Offer the Most Profit Potential?
The power electronics for renewable energy market covered in this report is segmented -

1) By Type: Converters, Inverters, Voltage Control Devices, Other Types
2) By Power Range: Up to 1 MW, 1 MW to 3 MW, 3 MW to 5 MW, Above 5 MW
3) By Application: Power Generation, Power Transmission, Power Distribution, Power Control
4) By End Use: Solar Photovoltaic (PV), Wind, Hydro, Fuel Cell, Other End Uses

Subsegments:
1) By Converters: AC-DC Converters, DC-DC Converters, DC-AC Converters, Bidirectional Converters, Photovoltaic (PV) Converters, Wind Power Converters, Grid-Tied Converters, Isolated Converters
2) By Inverters: Central Inverters, String Inverters, Microinverters, Hybrid Inverters, Battery-Based Inverters, Grid-Tied Inverters, Off-Grid Inverters, Multilevel Inverters
3) By Voltage Control Devices: Voltage Regulators, Power Factor Correction Devices, Reactive Power Controllers, Static VAR Compensators (SVC), Surge Protection Devices, Voltage Stabilizers, Dynamic Voltage Restorers (DVR)
4) By Other Types: Energy Storage Systems, Power Distribution Units, DC Distribution Systems, Frequency Converters, Protection And Monitoring Systems, Smart Grid Power Electronics

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Which Firms Dominate the Power Electronics For Renewable Energy Market by Market Share and Revenue in 2025?
Major companies operating in the power electronics for renewable energy market are Siemens AG, Hitachi Ltd., Mitsubishi Electric Corporation, ABB Ltd, Toshiba International Corporation, Eaton Corporation, Texas Instruments Incorporated, STMicroelectronics NV, Infineon Technologies AG, NXP Semiconductors NV, Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corp, Microchip Technology Inc., Fuji Electric Co. Ltd., Qorvo Inc, ROHM CO. LTD., Vishay Intertechnology Inc., Littelfuse Inc., Microsemi Corporation, WOLFSPEED INC., SEMIKRON International GmbH, Navitas Semiconductor Inc, Transphorm Inc., Efficient Power Conversion Corporation

Which Regions Offer the Highest Growth Potential in the Power Electronics For Renewable Energy Market?
North America was the largest region in the power electronics for renewable energy market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics for renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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