Power Electronics Market Overview, Current Trends, and Key Player Analysis

The power electronics sector is set to experience significant expansion over the coming years, driven by technological advancements and growing adoption across various industries. With innovations in materials and increasing integration in automotive and renewable energy applications, this market is positioned for dynamic growth through 2030.

Power Electronics Market Size and Growth Forecast
The power electronics industry is projected to reach a market value of $64.15 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.2%. This expansion is fueled by rising demand for silicon carbide (SiC) and gallium nitride (GaN) devices, increased use in automotive electrification, broader integration of renewable energy sources, development of compact high-voltage modules, and the advancement of intelligent energy management solutions. Key trends shaping the future include adoption of highly efficient power conversion technologies, growth in intelligent power management platforms, emergence of IoT-enabled energy control systems, AI-driven improvements in thermal management, and expanding power modules designed for electrification.

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Emerging Key Players in the Power Electronics Market
Several prominent companies are leading the charge in the power electronics market, including ABB Ltd., Fuji Electric Co. Ltd., Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, and Renesas Electronics Corporation. Other notable players include STMicroelectronics, Texas Instruments Incorporated, Toshiba Corporation, 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., ere*x Inc., Silicon Laboratories Inc., Sanken Electric Co. Ltd., TDK Corporation, Vicor Corporation, Yaskawa Electric Corporation, Murata Manufacturing Co. Ltd., and Panasonic Corporation.

Strategic Acquisition to Boost Power Electronics Capabilities
In January 2024, Hitachi Energy Ltd., headquartered in Switzerland and specializing in power grid technologies and industrial automation, acquired Italy-based COET S.p.A. Though the financial terms were undisclosed, this move is aimed at strengthening Hitachi Energy's expertise in power electronics for high-power electric vehicle charging infrastructure and grid-edge applications. COET S.p.A. is known for designing and manufacturing DC traction products, AC/DC equipment, and high-power industrial power electronics, making this acquisition a strategic fit for expanding capabilities.

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Technological Advances Driving Transformation in Power Electronics
Technological progress remains a significant force transforming the power electronics industry. Leading companies are investing heavily in new technology development to meet evolving customer requirements. For example, in September 2023, STMicroelectronics introduced a new series of insulated gate bipolar transistors (IGBTs) with a breakdown voltage of 1350 V and a maximum operating temperature of 175°C. The STPOWER IH2 series enhances performance by increasing design margins and reliability, while improving power conversion efficiency through low saturation voltage and an integrated freewheeling diode. These IGBTs are particularly suited for induction heating applications in household appliances and can reduce power dissipation by up to 11% in 2 kW systems.

Key Market Segments in the Power Electronics Industry
This report segments the power electronics market based on several criteria to provide a detailed market overview:

1) Product Types: Discrete components and Modules
2) Materials: Silicon, Silicon Carbide (SiC), Gallium Nitride (GaN)
3) Voltage Levels: Low Voltage, Medium Voltage, High Voltage
4) Applications: Power Management, Uninterruptible Power Supplies (UPS), Renewable Energy, and Other Applications
5) End User Industries: Automotive, Consumer Electronics, IT and Telecommunications, Military and Aerospace, Industrial, Energy and Power, and other sectors

Further Subdivisions Include:
- Discrete Components: Diodes, Transistors, Thyristors, Rectifiers
- Modules: Power Modules, Intelligent Power Modules (IPMs), Multi-Chip Modules (MCMs)

These segments highlight the diverse applications and technological bases supporting the rapidly evolving power electronics market.

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This release was published on openPR.