The growth of the power electronics market can be attributed to increasing demand for energy-efficient battery-powered portable devices, rising need to upgrade existing power infrastructure, and growing focus toward the use of renewable power sources. The report " Power Electronics Market by Device Type (Discrete, Modules, ICs), Material, Application, Vertical (ICT, Consumer Electronics, Energy and Power, Industrial, Automotive, Aerospace & Defense), Region - Global Forecast to 2023", is projected to grow from USD 39.0 billion in 2018 to USD 51.0 billion by 2023, at a CAGR of 5.5% between 2018 and 2023.

Power electronics is an application of solid-state electronics wherein electric power is converted from one form to another. Currently, most of the electrical and electromechanical devices are integrated with power circuits. Rising demand for hybrid electric vehicles (HEVs) and electric vehicles (EVs) and ongoing industrialization in emerging economies such as China and India are expected to act as growth opportunities for the power electronics market in the coming years.

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Among device types, ICs are expected to lead the power electronics market from 2018 to 2023

ICs in power electronics operate at high-frequency ranges and carry out power amplification. They are also used in microwave radiation applications. These ICs are used in ICT and aerospace & defense verticals, among others for high-power and high-frequency applications such as high-frequency wireless communication, radars, satellite communication, electronic warfare, radio communication, etc. Moreover, the increasing demand for application-specific ICs (ASICs) and power management ICs (PMICs) that consume less power is also fueling the growth of the ICs segment of the power electronics market.
Based on application, the transportation segment is projected to lead the power electronics market during the forecast period

Power electronics plays an important role in the transportation sector as it enables proper utilization of electrical energy in automobiles. Increasing concern over environmental pollution and sustainable growth are leading to a rise in demand for electric vehicles and hybrid electric vehicles. This results in an increased number of vehicle charging stations across the globe, thereby contributing to the increase in demand for power electronics from the transportation sector. Moreover, the growing use of electronic devices in automobiles to ensure vehicle safety, carry out user authentication, etc. is also contributing to the growth of the transportation segment of the power electronics market. The mandates issued by governments of different countries to develop environmental-friendly vehicles are also expected to lead to the growth of this segment of the market.
Automotive vertical is projected to be the largest consumer of power electronics between 2018 and 2023

Power electronics plays a vital role in the automotive segment as it enables the optimization of electrical energy in automobiles. Increasing awareness across the globe regarding the use of environment-friendly vehicles is leading to a rise in demand for hybrid electric vehicles and high-end automobiles that use power electronics. Moreover, increasing demand for metal-oxide-semiconductor field-effect transistors (MOSFETs) and insulated gate bipolar transistors (IGBTs), which are used as a power electronic switches in vehicles to increase their fuel efficiency, is also contributing to the growth of the automotive segment of the market.
Asia Pacific is projected to be the largest market for power electronics during the forecast period

The power electronics market in Asia Pacific is projected to grow at the highest CAGR from 2018 to 2023. The region is also expected to be the largest market for power electronics during the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of a large number of manufacturers of consumer electronics and automotive in the region and increased demand for power electronic devices from the automotive, consumer electronics, and energy and power verticals of Asia Pacific.

Infineon Technologies (Germany), ON Semiconductor (US), Texas Instruments (US), STMicroelectronics(Switzerland), Fuji Electric (Japan), Mitsubishi Electric (Japan), Toshiba (Japan), Renesas Electronics (Japan), NXP Semiconductors (Netherlands), Maxim Integrated Products (US), Vishay Intertechnology (US), ABB (Switzerland), SEMIKRON (Germany), Analog Devices (US), Hitachi (Japan), Microsemi (US), ROHM Semiconductor (Japan), Microchip Technology (US), Littelfuse (US), and Danfoss (Denmark) are some of the major players operating in the power electronics market.

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