The Power Electronics Market is expected to grow at a healthy rate, reaching a worth of USD 46.2 billion in 2023 and USD 61.0 billion by 2028. The growth during the forecast period translates into a Compound Annual Growth Rate (CAGR) of 5.7%, as detailed in a recent study published by MarketsandMarketsTM.

The growth of the market is ascribed to the escalating need for effective power management solutions in many sectors. In a variety of applications, power electronics are essential for maximising energy efficiency, improving performance, and guaranteeing a steady power supply. The projected expansion highlights the importance of power electronics in tackling modern issues and developing technological capacities in various industries, aiding in the development of the world's energy scene.

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Power electronics are essential to changing electrical energy patterns because they improve energy efficiency, especially when renewable energy sources are used. Power electronics are going to become even more important in the world of electric vehicles (EVs), where they are anticipated to be essential to energy management. The processing and management of the electrical energy flow in hybrid and plug-in electric vehicles is the main duty of vehicle power electronics. Power electronics plays a pivotal role in facilitating the integration of renewable energy with electric car technology, hence influencing the trajectory of sustainable energy and transportation systems in the future.

By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period.

Power modules are becoming more and more popular in the field of power electronics. This is because of their integrated design, compact form factor, easy installation, enhanced reliability, enhanced power density, enhanced cost-effectiveness, and wide range of application possibilities. This tendency is particularly beneficial in situations where weight and size limitations are important factors, such as in consumer electronics, industrial automation, and electric cars. Power modules, which combine performance, dependability, and space-saving advantages to meet the changing needs of many industries, represent a paradigm change towards more efficient and compact power solutions.

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By Material: Silicon-based devices to account for the largest market share during the forecast period.

With the biggest market share, silicon is the most widely used raw material in the manufacturing of a wide variety of power electronics. Silicon is a semiconductor material that is widely used, especially in the manufacturing of power electronic devices designed for low- and medium-voltage applications. Silicon is widely used in the fabrication of discrete components, modules, and integrated circuits (ICs), among other power semiconductor devices. These silicon-based devices are essential for power amplification, power rectification, and power factor correction. Notably, silicon plays a vital and varied function in the field of power electronics as it is a fundamental component in the manufacture of diodes and transistors intended for high-frequency switching applications.

By Vertical: The consumer electronics is projected to register a larger market share during the forecast period.

Given that every electronic device requires an AC/DC power source and efficient power management, consumer electronics stands out as a critical industry in the field of power electronics. Power electrical devices are essential components of many consumer goods, such as air conditioners, washing machines, TVs, dishwashers, induction cookers, and a variety of linked and smart home appliances. The range of smart gadgets includes game consoles, consumer drones, wearables, smartphones, tablets, Internet of Things (IoT) devices, linked appliances, adapters/chargers, routers/modems, and battery-operated personal devices. Power electronics are integrated into consumer electronics to minimise power usage, which lowers the device's overall carbon footprint, and to improve energy efficiency overall.

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By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.

The power electronics industry is expanding at the quickest rate in the Asia Pacific region thanks to significant expenditures in consumer electronics, infrastructure, and smart grid projects. Leading companies in this industry, such the Japanese-based Mitsubishi Electric Corporation and Fuji Electric Co., Ltd., are crucial for promoting innovation and market growth. The quick uptake of electric vehicles in nations like China and Japan sticks out as a significant driver of the expansion of the area. Notably, in an effort to lessen reliance on foreign manufacturers, the Chinese market benefits from large expenditures in the creation and production of power electronic wafers. This tactical strategy is consistent with the region's resolve to develop its technological capacities and promote self-sufficiency in the field of power electronics.

Key Players

The major players in the Power Electronics Companies include Infineon Technologies AG (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric Corporation (Japan), Vishay Intertechnology, Inc. (US), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), Texas Instruments Incorporated (US), TOSHIBA CORPORATION (Japan).

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