The Power Electronics Market Report Share is anticipated to grow at a CAGR of 4.4% from 2021 to 2026, from an estimated USD 37.4 billion in 2021 to USD 46.3 billion by 2026.

Smart home appliances require power electronics modules, which are anticipated to increase in demand as more consumers buy cutting-edge consumer goods. In order to improve power efficiency and enable better power management of these devices, power electronics are widely employed in air conditioners, smart TVs, HVAC control systems, robotic vacuums, smart energy metres, and other smart appliances. The device type, material, voltage, vertical, and geographic segments of the global power electronics market have all been defined. These market segments are then further examined in light of market trends in the four study regions.

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widespread use of renewable energy sources

Currently, a number of nations are switching from the use of fossil fuels like coal and gas to generate power to renewable energy sources. As a result, new installations of renewable energy sources have been growing steadily while non-renewable energy sources have been declining at the same time. Power electronics are crucial in the transition of electrical energy patterns to more energy-efficient renewable energy sources. AC and DC electrical power is converted and controlled by power electronics. As wind and solar energy systems are the most potential renewable energy sources for generating electricity, power electronics-based power converters are also frequently used in these renewable energy systems. Solar panels, wind turbines, fuel cells, batteries, capacitors, and other power equipment are examples of these renewable systems. To handle varied power requirements, these systems can be integrated with different kinds of power electronics.

The Power Electronics Market will be dominated by the Power IC sector in 2021.

Low power ICs provide the high efficiency and small form factor required for small applications like as wearables, hearables, sensors, Internet of Things devices, and a variety of portable electronics. Additionally, power ICs are used for voltage scaling, battery charging, and DC-to-DC conversion, which have numerous applications in a variety of industries. Therefore, it is anticipated that throughout the forecast period, the market for power ICs will account for the largest share of the market.

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During the anticipated term, silicon-based power electronics will rule the power electronics market.

The preferred substrate for the vast majority of semiconductor wafers right now is silicon. Low-power and non-wide bandgap applications can both be accommodated by silicon-based power electronics. Silicon has the largest market share because it is a material that is frequently used to make a lot of power electronics.

In terms of market share for power electronics, the consumer electronics vertical will lead in 2021.

Since the invention of transistors, consumer technology has dominated the power electronics business. Therefore, it is anticipated that during the projection period, the consumer electronics category will hold the greatest market share. The market for power electronics is anticipated to be driven by the rising usage of consumer electronics like smartphones, tablets, and smart wearables, especially in emerging nations. The market size of the consumer electronics segment is also anticipated to be influenced by the growing use of power electronics in home appliances. GaN-based power electronics are being adopted by OEMs with operations in China and South Korea, including Oppo, Xiaomi, Vivo, Meizu, Samsung, and Huawei, for high power inbox chargers for phones and accessory fast chargers.

During the forecast period, the automobile industry, which is globally integrated, is expected to be most affected. The demand for power electronics in the automobile sector has been significantly impacted by factory closures, supply chain interruptions, and a lack of buyer trust. The slowdown in electronics output brought on by the fall in the automotive industry has also had an impact on the consumer electronics sector.

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According to estimates, the APAC market would have the most share during the projection period.

According to estimates, APAC will dominate the global market for power electronics and post the greatest CAGR. The substantial presence of consumer electronics, ICT, industrial, and automotive sectors throughout China, Japan, and South Korea is credited with driving the market's expansion in APAC. The overall market in APAC is also being driven by the rising demand for power generation and government initiatives in various nations to support renewable energy infrastructure. The market expansion for power electronics is anticipated to be aided by the rising population in developing nations like China and India, which would result in a greater deployment of communication infrastructure. The expansion of the regional market is aided by the existence of several reputable power electronics companies, including Renesas Electronics, Mitsubishi Electric, Fuji Electric, ROHM, and Toshiba. Chinese newcomers like BYD, Huawei, CRRC, and Sungrow are assisting China in developing its domestic power electronics business. These elements are anticipated to support the expansion of the APAC Power Electronics Market.

Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).

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