The power electronics market is projected to grow from USD 39.03 Billion in 2018 to USD 51.01 Billion by 2023, growing at a CAGR of 5.5% between 2018 and 2023. The growth of this market can be recognised to the upgrade of power infrastructure and growing demand for energy-efficient battery-power portable devices. In developing regions, existing power supply resources are being progressively utilized because of the growing power consumption. The request for the enhancement of power infrastructure and concerns regarding the use of renewable power supplies are growing globally. Governments across the globe are increasingly investing in renewable energy sources, such as solar and wind, and are constantly working toward formulating better feed-in-tariff policies to provide photovoltaic projects with the convenience of grid connections.

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The power electronics market has been segmented on the basis of device type into discrete, modules, and ICs. The power ICs led the power electronics market in 2017. Power ICs including PMICs and ASICs are primarily used in high-frequency range, high power amplification, and microwave radiation applications.

On the basis of application, the power electronics market has been segmented into power management, drive, UPS, rail traction, transportation, renewable, and others. The power electronics market for the transportation application is estimated to grow at the highest CAGR between 2018 and 2023 owing to increasing production of HEVs and EVs and rising demand for electric vehicle charging stations across the globe.

The power electronics market is segmented on the basis of vertical into ICT, consumer electronics, energy and power, industrial, automotive, aerospace and defense, and others. The automotive vertical is expected to grow at the maximum CAGR during the forecast period owing to the increasing focus on hybrid electric vehicles (HEVs) and EVs and increasing demand for cars and other passenger vehicles across the globe.

APAC led the overall power electronics market and accounted for the largest market share, followed by Europe. The power electronics market in APAC is expected to grow rapidly during the forecast period. The key drivers for the growth of this market in APAC include growing demand for power electronic devices in automotive and consumer applications and the presence of many manufacturing units in APAC. Moreover, the growing demand of industrial and energy & power verticals for power electronic devices helps the market to grow further in the region.

Complex design and integration process for advanced technological devices is restraining the growth of the power electronics market. The power electronics industry is focusing more on the integration of multiple functionalities into a single chip, which results in complex designing. Designing and integration of complex devices require special skillsets, robust methodology, and toolset for integration, which increase the cost of the devices; thus, high cost restrains users to switch to advanced technological devices.; hence, complex design and integration process for advanced technological devices is considered a restraining factor for the growth of the power electronics market.

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

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