The power electronics market was valued at $38,522 million in 2021, and it is set to reach $56,269 million by 2030, growing at a CAGR of 4.3% between 2021 and 2030, according to a research report by P&S Intelligence.
This can be credited to the increasing infrastructure development, snowballing expenditure by consumers, high research and development spending, increasing requirement for energy-efficient items in 5G devices, automobiles, and data centers, and other products needed for telecom infrastructure, growing electricity generation industry, and the increasing number of vendors.
Silicon category held the largest revenue share and is projected to grow at a significant rate in the years to come. This can be accounted to the high usage of these variants in several verticals, including ICT and electronics, the increasing need for them from India and China, and their better cost-efficiency.
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The modules category is projected to grow at the fastest rate in the years to come. This can be credited to the extensive usage of these components in inverters, wind turbines, photovoltaic inverters, and micro-inverters, where such modules are vital components of power architecture. By this, the industry development is inclined by the snowballing requirement for renewable resources, which need converters to switch DC to AC and vice-versa.
The low-voltage category is projected to grow at the highest growth rate. This can be ascribed to these products’ wide deployment in consumer electronics and the enhancements in energy harvesting methods.
Furthermore, the extensive usage of power electronics in automobiles to deliver consistent output, control interfaces, and thermal control with the support of converters, is the major reason contributing to the growth of the industry.
APAC held the largest revenue share and is projected to continue its dominance in the years to come. This is because of the rapid industrialization, increasing population, growing trend of EVs and HEVs, improving consumer spending, the large consumer base for end products, availability of skilled and cheap labor, advanced technologies, and favorable government initiatives helping the renewable energy sector.
The budding trend of European and American companies shifting their production operations to China and India, will indeed contribute to the growth of the industry in the coming years.
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North America held a considerable revenue share in the power electronics market, owing to the surge in the pace of technological enhancement in the end-user industries, adoption of smartphones in large numbers, rise in internet usage, and increase in the sale of EVs, to reduce carbon emissions.
Therefore, the increasing infrastructure development, snowballing expenditure by consumers, high research and development spending, and rising requirement for energy-efficient items in 5G devices will drive the power electronics industry in the future.
Market Size Breakdown by Segment
By Offering
- Power Discrete
- Power Modules
- Power ICs
By Material
- Silicon
- Silicon Carbide
- Gallium Nitride
By Voltage
- Low
- Medium
- High
By Vertical
- Consumer Electronics
- Industrial
- Automotive & Transportation
- ICT
- Aerospace & Defense
- Others
By Application
- Power Management
- Drives
- UPS
- Rail Traction
- Transportation
- Renewable
- Others
By Region
- North America power electronics Market
- By offering
- By material
- By voltage
- By vertical
- By application
- By country – U.S. and Canada
- Europe Power electronics Market
- By offering
- By material
- By voltage
- By vertical
- By application
- By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
- Asia-Pacific Power electronics Market
- By offering
- By material
- By voltage
- By vertical
- By application
- By country – India, China, Japan, Australia, and Rest of APAC
- Latin America Power electronics Market
- By offering
- By material
- By voltage
- By vertical
- By application
- By country – Brazil, Mexico, and Rest of LATAM
- Middle East and Africa Power electronics Market
- By offering
- By material
- By voltage
- By vertical
- By application
- By country – Saudi Arabia, South Africa, and Rest of MEA
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