POWER ELECTRONICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global power electronics market has experienced significant growth in recent years owing to rapid industrialization and development of renewable energy industry across the world. Power electronics refers to the control and conversion of electric power which involves the application of solid-state electronics to regulate and condition electric energy. The rising demand for consumer electronics, electric vehicles, and energy-efficient systems from industries are fueling the growth of this market. Furthermore, government initiatives supporting the deployment of renewable energy projects along with power infrastructure development are augmenting the demand for power electronic components worldwide. Power semiconductors such as IGBT, MOSFET, diode, and thyristor are widely used in applications including power supplies, motor drives, UPS systems, and renewable energy conversion systems.

Market Dynamics:

The global power electronics market is driven by factors such as rapid urbanization, increasing demand for energy-efficient systems across industrial and commercial sectors, and significant investments in renewable energy projects globally. Rising adoption of electric vehicles and growing consumer electronics industry have also propelled the market growth. However, high manufacturing costs associated with power electronics components acts as a major restraint. On the other hand, the ongoing development of next-generation wide bandgap power semiconductor devices and emerging trends such as Internet of Things (IoT) present considerable opportunities for market expansion. The market is witnessing increasing demand for SiC and GaN power modules owing to their superior attributes including high voltage blocking, low on-resistance, and high switching frequency.

Key Features of the Study:

• This report provides in-depth analysis of the global power electronics market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global power electronics market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include ABB, Analog Devices, Inc., Efficient Power Conversion Corporation, Euclid Techlabs, Fuji Electric Co., Ltd., Infineon Technologies AG, Littelfuse, Inc., Microchip Technology Inc., Mitsubishi Electric Corporation, Navitas Semiconductor, NXP Semiconductors, ON Semiconductor, Qorvo, Inc., Renesas Electronics Corporation, and ROHM CO., LTD.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global power electronics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global power electronics market

Detailed Segmentation:

• By Component
  • Discrete
  • Module
•  By Material
  • Silicon/Germanium
  • Silicon Carbide (SiC)
  • Gallium Nitride (GaN)
•  By End-use Industry
  • Automotive
  • Consumer Electronics
  • IT and Telecommunication
  • Military and Aerospace
  • Industrial
  • Energy and Power
  • Others
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • ABB
  • Analog Devices, Inc.
  • Efficient Power Conversion Corporation
  • Euclid Techlabs
  • Fuji Electric Co., Ltd.
  • Infineon Technologies AG
  • Littelfuse, Inc.
  • Microchip Technology Inc.
  • Mitsubishi Electric Corporation
  • Navitas Semiconductor
  • NXP Semiconductors
  • ON Semiconductor
  • Qorvo, Inc.
  • Renesas Electronics Corporation
  • ROHM CO., LTD.