Global Power Electronics Market Size, Share, Growth, Industry Trends and Forecast 2020-2030

The global power electronics market size was accounted at USD 24.5 billion in 2020, and is expected to reach USD 40.6 billion by 2030, registering a CAGR of 5.2%.Power electronics is an area that includes the study, analysis, and designing of various circuits that are capable of controlling and converting electrical energy from one form to another with the help of semiconductor devices. It helps in power management in order to enhance energy conservation in numerous uses such as industrial systems, electric vehicles, and consumer electronics. Power electronics devices have certain advantages including optimum forward and reverse backing capabilities, simplified circuits, and compact designs. Furthermore, other applications of power electronics devices include connection of renewable energy resources to power grids, transportation in electric locomotives, motor drives and illumination. The major use of power electronics devices is heat sinking as well as soft starting of equipment deploying power electronics devices. The various power electronics devices include insulated-gate bipolar transistor (IGBT), power metal oxide semiconductor field-effect transistor (MOSFET), diodes, thyristors, and silicon controlled rectifiers. The global power electronics market size was accounted at USD 24.5 billion in 2020, and is expected to reach USD 40.6 billion by 2030, registering a CAGR of 5.2%.
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Market Dynamics and Factors:
Rapid growth in the use of renewable energy, increase in the adoption of electric vehicles, and the surge in industries like automotive, industrial, consumer electronics, and ICT are the major factors driving the market across the globe. Additionally, the rising focus on enhancing the power infrastructure and the growing trend of energy harvesting technologies is also augmenting the market growth of power electronic during the forecast period. However, current leakage at high temperatures and high infrastructure deployment cost are hampering the market growth of power electronics devices. Furthermore, proactive government initiatives to establish high voltage direct current (HVDC) and smart grid utilizing power devices for power conversation are expected to provide lucrative opportunities for the market to grow in the coming future. The increasing demand for HVDC grids in countries like China and India and the adoption of Greenfield projects for generating energy from renewable sources are anticipated to further drive the growth of the power electronics market.
Market Segmentation:
Global Power Electronics Market – By Material
Silicon
Sapphire
Silicon Carbide
Gallium Nitride
Others
Global Power Electronics Market – By Device Type
Power IC
Power Module
Power Discrete
Global Power Electronics Market – By Applications
Power
ICT
Consumer Electronic
Industrial
Automotive
Aerospace & Defence
Others
Global Power Electronics Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis:
Asia Pacific is expected to dominate the global power electronics market in terms of market share during the forecast period followed by North America. The growth of the market in APAC is mainly attributed to technological advancements and increased focus towards the use of renewable energy sources across various industrial verticals across the region. For instance, in 2016, the government of India announced the construction of solar power projects with 4,000 MW worth capacity under the National Solar Mission. This was mainly due to the government’s interest in providing low cost renewable power to the rural and underserved population. Moreover, the rise of the consumer electronics, ICT, automotive, and industrial sector in various APAC countries like China, India, Japan, and South Korea has also contributed significantly to the market growth of the power electronics devices in the region. Power electronics plays a crucial role in electric vehicles in speed control at high voltages and enhancing efficiency. For instance, the U.S. has the largest consumer base of electric cars, because of strict emission rules in the region. In 2015, about 400,000 electric cars were in stock in the nation. This is a major factor attributing to the market growth of power electronics in the North American region.
Competitive Scenario:
The key players operating in the global power electronics industry are –
Texas Instruments, Qualcomm Inc., Mitsubishi Electric Corp., Toshiba, Hitachi, Fuji Electric, Renesas Electronic Corporation, ON Semiconductor, STMicroelectronics, Microsemi Corporation, and ABB Ltd.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Power Electronics industry, although key threats, opportunities and disruptive technologies that could shape the Global Power Electronics Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Power Electronics Market most.
The data analysis present in the Global Power Electronics Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Power Electronics Market business.
The 2021 Annual Global Power Electronics Market offers:
100+ charts exploring and analysing the Global Power Electronics Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Power Electronics Market type
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