Power Electronics for Renewable Energy Market Report 2025

This Power Electronics For Renewable Energy market report delivers an in-depth analysis of the market’s key characteristics, including size, growth potential, and segmentation. It provides a detailed breakdown of the market across major regions and leading countries, highlighting historical data and future growth projections. The report also examines the competitive landscape, market share insights, emerging trends, and strategic developments shaping the market.

The power electronics for renewable energy market size has grown strongly in recent years. It will grow from $8.97 billion in 2024 to $9.71 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increased adoption of renewable sources of energy, demand for grid integration and energy storage solutions, growing global emphasis on clean energy, increase in usage of power electronics in renewable energy generation, and storage systems, the surge in demand for hybrid and plug-in hybrid vehicles.

The power electronics for renewable energy market size is expected to see strong growth in the next few years. It will grow to $13.13 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to stringent regulations and policies, aiming to reduce carbon emissions, transition to sustainable energy solutions, rising government incentives for renewable energy, growing popularity of renewable energy sources, and growing demand for sophisticated power conversion and control systems. Major trends in the forecast period include technological advancements in power semiconductor devices, deployment of renewable energy technologies, Improvements in power electronics technology, technological developments in power electronics, and combining energy storage systems with integration.

The growing adoption of renewable energy sources is expected to drive the expansion of the power electronics for renewable energy market. Renewable energy sources, including solar, wind, hydro, geothermal, and biomass, are naturally replenishing resources used for sustainable power generation. This increased adoption is influenced by concerns about the environment and climate change, the accessibility and availability of renewable energy, demographic trends, and the need for energy security and independence. Power electronics play a crucial role in renewable energy systems by efficiently converting and controlling electrical power from sources such as solar panels and wind turbines, ensuring optimal energy transmission and integration into the grid. For example, in June 2024, the Department for Energy Security and Net Zero, a UK governmental department, reported that renewable electricity contributed to 50.9% of the UK's total generation, producing 39.2 TWh in the first quarter of 2024, a 3.7% increase from the same period in 2023. This increase was driven by a 7.4% rise in onshore wind generation due to higher wind speeds. Consequently, the growing adoption of renewable energy sources is boosting the power electronics for renewable energy market.

Key players in the power electronics for renewable energy market are focusing on developing advanced high-power modules for large power converters to enhance energy efficiency, improve system reliability, and facilitate the integration of renewable energy sources into the electrical grid. High-performance power modules are designed to efficiently manage and control high levels of electrical power in demanding applications, such as renewable energy systems and electric vehicles. For instance, in April 2024, Fuji Electric Co. Ltd., a Japan-based manufacturer of power semiconductor modules, introduced the HPnC X series 1700 V, 3,300 V Class module. This module is engineered for large power converters operating between DC 1700 V and 3.3 kV. The HPnC X series comes in two voltage classes, 1700 V and 3300 V, with rated currents ranging from 1200 A to 1800 A depending on the model, and has dimensions of 100 mm x 144 mm x 40 mm, making it compact for its high current ratings. The modules utilize Fuji Electric's latest IGBT chips optimized for high heat dissipation.

In October 2023, Infineon Technologies AG, a Germany-based company, acquired GaN Systems Inc. for $830 million. This acquisition represents Infineon's strategic effort to broaden its portfolio by integrating GaN Systems' expertise in power electronics for renewable energy. GaN Systems Inc., based in Canada, specializes in gallium nitride (GaN) power electronics that operate at higher frequencies, enhancing the efficiency of converting solar energy into electricity.

Major companies operating in the power electronics for renewable energy market are Siemens AG, Hitachi Ltd., Mitsubishi Electric Corporation, ABB Ltd, Toshiba International Corporation, Eaton Corporation, Texas Instruments Incorporated, STMicroelectronics NV, Infineon Technologies AG, NXP Semiconductors NV, Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corp, Microchip Technology Inc., Fuji Electric Co. Ltd., Qorvo Inc, ROHM CO. LTD., Vishay Intertechnology Inc., Littelfuse Inc., Microsemi Corporation, WOLFSPEED INC., SEMIKRON International GmbH, Navitas Semiconductor Inc, Transphorm Inc., Efficient Power Conversion Corporation.

North America was the largest region in the power electronics for renewable energy market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics for renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the power electronics for renewable energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Power electronics for renewable energy involves technology designed to convert and control electrical power from renewable sources such as solar and wind. This technology manages voltage, current, and frequency, ensuring efficient energy transfer from these sources to the grid or storage systems. It is crucial for optimizing energy efficiency and maintaining the reliable operation of renewable energy systems.

The main types of power electronics in the renewable energy market include converters, inverters, voltage control devices, and others. Converters are electronic devices that transform electrical energy from one form to another. Power ranges for these devices include up to 1 MW, 1 MW to 3 MW, 3 MW to 5 MW, and above 5 MW. Applications span power generation, power transmission, power distribution, and power control. End uses of this technology include solar photovoltaic (PV), wind, hydro, fuel cells, and other renewable energy sources.

The power electronics for renewable energy market research report is one of a series of new reports that provides power electronics for renewable energy market statistics, including power electronics for renewable energy industry global market size, regional shares, competitors with a power electronics for renewable energy market share, detailed power electronics for renewable energy market segments, market trends, and opportunities, and any further data you may need to thrive in the power electronics for renewable energy industry. This power electronics for renewable energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The power electronics for renewable energy market consists of sales of switching devices, rectifiers, controllers, gate drivers, and power optimizers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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