Power Electronics Market, Till 2035: Distribution by Type of Device, Type of Material, Type of Voltage, Type of End User, and Geographical Regions: Industry Trends and Global Forecasts

The global power electronics market size is estimated to grow from USD 39.46 billion in the current year to USD 71.58 billion by 2035, at a CAGR of 5.56% during the forecast period, till 2035.

Power Electronics Market: Growth and Trends

Power electronics is a multidisciplinary domain within electrical engineering that focuses on the design, study, and control of electronic devices and circuits used to efficiently convert, regulate, and manage electrical power. The core objective of this field is to create compact, reliable, and cost-effective solutions for energy conversion and control across various applications. Power electronic systems function by handling high voltages and currents to supply power to diverse electrical equipment and devices.

Key components in this field include power ICs, discrete devices, power diodes, transistors, power modules, and gate turn-off thyristors. The development of advanced technologies, such as intelligent power modules, has further expanded the applications of power electronics - from consumer products and industrial power management to battery management systems and beyond.

With the rapid adoption of electric vehicles, advancements in smart grid infrastructure, and the integration of renewable energy sources, the importance of power electronics has increased significantly. By 2030, it is estimated that nearly 80% of global electric power generation and consumption will be enabled by power electronics technology.

Consequently, the power electronics market is poised for substantial growth in the coming years. Rising demand for renewable energy solutions and stronger initiatives targeting energy efficiency are among the key driving forces shaping this expansion. Further, owing to the growing awareness of energy conservation and environmental sustainability worldwide, the power electronics market is expected to grow significantly during the forecast period.

Power Electronics Market: Key Segments

Market Share by Type of Device

Based on type of device, the global power electronics market is segmented into power discrete devices, power integrated circuits, and power modules. According to our estimates, currently, the power discrete segment captures the majority of the market share. This can be attributed to the wide-ranging applications of discrete components such as metal-oxide-semiconductor field-effect transistors (MOSFETs) and insulated gate bipolar transistors (IGBTs), which are extensively used in low- to medium-power applications.

On the other hand, the power integrated circuits segment is expected to grow at a higher CAGR during the forecast period, owing to the rising demand across consumer electronics and the significant expansion of the automotive electronics sector.

Market Share by Type of Material

Based on type of material, the global power electronics market is segmented into gallium nitride, silicon, and silicon carbide. According to our estimates, currently, the silicon segment captures the majority of the market share during the forecast period. This can be attributed to its long-standing position as the industry’s standard material, supported by well-established manufacturing processes, cost-effectiveness, and a wide range of applications, which continue to sustain strong demand worldwide.

However, the silicon carbide (SiC) segment is anticipated to grow at a relatively higher rate during the forecast period. This growth can be attributed to the superior performance of SiC in high-temperature and high-voltage applications, making it particularly suitable for use in electric vehicles, solar inverters, and industrial motor drives.

Market Share by Type of Voltage Range

Based on type of voltage range, the global power electronics market is segmented into high voltage, low voltage, and medium voltage. According to our estimates, currently, the low voltage segment captures the majority of the market share. This can be attributed to the strong demand from consumer electronics. Devices such as smartphones, wearables, and other consumer applications typically operate within the low-voltage range (up to 1000V).

However, the medium voltage segment is anticipated to grow at a relatively higher rate during the forecast period. This growth is primarily associated with its extensive adoption in industrial motors, power distribution systems, and heavy machinery, where efficient power management at medium voltage is critical.

Market Share by Type of End User

Based on type of end user, the global power electronics market is segmented into automotive, biomedical & healthcare, consumer electronics, electronics, industrial, renewable energy, telecom, and others. According to our estimates, currently, the consumer electronics segment captures the majority of the market share. This can be attributed to the rising demand for energy-efficient devices and components such as converters, voltage regulators, and advanced power management systems.

On the other hand, the automotive sector is expected to grow at a higher CAGR during the forecast period, fueled by the increasing penetration of electric and hybrid vehicles.

Market Share by Geographical Regions

Based on geographical regions, the power electronics market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Asia captures the majority share of the market, driven by the rapid industrialization, consumer electronics demand, and large-scale renewable energy adoption.

In contrast, the market in North America is expected to grow at relatively higher CAGR during the forecast period. This can be attributed to the strong automotive industry, a well-established industrial base, and considerable investments in renewable energy.

Power Electronics Market: Research Coverage

The report on the power electronics market features insights on various sections, including:

• Market Sizing and Opportunity Analysis: An in-depth analysis of the power electronics market, focusing on key market segments, including [A] type of device, [B] type of material, [C] type of voltage, [D] type of end user, and [E] geographical regions.
• Competitive Landscape: A comprehensive analysis of the companies engaged in the power electronics market, based on several relevant parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters and [D] ownership structure.
• Company Profiles: Elaborate profiles of prominent players engaged in the power electronics market, providing details on [A] location of headquarters, [B] company size, [C] company mission, [D] company footprint, [E] management team, [F] contact details, [G] financial information, [H] operating business segments, [I] power electronics portfolio, [J] moat analysis, [K] recent developments, and an informed future outlook.
• Megatrends: An evaluation of ongoing megatrends in the power electronics industry.
• Patent Analysis: An insightful analysis of patents filed / granted in the power electronics domain, based on relevant parameters, including [A] type of patent, [B] patent publication year, [C] patent age and [D] leading players.
• Recent Developments: An overview of the recent developments made in the power electronics market, along with analysis based on relevant parameters, including [A] year of initiative, [B] type of initiative, [C] geographical distribution and [D] most active players.
• Porter’s Five Forces Analysis: An analysis of five competitive forces prevailing in the power electronics market, including threats of new entrants, bargaining power of buyers, bargaining power of suppliers, threats of substitute products and rivalry among existing competitors.
• SWOT Analysis: An insightful SWOT framework, highlighting the strengths, weaknesses, opportunities and threats in the domain. Additionally, it provides Harvey ball analysis, highlighting the relative impact of each SWOT parameter.
• Value Chain Analysis: A comprehensive analysis of the value chain, providing information on the different phases and stakeholders involved in the power electronics market

Key Questions Answered in this Report

• How many companies are currently engaged in power electronics market?
• Which are the leading companies in this market?
• What factors are likely to influence the evolution of this market?
• What is the current and future market size?
• What is the CAGR of this market?
• How is the current and future market opportunity likely to be distributed across key market segments?

Reasons to Buy this Report

• The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
• Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
• The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.

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