NEW YORK, Jan. 17, 2025 /PRNewswire/ -- The global power electronics market size is estimated to grow by USD 10.67 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 5.92% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. Asia
4. Rest of World

1. APAC - APAC is estimated to contribute 54%. To the growth of the global market. The Power Electronics Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. The power electronics market in APAC is experiencing significant growth, driven by the increasing energy demand in developing nations. By 2026, energy consumption is projected to increase 1.5 times compared to 2021. Renewable energy sources will contribute to meeting this demand, with countries setting targets for Silicon, Silicon carbide (SiC), and Gallium nitride (GaN) usage in semiconductor devices such as diodes and thyristors. Key contributors to the market include Japan, China, South Korea, and India. Japan, South Korea, and Hong Kong lead in research expenditures. In the automotive sector, the shift towards Electric Vehicles (EVs) fuels the demand for power electronics, including inverters, DC/DC converters, and chargers. The aerospace and defense industries rely on power electronics for 5G communication technology, AC to DC and DC to AC power conversion, and power distribution. Healthcare applications utilize power electronics in portable devices, smart systems, and energy-efficient HVAC systems. SiC and GaN are essential materials in power electronics, enabling high-efficiency energy conversion in various applications. The market also caters to household appliances, lighting, and renewable energy sectors, contributing to overall energy consumption reduction. Power electronics play a crucial role in energy management, power control, and energy distribution in various industries, including automotive, transportation, consumer electronics, and renewable energy. The market's growth is further fueled by the integration of power electronics in interconnected solutions, ensuring efficient energy consumption and reliable power distribution.

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Segmentation Overview

1. Product 
   • 1.1 Discrete
   • 1.2 Module
2. Material 
   • 2.1 Silicon
   • 2.2 Silicon carbide
   • 2.3 Gallium nitride
3. Geography 
   • 3.1 APAC
   • 3.2 Europe
   • 3.3 North America
   • 3.4 South America
   • 3.5 Middle East and Africa
4. Country
   US, China, Japan, South Korea, and Germany
5. Application
6. End Use

1.1 Fastest growing segment:

The power electronics industry plays a pivotal role in power conversion for various applications, from consumer electronics to industrial systems. Single chip and System-on-Chips (SoCs) integrated with power electronics enable efficient power consumption in Silicon-based devices and Wide Bandgap (WBG) devices like SiC. Power electronics are integral to wearables, sensors, IoT devices, mobile phones, and handheld electronics, facilitating DC-to-DC conversion for battery charging and voltage scaling. In renewable energy, power electronics are crucial for power generation from sources like photovoltaics and wind turbines, ensuring efficient electrical energy consumption. Power transmission and distribution systems, including power plants and power grids, rely on power electronics for efficient power conversion and distribution. Industrial appliances, server power supplies, and motor drives also benefit from power semiconductors, reducing carbon footprint and enhancing performance. Telecom infrastructure and electric motor drives in industrial robots further expand the application scope of power electronics. ON Semiconductor and other leading companies continue to innovate in this field, pushing the boundaries of power conversion technology.

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Research Analysis

The Power Electronics Market encompasses the design, manufacturing, and application of various electronic components and systems in numerous industries. Key technologies include diodes, thyristors, and advanced materials such as silicon, silicon carbide, and gallium nitride. The market spans various sectors, including automotive and transportation, renewable energy, consumer electronics, defense and aerospace, and healthcare. Applications range from electric vehicles (EVs) and portable devices to power transmission and generation in renewable energy sources like photovoltaics and wind turbines. The power electronics industry plays a crucial role in electrical energy consumption and power generation, contributing significantly to the efficiency and reliability of modern systems.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio