Global Power Electronics Market Recorded Revenue Worth US$ 49.7 Bn in 2023, Anticipated to Experience CAGR of 6.4% during 2024 – 2034
Wilmington, Delaware, May 16, 2024 (GLOBE NEWSWIRE) — Power electronics is a branch of electrical engineering that deals with the conversion, control, and management of electrical power using semiconductor devices. It encompasses a wide range of applications, including power conversion, motor drives, renewable energy systems, and electric vehicles. Power electronics devices, such as converters, inverters, and rectifiers, play a crucial role in efficiently converting and controlling electrical energy to meet specific requirements. Growing demand for energy-efficient solutions across various industries to reduce power consumption and environmental impact. Secondly, the proliferation of renewable energy sources, such as solar and wind power, requires advanced power electronics systems for efficient integration into the grid. Additionally, the increasing electrification of transportation and the adoption of electric vehicles contribute to the expansion of the power electronics market.
Global Power Electronics Market: Key Dynamics
Rapid Electrification and Energy Efficiency Demands: The global push towards electrification across various sectors, including automotive, industrial, and consumer electronics, is propelling the demand for power electronics. This trend is driven by initiatives to reduce carbon emissions and enhance energy efficiency. Power electronics devices such as inverters, converters, and motor drives play a crucial role in optimizing energy usage and facilitating the transition to electric vehicles, renewable energy sources, and smart grid technologies.
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Advancements in Semiconductor Technology: Ongoing advancements in semiconductor technology, particularly the development of wide-bandgap materials like silicon carbide (SiC) and gallium nitride (GaN), are revolutionizing the power electronics landscape. These materials offer higher efficiency, faster switching speeds, and greater power density compared to traditional silicon-based semiconductors, driving innovation and adoption across diverse applications, from industrial automation to telecommunications and renewable energy systems.
COVID-19 Pandemic Impact on Global Power Electronics Market
The COVID-19 pandemic significantly impacted the power electronics market in multiple ways. Initially, disruptions in global supply chains and manufacturing operations led to shortages of components and delays in production, affecting the availability of power electronics devices. Additionally, economic uncertainties and lockdown measures resulted in project postponements and cancellations, particularly in sectors like automotive and industrial automation, leading to a decrease in demand for power electronics solutions. However, the pandemic also spurred growth in certain segments of the power electronics market. The accelerated adoption of remote work, online learning, and telemedicine drove demand for data centers, cloud computing infrastructure, and communication networks, necessitating robust power management solutions. Similarly, the increased reliance on e-commerce and digital services fueled demand for consumer electronics devices, further boosting the power electronics market.
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Key Findings: Global Power Electronics Market
- By component, the transistors segment is registered for the second largest revenue share of 29.5% in the power electronics market in 2023 due to their essential role in power switching and amplification across various applications and industries.
- By application, power control accounted for the highest market share of 45.3% in power electronics market in 2023 due to its critical role in regulating and managing power flow within electrical systems for optimal efficiency and performance.
- By circuit type, AC-to-AC dominated the power electronics market and is expected to sustain its dominance due to its widespread application in voltage regulation, frequency conversion, and power transmission across various industries and sectors.
- By industry vertical, the energy segment registered for the major revenue share of 23.2% in the power electronics market in 2023 due to increasing investments in renewable energy infrastructure and the demand for efficient energy conversion solutions.
- By region, Asia Pacific region dominated the market in terms of revenue in 2023 due to robust industrialization, rapid urbanization, and high demand for consumer electronics in countries like China, Japan, and South Korea, driving significant market growth and revenue generation.
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Competitor Insights:
The key companies profiled in the power electronics market are mentioned below:
- ABB Group
- Analog Devices, Inc.
- Eaton Corporation
- General Electric (GE)
- Mitsubishi Electric Corporation
- Monolithic Power Systems, Inc.
- ROHM CO., LTD.
- Schneider Electric
- Semikron Danfoss
- Siemens AG
- STMicroelectronics
- Tech Power Electronics Group
- Texas Instruments
- Toshiba Corporation
- Other Industry Participants
Global Power Electronics Market
By Component
- Power diodes
- Transistors
- Gate Turn-Off Thyristor (GTO)
- Others
By Application
- Power Generation
- Power Transmission
- Power Distribution
- Power Control
By Circuit Type
- AC-to-DC
- DC-to-DC
- DC-to-AC
- AC-to-AC
By Industry Vertical
- Manufacturing
- Energy
- Automotive
- Information Technology (IT) and Telecommunications
- Aerospace and Defense
- Healthcare
- Consumer Electronics
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
Jay Reynolds
The Niche Research
Japan (Toll-Free): +81 663-386-8111
South Korea (Toll-Free): +82-808- 703-126
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United Kingdom: +44 753-710-5080
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Email: askanexpert@thenicheresearch.com
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