PUBLISHER: The Business Research Company | PRODUCT CODE: 1653259
PUBLISHER: The Business Research Company | PRODUCT CODE: 1653259
Power electronics refers to electronic circuit devices designed to efficiently and robustly transfer power from a source to a load, employing components such as diodes, transistors, and thyristors. These devices play a crucial role in converting electrical power from one form to another for effective power delivery.
The primary categories of products in power electronics are discrete and module. Discrete devices consist of single-type semiconductors like diodes or transistors. Among these, power transistors stand out as key discrete devices widely applied in various contexts, including voltage regulation, power consumption reduction, and heat generation mitigation. Different materials, such as silicon, silicon carbide, and gallium nitride, are utilized, and various voltage levels, including low, medium, and high voltage, are incorporated. Power electronics find application in power management, uninterruptible power supplies (UPS), renewable energy systems, and other diverse applications. They are employed across various sectors, including automotive, consumer electronics, information technology and telecommunication, military and aerospace, industrial, energy and power, among others.
The power electronics market research report is one of a series of new reports from The Business Research Company that provides power electronics market statistics, including power electronics industry global market size, regional shares, competitors with a power electronics market share, detailed power electronics market segments, market trends and opportunities, and any further data you may need to thrive in the power electronics industry. This power electronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The power electronics market size has grown steadily in recent years. It will grow from $48.26 billion in 2024 to $50.62 billion in 2025 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to growth in the electronics and semiconductor industry, expansion of renewable energy systems, demand for efficient energy conversion, increase in electric vehicle adoption, regulatory standards for energy efficiency.
The power electronics market size is expected to see strong growth in the next few years. It will grow to $63.18 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to customized power electronic solutions for specific applications, integration of power electronics in smart grid systems, sustainable and energy-efficient power electronics, growth in electric aircraft and evtols, expansion of 5g networks and power-efficient devices. Major trends in the forecast period include GaN and sic power semiconductor materials, regulatory compliance in power electronics safety, power electronics for energy storage and microgrids, high-frequency and miniaturized power converters, iot integration in power electronics for smart devices.
The rapid advancement of electric vehicles is playing a significant role in driving the growth of the power electronics market. These vehicles, which utilize electric power either partially or entirely, incorporate power electronics in various components to manage electrical energy flow, particularly in energy management systems. According to the International Energy Agency (IEA), there was a notable 60% increase in the global electric car fleet, reaching 26 million vehicles in 2022 compared to 2021. Consequently, the thriving development of electric vehicles is anticipated to be a major catalyst for the continued expansion of the power electronics market.
The surge in sales of smart electronic devices is poised to contribute to the expansion of the power electronics market. Smart electronic devices, which are internet-connected and can be remotely controlled through applications or voice commands, are fostering innovation and driving demand for power management and intelligent energy solutions. A report by Smart Home Statistics projects that, by 2025, the global shipment composition of smart devices will include smart lighting systems (26%), security cameras (23%), smart speakers (19%), smart TVs (14%), and other smart devices (18%). Consequently, the rising sales of smart electronic devices are expected to bolster the growth of the power electronics market.
Technological advancements are a significant trend gaining traction in the power electronics market. These advancements represent discoveries that propel technology forward. Major companies in the power electronics sector are concentrating on developing cutting-edge technologies to meet consumer demands. For example, in September 2023, STMicroelectronics, a Switzerland-based manufacturer of electronics and semiconductors, launched a new class of IGBTs with a breakdown-voltage capability of 1350V and a maximum operating temperature of 175°C, which enhances design margins, performance, and reliability. The STPOWER IH2 series also improves power conversion efficiency, featuring a low saturation voltage that reduces power dissipation and a freewheeling diode that boosts efficiency in quasi-resonant converters operating between 16kHz and 60kHz. These IGBTs are particularly well-suited for induction heating applications in household appliances, achieving up to an 11% reduction in power dissipation for 2kW applications.
Major companies in the power electronics market are actively engaging in partnerships and collaborations to drive innovation, expand their global footprint, and enhance research and development in power electronics. In a collaborative effort, Airbus, a French aerospace company, and STMicroelectronics, a Swiss semiconductor company, signed an agreement in June 2023 to cooperate on power electronics research and development. This collaboration focuses on advancing more efficient and lighter power electronics, crucial for future hybrid-powered aircraft and fully electric urban air vehicles. The initiative builds upon joint evaluations exploring the benefits of wide bandgap semiconductor materials for aircraft electrification.
In January 2022, Stove Kraft Limited, an Indian cooking appliance company, acquired the business of SKAVA Electric for $0.54 million. Through this acquisition, Stove Kraft gained business and intellectual property rights from SKAVA Electric, reinforcing its position in the manufacturing of low-voltage switchgear solutions, including electrical switches, sockets, and switchboards. The acquisition leverages SKAVA's design, operational, and manufacturing teams to enhance Stove Kraft's capabilities in this segment. SKAVA Electric Private Limited is an Indian electrical manufacturing company specializing in the electric switches and accessories segment.
Major companies operating in the power electronics market include ABB Ltd., Fuji Electric Co. Ltd., Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments incorporated, Toshiba Corporations, Vishay Intertechnology, NXP Semiconductors, GaN Systems Inc., Littelfuse Inc., Maxim Integrated, ROHM Co. Ltd., Transphorm Inc., ON Semiconductor Corporation, Microchip Technology Inc., UnitedSiC Inc., Wolfspeed Inc., IXYS Corporation, Power Integrations Inc., Cree Inc., Diodes Incorporated, Semtech Corporation, Analog Devices Inc., Fairchild Semiconductor International Inc., International Rectifier Corporation, Linear Technology Corporation, Monolithic Power Systems Inc., Powerex Inc., Silicon Laboratories Inc., Sanken Electric Co. Ltd., TDK Corporation, Vicor Corporation, Yaskawa Electric Corporation, Murata Manufacturing Co. Ltd., Panasonic Corporation
Asia-Pacific was the largest region in the power electronics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the power electronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The power electronics market consists of sales of controlled rectifier, diodes, SCRs, and Triacs. 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.
Power Electronics Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on power electronics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for power electronics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The power electronics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.