Power Electronics Market by Device Type (Discrete, IC, Module), Material (Gallium Nitride, Sapphire, Silicon), Voltage, Current Level, Wafer Size, Application - Global Forecast 2024-2030

Power Electronics Market by Device Type (Discrete, IC, Module), Material (Gallium Nitride, Sapphire, Silicon), Voltage, Current Level, Wafer Size, Application - Global Forecast 2024-2030

The Power Electronics Market size was estimated at USD 47.87 billion in 2023 and expected to reach USD 50.08 billion in 2024, at a CAGR 5.67% to reach USD 70.46 billion by 2030.

Power electronics is a component of electrical engineering that deals with converting, controlling, and managing electrical power. It involves studying and applying electronic devices and systems for the control and transformation of electric power. Power electronics are crucial in various applications, including power conversion, motor drives, renewable energy systems, and electric vehicles. The growth of the power electronics market is influenced by multiple factors, including the global push for energy efficiency and carbon footprint reduction, advancements in technology leading to higher power density, and the robust growth of electric vehicles and renewable energy systems. Increased investments in smart grids and the need for high-efficiency power solutions in consumer electronics are also key drivers. Moreover, government initiatives and policies favoring energy-saving technologies provide a conducive environment for the market's expansion. Despite the prospects for growth, the market faces limitations and challenging factors, such as the high initial cost of advanced power electronic systems and the complexity involved in integrating these systems into existing frameworks, which further hamper its growth in the market. Innovation in semiconductor materials that offer higher efficiency and the power to operate at higher frequencies and temperatures can contribute to the further growth of the industry. Integration of AI and IoT for smart power management systems, inductive wireless power transfer for electric vehicle charging, and advancement in battery management systems for better energy storage solutions represent potential avenues for market expansion.

Regional Insights

The Americas has a significant power electronics market with a strong emphasis on technological advancements and high-quality products. The regional consumers show a growing interest in home automation and smart appliances, which drives the need for advanced power electronic solutions. The landscape is shaped by numerous governmental initiatives to promote energy efficiency and is supported by a robust investment atmosphere for technology start-ups and research endeavors. Stringent regulations regarding energy consumption and high environmental awareness among consumers characterize the European power electronics space. EU initiatives aim to make the European Union a climate-neutral region by driving innovation in green technology, including power electronics. The EU's focus on sustainability influences customer purchasing behavior towards efficient and long-lasting electronics. European countries have numerous power electronics companies engaged in high-level research and development. The Asia Pacific has a significant landscape in power electronics, largely driven by its substantial investments in renewable energy and electric vehicles (EVs). As part of its pollution reduction and energy security strategies, the government's support for EVs has catalyzed local market growth. The country's power electronics landscape is burgeoning due to the government's push for renewable energy and the rapid expansion of its industrial sector.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Power Electronics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing use of power electronic devices in consumer electronics products and medical devices
High demand for portable and battery-powered devices
Increasing investments in electrification of industrial sectors

Market Restraints

High costs associated with manufacturing power electronics

Market Opportunities

Growing electrification of vehicles and need for RF power semiconductors for 5G industry
New technological developments in power electronics

Market Challenges

Concerns related to low overhead capacity

Market Segmentation Analysis

Device Type: Significant adoption of discrete devices for their customization potential
Material: Gallium nitride offers high-efficiency performance in high-frequency and high-power applications
Voltage: High voltage systems prioritize transmission efficiency over long distances, and high-power applications
Application: High demand for power electronics in the aerospace & defense sector

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Power Electronics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Power Electronics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Infineon Completes Acquisition of GaN Systems

Infineon Technologies AG acquired GaN Systems—a pioneer in gallium nitride (GaN) field-effect transistors. This acquisition enhances Infineon’s comprehensive portfolio by integrating GaN Systems' innovative technology, which is set to advance the performance and efficiency of power conversion in many applications.

AIXTRON Launches G10-GaN for Power Electronics Market

AIXTRON SE, a provider of deposition equipment to the semiconductor industry, unveiled its latest innovation—the G10 GaN tool. This platform is specifically engineered for Gallium Nitride (GaN) applications, poised to revolutionize the market with its stellar efficiency and performance capabilities. The G10 GaN is designed to cater to the escalating demand for energy-efficient power electronics across various applications, from consumer electronics to electric vehicles and renewable energy systems.

US-based Silicon Power to Invest More Than USD 120 Million for Semiconductor Component Plant in Odisha

U.S.-based Silicon Power Corporation announced a substantial investment exceeding USD 120 million earmarked for constructing a semiconductor component manufacturing facility in Odisha, India. This strategic move is poised to fortify the company's production capabilities, significantly enhancing its output to meet the escalating global demand for semiconductor components. The state-of-the-art plant is projected to generate many job opportunities, contributing to economic growth and fostering advancements in the power electronics sector.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Power Electronics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Power Electronics Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., BorgWarner Inc., Delta Electronics, Inc., Fuji Electric Co., Ltd., Heraeus Group, imperix power electronics, Infineon Technologies AG, Liebherr-International Deutschland GmbH, Littelfuse, Inc., Maxim Integrated Products, Inc., Microchip Technology Inc., Mitsubishi Electric Corp., Murata Manufacturing Co., Ltd., Nordic Semiconductor, NXP Semiconductor N.V, ON Semiconductor Corp., Oztek Corporation, Proterial, Ltd., Qualcomm, Inc., Renesas Electronics Corp., Semikron Danfoss Elektronik GmbH & Co. KG, STMicroelectronics N.V., Texas Instruments, Inc., Toshiba Corporation, Vincotech, Vitesco Technologies, and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Power Electronics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Device Type
Discrete
Diode
Thyristor
Transistors
IC
Application Specific IC
Power Management IC
Module
Intelligent Power Module
Standard and Power Integrated Module
Material
Gallium Nitride
Sapphire
Silicon
Silicon Carbide
Voltage
High Voltage
Low Voltage
Medium Voltage
Current Level
25A to 40A
Above 40A
Up to 25A
Wafer Size
200 mm
Above 200 mm
Less than 200 mm
Application
Aerospace & Defense
Automotive
Consumer Electronics
Industrial
Information & Communications Technology
Power
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year