Power Electronics Market Size, By Product (Discrete {Thyristors, Rectifiers, Insulated-Gate Bipolar Transistor [IGBT], Bipolar Junction Transistor [BJT], Metal-Oxide-Semiconductor Field-Effect Transistor [MOSFET]}, Module), By Application (Automotive, Con

Power Electronics Market Size, By Product (Discrete {Thyristors, Rectifiers, Insulated-Gate Bipolar Transistor [IGBT], Bipolar Junction Transistor [BJT], Metal-Oxide-Semiconductor Field-Effect Transistor [MOSFET]}, Module), By Application (Automotive, Consumer Electronics, Information & Communication Technology (ICT), Industrial, Energy), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Power Electronics Market is anticipated to register growth through 2032, owing to the rising penetration of advanced computing devices such as laptops, tablets, smartphones, and personal computers. Power electronics are crucial for enhancing device performance and efficient battery management in portable devices. Besides, the ongoing industrial automation, owing to several benefits such as high productivity, high quality, increased flexibility, and lower operating costs, will result in a surge in the implementation of power electronics.

The key providers in the market are engaging in strategic initiatives such as mergers and acquisitions, partnerships, R&D investments, and new product launches to gain a competitive edge in the industry. To cite an instance, in February 2022, Mitsubishi Electric Corporation announced that its U.S. subdivision, Mitsubishi Electric Power Products, has acquired all shares of Computer Protection Technology, Inc., based in San Diego, California. With this acquisition, the firm plans to expand its UPS (uninterruptible power supply) business in North America.

Overall, the power electronics industry is segmented in terms of product, discrete, end-use, and region.

Considering the product, the module segment will grow considerably over 2023-2032 owing to its wide application in motor drives, inverters, and converters for power management. Improved power handling and reliability, ease of installation, removal and replacement, simple heat sinking through the integrated base plate, and simplified circuit implementation, especially with intelligent power modules, are some of the key attributes that will propel the product demand.

Based on discrete, the thyristors segment is anticipated to depict over 2% CAGR through 2032, given the rising adoption of electric vehicles for combating CO2 emissions. As per the Net Zero Emissions by 2050 Scenario estimates, there will be more than 300 million electric cars in 2030, accounting for 60% of new car sales. Besides, thyristors are easy to use, capable of controlling AC power, cost-efficient, and boast the ability to handle large voltage, energy, and current.

By end-use, the automotive and transportation segment is slated to depict 6.5% CAGR over 2023-2032. The increasing power electronics use among automotive OEMs owing to the rising integration of electrical and electronic control systems in vehicles would stimulate the market growth.

Regionally, the Europe power electronics market is expected to exhibit significant growth by 2032 end. The regional market expansion can be attributed to the rising adoption of robotics and factory automation. In addition, the presence of leading manufacturers and OEMs in the region that are focusing on the modernization of their manufacturing facilities by integrating industrial robots to gain a competitive advantage will add impetus to the industry outlook in the future.