Asia Pacific Power Electronics Market Forecast to 2030 - Regional Analysis - by Type (Power Discrete, Power Module, and Power IC), Material [Silicon (SI), Silicon Carbide (SIC), Gallium Nitride (GAN), and Others], and Industry Vertical (ICT, Automotive &

Asia Pacific Power Electronics Market Forecast to 2030 - Regional Analysis - by Type (Power Discrete, Power Module, and Power IC), Material [Silicon (SI), Silicon Carbide (SIC), Gallium Nitride (GAN), and Others], and Industry Vertical (ICT, Automotive & Transportation, Consumer Electronics, Industrial, Energy & Power, and Others)

The Asia Pacific power electronics market was valued at US$ 15,845.77 million in 2022 and is expected to reach US$ 25,854.96 million by 2030; it is estimated to record a CAGR of 6.3% from 2022 to 2030.

Increasing Demand for AI-based Power Electronics Fuels Asia Pacific Power Electronics Market

Technological giants worldwide are highly focused on research and development of new technologies. Artificial intelligence (AI) is positioned as one of the major next-gen software technologies in the power electronics market. Artificial intelligence (AI) is transforming the way power electronics operate, especially in controlling the power quality cycle. Incorporating AI into power electronics helps businesses to streamline operations and automate tasks. For instance, in November 2020, Eneryield AB created an AI-based predictive method to control a wide range of power electronics.

AI-based power electronics are integrated with special machine-learning algorithms that allow huge amounts of data to be used to forecast the power quality over several cycles. AI allows power electronics to handle complex tasks such as signal measurement, power disturbance, and real-time monitoring. Further, power electronics use machine learning language-based components such as active power filters for monitoring the ongoing voltage and current signal attempts for predicting the power disturbance within a short time. The machine learning algorithm provides appropriate time for power electronics to pre-process the monitored signal, compute the prediction, and provide the prediction to the compensation device-which can then inject the opposite harmonics and interharmonics signal to mitigate the disturbance actively. Significant benefits offered by AI-based power electronics encourage manufacturers to integrate AI in power electronics.

In addition, AI-based power electronics help both manufacturers and consumers to control the electricity supply in the devices. Increasing demand for AI-based power electronics encourages companies to partner with each other to use and develop advanced solutions. For instance, in December 2023, Unipower AB announced a collaboration with Eneryield AB to develop AI-based power electronics for power grid applications. This collaboration helps Unipower AB use Eneryield AB's machine learning-based surveillance module in the power grids. The machine learning-based surveillance module helps Unipower AB predict faults in power grids, which can lead to better grid stability and supply security. Thus, the increasing demand for AI-based power electronics is anticipated to create lucrative opportunities for the power electronics market players during the forecast period.

Asia Pacific Power Electronics Market Overview

Asia Pacific is expected to lead the power electronics market with the highest CAGR over the forecast period. The significant presence of consumer electronics can be linked to the market's expansion in Asia Pacific.

The rising demand for power generation, as well as government attempts to support power generation in several Asia Pacific countries, are boosting the cost of power generation. Renewable energy infrastructure development is a critical factor driving the overall market. Moreover, the expanding population in developing countries, particularly China and India, which is increasing the deployment of communication infrastructure, is expected to fuel the market expansion for power electronics in the region during the forecast period. The presence of well-established power electronics market players such as Renesas Electronics Corporation, Mitsubishi Electric Corporation, Fuji Electric Co., and TOSHIBA CORPORATION in Asia Pacific boosts the market growth. Furthermore, the development of Chinese firms such as BYO, Huawei, CRRC, and Sungrow is strengthening the domestic power electronics sector in China. All these factors are driving the growth of the Asia Pacific power electronics market.

Asia Pacific Power Electronics Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Power Electronics Market Segmentation

The Asia Pacific power electronics market is categorized into type, material, industry vertical, and country.

Based on type, the Asia Pacific power electronics market is categorized into power discrete, power module, and power IC. The power module segment held the largest market share in 2022.

In terms of material, the Asia Pacific power electronics market is categorized into Silicon (SI), Silicon Carbide (SIC), Gallium Nitride (GAN), and others. The Silicon Carbide (SIC) segment held the largest market share in 2022.

By industry vertical, the Asia Pacific power electronics market is segmented into ICT, automotive & transportation, consumer electronics, industrial, energy & power, and others. The consumer electronics segment held the largest market share in 2022.

By country, the Asia Pacific power electronics market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific power electronics market share in 2022.

Vishay Intertechnology Inc; Toshiba Electronic Devices & Storage Corp; Littelfuse, Inc; Renesas Electronics Corp; ROHM Co Lt; Fuji Electric Co Ltd; Mitsubishi Electric Corp; STMicroelectronics NV; Semiconductor Components Industries, L.L.C. (On Semiconductor); and Infineon Technologies AG are some of the leading companies operating in the Asia Pacific power electronics market.

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