Power Electronics Market to Reach $71.8 billion, Globally, by 2033 at 5.8% CAGR: Allied Market Research
The power electronics market is influenced by increasing demand for energy efficiency and renewable energy sources. However, high manufacturing costs and complex technology can hinder market growth. Opportunities lie in advancements in semiconductor technology and the growth in the adoption of electric vehicles, which drive innovation and create new applications. Additionally, government initiatives promoting sustainable energy solutions present further potential for market expansion, as industries seek to integrate more efficient power management systems.
Wilmington, Delaware, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Power Electronics Market by Device Type (Power Discrete, Power Module, and Power IC), Material (Silicon Carbide, Gallium Nitride, Sapphire, and Others), Application (Power Management, Uninterruptible Power Supply, Renewable, and Others), and End Use (Telecommunication, Industrial, Automotive, Consumer Electronics, Military and Defense, Energy and Power, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the power electronics market was valued at $41.2 billion in 2023, and is estimated to reach $71.8 billion by 2033, growing at a CAGR of 5.8% from 2024 to 2033.
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Prime Determinants Of Growth
The growth of the power electronics market is primarily driven by several key factors. First, the increasing demand for energy efficiency across industries is pushing the adoption of advanced power electronic devices, which enhance performance and reduce energy consumption. Second, the global shift towards renewable energy sources, such as solar and wind, necessitates efficient power conversion and management systems, further fueling market expansion.
The rise of electric vehicles (EVs) also significantly contributes to growth, as power electronics play a crucial role in battery management and drive systems. Additionally, the burgeoning Internet of Things (IoT) and smart grid technologies demand sophisticated power management solutions to ensure seamless connectivity and efficiency.
Moreover, stringent government regulations aimed at reducing carbon emissions and promoting sustainable practices are prompting industries to invest in power electronics. As technology continues to evolve, innovative solutions are expected to emerge, creating new opportunities for market players.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $41.2 billion |
| Market Size in 2033 | $71.8 billion |
| CAGR | 5.8% |
| No. of Pages in Report | 411 |
| Segments Covered | Device Type, Material, Application, End Use, and Region. |
| Drivers |
|
| Opportunity |
|
| Restraint |
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Power IC segment dominated the market in 2023
By device type, the Power IC segment led the power electronics market in 2023 and is expected to maintain its dominance. This growth is primarily driven by the expanding consumer electronics sector, including smartphones, tablets, and wearables. As these devices advance, the demand for Power ICs increases, as they are essential for power distribution, battery optimization, and energy efficiency. Continuous innovation in consumer technology requires Power ICs to meet higher power demands while ensuring compactness and reliability, further fueling market growth.
Silicon Carbide segment dominated the market in 2023
By material, the silicon carbide (SiC) segment was the highest contributor in 2023 and is projected to maintain its dominance. The rapid growth of the electric vehicle (EV) market significantly drives the demand for SiC semiconductors. These devices are crucial in EV powertrains and charging infrastructure due to their superior efficiency, high thermal conductivity, and capability to handle higher voltages compared to traditional silicon semiconductors. These advantages reduce energy losses, enhance driving range, and improve vehicle performance, making SiC essential for advancing electric mobility and sustainable transportation solutions.
Others segment dominated the market in 2023
By application, the others category was the leading contributor in 2023 and is expected to maintain its dominance. This segment encompasses transportation, rail traction, utility systems, and drivers. The transportation sector, particularly electric vehicles, is rapidly growing and demands advanced power conversion systems to meet stringent cost, size, weight, power density, and reliability requirements. Additionally, drivers, which control other circuits such as LCDs and high-power transistors, play a crucial role. Gate drivers convert low-power input from controller ICs into high-current outputs for transistors such as IGBTs and power MOSFETs.
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Consumer Electronics segment dominated the market in 2023
By end use, the consumer electronics segment was the leading contributor in 2023 and is expected to maintain its dominance. Growing demand for advanced gadgets such as smartphones, laptops, and smart home devices fuels the need for efficient power management and conversion solutions. Power electronics are crucial for improving performance and energy efficiency in these products. Additionally, increasing technological awareness encourages the adoption of innovative power electronics technologies, driving advancements in device performance and sustainability, thus propelling market growth and investment in the sector.
Asia-Pacific region is expected to continue its dominance throughout forecast period
The Asia Pacific region was the leading contributor in 2023 and is expected to maintain its dominance throughout the forecast period. Rapid industrialization in countries such as China, India, and Southeast Asian nations is driving the demand for power electronics. As industries expand and modernize, there's an increasing need for advanced power management solutions to enhance energy efficiency, ensure reliable operations, and support automation. This growth creates a demand for innovative power electronics capable of managing high power loads, minimizing energy waste, and improving overall operational efficiency in the industrial sector.
Leading Market Players: -
- Infineon Technologies AG
- Mitsubishi Electric Corporation
- ABB, Ltd
- FUJI ELECTRIC CO, LTD.
- Microsemi Corporation
- Rockwell Automation, Inc.
- Renesas Electronics Corporation
- Texas Instruments Incorporated
- STMicroelectronics N.V.
- Toshiba Corporation
The report provides a detailed analysis of these key players in the global power electronics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In January 2022, Fuji Electric Co., Ltd. announced to carry out capital investment in Fuji Electric Tsugaru Semiconductor Co., Ltd. (Goshogawara City, Aomori Prefecture), one of its power semiconductor production bases, for increase in the production of SiC power semiconductors. Mass production is planned to begin in fiscal 2024.
- In June 2024, Infineon Technologies launched new silicon carbide (SiC) and gallium nitride (GaN) power integrated circuits (ICs). These advanced ICs are designed to enhance efficiency and performance in power electronics applications. The new SiC and GaN devices offer improved power density, thermal management, and switching speeds, making them suitable for highpower applications such as electric vehicles, renewable energy systems, and industrial automation.
Key Benefits For Stakeholders
- This report provides a quantitative power electronics market analysis of the market segments, current trends, estimations, and dynamics of the power electronics market forecast from 2023 to 2033 to identify the prevailing power electronics market opportunities. The power electronics market size is in $billion.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. Power electronics market data, and power electronics market insights are covered in the report.
- In-depth analysis of the power electronics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.Power electronics market share by key players is included in the report.
- The report includes the analysis of the regional as well as global power electronics market trends, key players, market segments, application areas, and market growth strategies.
Key Segments:
By Device Type
- Power Discrete
- Power Module
- Power IC
By Material
- Silicon Carbide
- Gallium Nitride
- Sapphire
- Others
By Application
- Power Management
- Uninterruptible Power Supply
- Renewable
- Others
By End Use
- Telecommunication
- Industrial
- Automotive
- Consumer Electronics
- Military and Defense
- Energy and Power
- Others
By Region:
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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