The SNS Insider report indicates that the Power Electronics Market was valued at USD 39.66 billion in 2022, and it is projected to achieve a market size of USD 54.69 billion by 2030, with a compound annual growth rate (CAGR) of 4.1% expected over the forecast period from 2023 to 2030.
Market Report Scope -
This device uses diodes, transistors, and other components to regulate the transformation of electric power from one form to another resistors. Power electronics devices can be used to efficiently carry out operations at high voltage or high current because they have a faster switching rate at higher efficiency. Furthermore, power electronics can regulate the flow of energy in both directions, depending on the needs, and they can recycle energy for further use. Strength Future essential technologies for improving system performance and efficiency in automotive and energy-saving applications are anticipated to be electronics devices.
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Market Growth Factors
Power electronics are still being developed in China, Japan, India, and the USA, and this is improving products and raising awareness of environmental issues. Over the projection period, these will directly boost power electronics sales. The Manufacturers in the power electronics sector are concentrating on developing innovative, high-performing products that meet customer demands. They are working hard to innovate and introduce better products throughout the projection period in an attempt to keep the market at its previous successes.
Segmentation Analysis
The worldwide market is divided into silicon, silicon carbide, gallium nitride, and other materials used in the industry based on the size of the wafer. Silicon has the largest market size, and it is anticipated to have a dominant position in the market for the duration of the forecast. Due to its widespread use in various electrical devices and equipment, silicon currently holds the largest share of the market.
Relying on the application ICT, energy, consumer electronics, industry, automotive, aerospace & defense, and other industries make up the segments of the power electronics market. The market share of energy is based on its size, which is very large and yielded very high profits. It is anticipated that the automotive application will grow rapidly.
Key Regional Development
Asia Pacific will be key to the market's growth due to the adoption of high-end technology devices and rising consumer spending on electronics and home appliances. The birth of several novel innovations for electronics, LTE, and the Internet of Things (loT) will also drive market expansion in this sector. The market leader, North America, was estimated to be worth USD 11.43 billion in 2022.The American semiconductor industry in 2022 attempted developing its investments in order to accomplish the long-term demand for chips, per a Semiconductor Industry Association (SIA) report. In the whole, it was calculated that USD 166 billion was going to be spent in 2022.
Key Takeaway from Power Electronics Market
It facilitates their production growth, which throughout the projection period directly increases power electronics sales. The power electronics industry is thriving due to the growing demand for sophisticated technology devices and the advancement of automation technology by major players, such as robotic arms and automatic switches in the upcoming years.
Recent Developments Related to Power Electronics Market
· With a four-pin package that lowers switching loss, Toshiba Electronic Devices & Storage Corporation released its third generation of SiC MOSFETs for industrial equipment in August 2023. These MOSFETs reduce equipment power loss by enhancing high-speed switching performance.
· STMicroelectronics introduced high-voltage IGBTs with enhanced robustness and efficiency in September 2023, aimed at induction heating and industrial applications.
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The global power electronics market garners exponential traction.
Over the last couple of years, power electronics technology has evolved dramatically, becoming indispensable across the industries.
Furthermore, the growing focus on the use of renewable power resources boosts the power electronics market growth.
Global Power Electronics Market – Competitive Analysis Highly competitive, the power electronics market appears fragmented due to the presence of several well-established players.
Market Players Players leading the power electronics market include Texas Instruments, Inc. (US), Infineon Technologies AG (Germany), ON Semiconductor Corp. (US), Maxim Integrated Products, Inc. (US), STMicroelectronics NV (Switzerland), Fuji Electric Co., Ltd. (Japan), Qualcomm, Inc. (US), NXP Semiconductors NV (The Netherland), Vishay Intertechnology, Inc. (US), Mitsubishi Electric Corp. (Japan), and Renesas Electronics Corp. (Japan), among others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
