Power Electronics Market is Projected To Reach USD 43460 Million In 2029 With A CAGR of 3.1% | Valuates Reports

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Aug 08, 2023, 10:30 ET

BANGALORE, India, Aug. 8, 2023 /PRNewswire/ -- The Power Electronics market is segmented by Type - Power IC, Power Module, Power Discrete, by Application - Consumer Electronics, Energy & Power, Industrial System, Inverter & UPS, Automotive. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Electronics & Electrical Category.

The global Power Electronics market is projected to reach USD 43460 million in 2029, increasing from USD 34010 million in 2022, with a CAGR of 3.1% during the period of 2023 to 2029.

Major Factors Driving The Growth Of Power Electronics Market are

Increasing usage of and emphasis on the production of renewable energy in semiconductor devices is expected to drive the growth of the Power Electronics Market

Rising transportation industries and the automobile sector along with the growing industries involved in electricity production and rising demand in developing nations will further fuel the Power Electronics Market.

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TRENDS INFLUENCING THE GROWTH OF POWER ELECTRONICS MARKET

Currently, a number of nations are switching from the use of fossil fuels like coal and gas to generate power to renewable energy sources. As a result, new installations of renewable energy sources have been growing steadily while non-renewable energy sources have been declining at the same time. Power electronics are crucial in the transition of electrical energy patterns to more energy-efficient renewable energy sources. AC and DC electrical power is converted and controlled by power electronics. As wind and solar energy systems are the most potential renewable energy sources for generating electricity, power electronics-based power converters are also frequently used in these renewable energy systems. Solar panels, wind turbines, fuel cells, batteries, capacitors, and other power equipment are examples of these renewable systems.

In hybrid and plug-in Electric Vehicles (EVs), vehicle power electronic components process and regulate the flow of electrical energy. They also regulate the torque and speed of an engine. Inverters, DC/DC converters, and chargers (for plug-in electric vehicles) are a few of these parts. These electronics are frequently employed in EVs since the electric motors in these vehicles need high-power electric energy to rotate them. In powertrain systems, power components like MOSFETs and IGBT are employed as power electronic switches, which helps to reduce the overall size. Due to these benefits, the market is anticipated to expand at a noteworthy rate throughout the forecast period.

Wide bandgap semiconductor semiconductors like GaN and SiC have altered the Power Electronics Market's topography. Wide bandgap semiconductor materials enable the construction of power electronic components that are more efficient, faster, more reliable, and smaller than silicon-based counterparts. Higher efficiency not only reduces power losses but also makes it possible to use smaller systems, which lowers costs with faster switching speeds compared to silicon-based solutions. With the use of these characteristics, a variety of power applications can minimize weight, volume, and life cycle costs. Additionally, the usage of SiC and GaN has improved the performance of already-developed semiconductor technologies like MOSFETs and isolated gate bipolar transistors (IGBTs).

Because of their benefits like streamlined circuits, backward and forwards backing capabilities, compact designs, and the capacity to withstand high voltage and current, power electronics are in high demand across a variety of industries, including consumer electronics, automotive & transportation, industrial, and others. Numerous products and gadgets, including battery chargers, AC adapters, fans, fluorescent lamp ballasts, audio amplifiers, and others, are increasingly using these circuits.

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POWER ELECTRONICS MARKET SHARE ANALYSIS

Due to the growing acceptance of power electronic devices in renewable energy systems, such as solar power plants and wind turbines, the energy sector is predicted to gain a sizeable industry share throughout the projection period. To handle low, high, and variable power requirements, such systems can integrate power electronics.

Due to the rising need for such electronics in EVs, rapid charging stations, and battery systems, the automotive sector will also experience considerable growth throughout the forecast period. In order to decrease the total size, silicon-based components are also employed as power electronic switches in automobile powertrain, electrical, and electronic systems, such as power MOSFETs and IGBTs. Power electrical devices will be a popular product in the automotive industry as a result of these qualities.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

Infineon Technologies
Mitsubishi Electric Corp
Toshiba Corporation
STMicroelectronics
Fuji Electric
Rockwell Automation
Microchip Technology Corporation
Texas Instruments

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