Power electronics market size to grow by USD 9.44 billion from 2022 to 2027, APAC is estimated to contribute 54% to the growth of the global marke - Technavio

NEW YORK, Nov. 6, 2023 /PRNewswire/ -- The power electronics market size is expected to grow by USD 9.44 billion from 2022 to 2027. The growth momentum of the market will accelerate at a CAGR of 5.55% during the forecast period, according to Technavio. APAC is estimated to contribute 54% to the growth of the global market during the forecast period. The market growth in APAC can be attributed to the growing demand from the developing nations in this region for power. It is expected that by 2026 the energy demand will increase up to 1.5 times that of 2021. This demand will be met partially from renewable sources for which every country has set targets. The key contributors to the market in APAC are Japan, China, South Korea, and India. Furthermore, policies on manufacturing by the Chinese and Indian governments also drive market growth in this region. For more insights on the historic data (2017 to 2021), and forecast market size (2023 to 2027) – Request a report sample 

Power electronics market 2023-2027: Segmentation

• Product 
• Discretes
• Modules

The market share growth by the discretes segment will be significant during the forecast period. These are silicon-based components that are primarily used in consumer electronic goods. Applications like consumer electronics and light-emitting diode (LED) lighting systems account for the majority of the demand. Discretes must be module-optimized for power efficiency before being installed. When modules are purchased directly, considerable time and effort can be spared from the hunt for and acquisition of discrete components. To shorten the design cycle and lower the TTM, engineers in various end-user industries integrate more modules than discrete ones in their electronic systems. The demand for discrete is also fueled by technological advancements used to create wide bandgap materials like silicon carbide (SiC) and GaN. Thus, owing to such factors the segment is expected to grow during the forecast period. 

• Material 
• Silicon
• Silicon carbide
• Gallium nitride
• Geography 
• APAC
• Europe
• North America
• South America
• Middle East and Africa

Power electronics market 2023-2027: Vendor analysis

ABB Ltd.- The company offers power electronics such as low-voltage AC drives.

Analog Devices Inc. - The company offers power electronics such as Analog Devices isoPower.

Fuji Electric Co. Ltd. - The company offers power electronics such as power MOSFETs.

Infineon Technologies AG - The company offers power electronics such as IGBT, smart power switches, and LED driver IC.

We provide a detailed analysis of around 15 vendors operating in the power electronics market, including ABB Ltd., Alcon Electronics Pvt. Ltd., Analog Devices Inc., Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Infineon Technologies AG, Kerala State Electronics Development Corp. Ltd., Magna Power Electronics, Mitsubishi Electric Corp., NXP Semiconductors NV, OM Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Siemens Energy AG, STMicroelectronics NV, Texas Instruments Inc., Toshiba Corp., Vitesco Technologies Group AG, and Arete and Cocchi Technology.

Power electronics market 2023-2027: Scope

Our power electronics market report covers the following areas:

• Power electronics market size
• Power electronics market trends
• Power electronics market industry analysis

Market Driver

The market is driven by innovations to reduce the design time of power electronic systems. The performance, efficiency, cost, and weight of the systems are determined during the design part of the manufacturing cycle of power electronic components. Different physical prototypes must be created for this stage using various electrical component combinations. The lengthy process of designing and evaluating physical prototypes will result in a high time-to-market (TTM) for various power electronic goods. Virtual prototyping can help improve the reliability of the system and expedite the design process, thereby reducing the TTM for the goods. This procedure eliminates the need for real prototypes by simulating the thermal and electromagnetic conditions in the circuit using the software. The industry's embrace of new virtual prototyping tools will spur the use of power electronic components. This will increase the demand for innovation, which in turn, will drive the growth of the market focus during the forecast period.

Learn more about the contribution of each segment of the market. Download a sample

Power electronics market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist power electronics market growth during the next five years
• Estimation of the power electronics market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the smart TV sticks market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of power electronics market vendors

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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio