NEW YORK, June 19, 2023 /PRNewswire/ -- The power electronics market size is expected to grow by USD 9.44 billion from 2022 to 2027, progressing at a CAGR of 5.55% as per the latest Technavio market research report. APAC is estimated to account for 54% of the market's overall growth. The market growth in the region can be attributed to the increase in demand for power in the developing nations in this region. By 2026, the demand for energy is expected to grow up to 1.5 times the demand in 2021, which will be met partially from renewable sources for which every country has set targets. Mitsubishi Electric Corporation, Fuji Electric, Renesas Electronics Corporation, and TOSHIBA ELECTRONIC DEVICES AND STORAGE CORPORATION are some of the players in APAC that have benefitted. Furthermore, Taiwan-based WPG Holdings, WT Microelectronics, and Japan-based Toyota Tsusho Corporation are some of the key distributors in this region. Hence, such factors contribute to the growth of the regional market in APAC during the forecast period. For more insights on the market share of various regions - Download a sample report in MINUTES
Power Electronics Market: Significant Drivers
- One of the major factors driving the growth of the power electronics market is the innovations to reduce the design time of power electronic systems.
- The determination of the performance, efficiency, cost, and weight of the systems are involved in the design phase of the power electronic components production cycle.
- Furthermore, virtual prototyping helps improve the reliability of the system and expedite the design process, thereby reducing the TTM for the products.
- The design process requires software to simulate the thermal and electromagnetic conditions in the circuit, which reduces the need for physical prototypes.
- Hence, such factors drive the market growth during the forecast period.
Power Electronics Market: Major Trends
- The increased use of artificial intelligence and machine learning is an emerging trend influencing the power electronics market.
- As a result of the smart grid industry's use of cutting-edge technologies like AI and machine learning (ML), the global market expands.
- Furthermore, utilizing such technologies improves asset management, decreases downtime, and optimizes grid operations.
- To enable predictive maintenance and provide real-time data on grid performance, advanced sensors, and monitoring systems are also being deployed.
- Hence, such trends boost the market growth during the forecast period.
To know about more drivers, trends along with challenges - Download a sample now!
What's New?
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!
Some of the key Power Electronics Market Players:
The power electronics market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
ABB Ltd., Alcon Electronics Pvt. Ltd., Analog Devices Inc., Arete and Cocchi Technology, Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Infineon Technologies AG, Kerala State Electronics Development Corp. Ltd., Magna-Power Electronics Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Siemens Energy AG, STMicroelectronics NV, Texas Instruments Inc., Toshiba Corp., and Vitesco Technologies Group AG.
This power electronics market report extensively covers market segmentation by product (discretes and modules), material (silicon, silicon carbide, and gallium nitride), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The power electronic market share growth by the discretes segment will be significant for overall market growth during the forecast period. The products in this segment are majorly used in consumer electronic goods and are primarily silicon-based. Moreover, the majority of the demand is for applications like consumer electronics and light-emitting diode (LED) lighting systems. Furthermore, discretes require being optimized for power density while being placed in a module. Also, the effort for searching and procuring discrete components is high and can be saved when modules are procured directly. Hence, such factors drive segment growth during the forecast period.
Gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
The flexible hybrid electronics market size is expected to increase by USD 135.36 million from 2021 to 2026, at a CAGR of 16.17%. Furthermore, this report extensively covers flexible hybrid electronics market segmentation by application (consumer electronics, automotive, medical and healthcare, energy and power, and others) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The growing use of medical pressure sensors and on-body health monitoring devices is notably driving the flexible hybrid electronics market growth.
The electronics parts forward logistics market size in APAC is expected to increase to USD 1.47 billion from 2021 to 2026, at a CAGR of 8.5%. Furthermore, this report extensively covers electronics parts forward logistics market segmentation in APAC by end-user (industrial, consumer electronics, and others) and geography (China, Japan, and Rest of APAC). The growing electronic parts trade between China and India is notably driving the electronics parts forward logistics market growth in APAC.
Power Electronics Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.55% |
Market growth 2023-2027 |
USD 9.44 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
5.19 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Alcon Electronics Pvt. Ltd., Analog Devices Inc., Arete and Cocchi Technology, Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Infineon Technologies AG, Kerala State Electronics Development Corp. Ltd., Magna-Power Electronics Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Siemens Energy AG, STMicroelectronics NV, Texas Instruments Inc., Toshiba Corp., and Vitesco Technologies Group AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Material
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global power electronics market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on Global power electronics market 2017 - 2021 ($ billion)
- 4.2 Product Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)
- 4.3 Material Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Material Segment 2017 - 2021 ($ billion)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Product
- 6.1 Market segments
- Exhibit 30: Chart on Product - Market share 2022-2027 (%)
- Exhibit 31: Data Table on Product - Market share 2022-2027 (%)
- 6.2 Comparison by Product
- Exhibit 32: Chart on Comparison by Product
- Exhibit 33: Data Table on Comparison by Product
- 6.3 Discretes - Market size and forecast 2022-2027
- Exhibit 34: Chart on Discretes - Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Data Table on Discretes - Market size and forecast 2022-2027 ($ billion)
- Exhibit 36: Chart on Discretes - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Discretes - Year-over-year growth 2022-2027 (%)
- 6.4 Modules - Market size and forecast 2022-2027
- Exhibit 38: Chart on Modules - Market size and forecast 2022-2027 ($ billion)
- Exhibit 39: Data Table on Modules - Market size and forecast 2022-2027 ($ billion)
- Exhibit 40: Chart on Modules - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Modules - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Product
- Exhibit 42: Market opportunity by Product ($ billion)
- Exhibit 43: Data Table on Market opportunity by Product ($ billion)
7 Market Segmentation by Material
- 7.1 Market segments
- Exhibit 44: Chart on Material - Market share 2022-2027 (%)
- Exhibit 45: Data Table on Material - Market share 2022-2027 (%)
- 7.2 Comparison by Material
- Exhibit 46: Chart on Comparison by Material
- Exhibit 47: Data Table on Comparison by Material
- 7.3 Silicon - Market size and forecast 2022-2027
- Exhibit 48: Chart on Silicon - Market size and forecast 2022-2027 ($ billion)
- Exhibit 49: Data Table on Silicon - Market size and forecast 2022-2027 ($ billion)
- Exhibit 50: Chart on Silicon - Year-over-year growth 2022-2027 (%)
- Exhibit 51: Data Table on Silicon - Year-over-year growth 2022-2027 (%)
- 7.4 Silicon carbide - Market size and forecast 2022-2027
- Exhibit 52: Chart on Silicon carbide - Market size and forecast 2022-2027 ($ billion)
- Exhibit 53: Data Table on Silicon carbide - Market size and forecast 2022-2027 ($ billion)
- Exhibit 54: Chart on Silicon carbide - Year-over-year growth 2022-2027 (%)
- Exhibit 55: Data Table on Silicon carbide - Year-over-year growth 2022-2027 (%)
- 7.5 Gallium nitride - Market size and forecast 2022-2027
- Exhibit 56: Chart on Gallium nitride - Market size and forecast 2022-2027 ($ billion)
- Exhibit 57: Data Table on Gallium nitride - Market size and forecast 2022-2027 ($ billion)
- Exhibit 58: Chart on Gallium nitride - Year-over-year growth 2022-2027 (%)
- Exhibit 59: Data Table on Gallium nitride - Year-over-year growth 2022-2027 (%)
- 7.6 Market opportunity by Material
- Exhibit 60: Market opportunity by Material ($ billion)
- Exhibit 61: Data Table on Market opportunity by Material ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 63: Chart on Market share by geography 2022-2027 (%)
- Exhibit 64: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 65: Chart on Geographic comparison
- Exhibit 66: Data Table on Geographic comparison
- 9.3 APAC - Market size and forecast 2022-2027
- Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 9.4 Europe - Market size and forecast 2022-2027
- Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.5 North America - Market size and forecast 2022-2027
- Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.6 South America - Market size and forecast 2022-2027
- Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 9.7 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 9.8 China - Market size and forecast 2022-2027
- Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)
- 9.9 US - Market size and forecast 2022-2027
- Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.10 Japan - Market size and forecast 2022-2027
- Exhibit 95: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 96: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 97: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 98: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.11 Germany - Market size and forecast 2022-2027
- Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.12 South Korea - Market size and forecast 2022-2027
- Exhibit 103: Chart on South Korea - Market size and forecast 2022-2027 ($ billion)
- Exhibit 104: Data Table on South Korea - Market size and forecast 2022-2027 ($ billion)
- Exhibit 105: Chart on South Korea - Year-over-year growth 2022-2027 (%)
- Exhibit 106: Data Table on South Korea - Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 107: Market opportunity by geography ($ billion)
- Exhibit 108: Data Tables on Market opportunity by geography ($ billion)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 109: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 111: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 112: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 113: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 114: Matrix on vendor position and classification
- 12.3 ABB Ltd.
- Exhibit 115: ABB Ltd. - Overview
- Exhibit 116: ABB Ltd. - Business segments
- Exhibit 117: ABB Ltd. - Key offerings
- Exhibit 118: ABB Ltd. - Segment focus
- 12.4 Analog Devices Inc.
- Exhibit 119: Analog Devices Inc. - Overview
- Exhibit 120: Analog Devices Inc. - Business segments
- Exhibit 121: Analog Devices Inc. - Key news
- Exhibit 122: Analog Devices Inc. - Key offerings
- Exhibit 123: Analog Devices Inc. - Segment focus
- 12.5 Fuji Electric Co. Ltd.
- Exhibit 124: Fuji Electric Co. Ltd. - Overview
- Exhibit 125: Fuji Electric Co. Ltd. - Business segments
- Exhibit 126: Fuji Electric Co. Ltd. - Key offerings
- Exhibit 127: Fuji Electric Co. Ltd. - Segment focus
- 12.6 Infineon Technologies AG
- Exhibit 128: Infineon Technologies AG - Overview
- Exhibit 129: Infineon Technologies AG - Business segments
- Exhibit 130: Infineon Technologies AG - Key news
- Exhibit 131: Infineon Technologies AG - Key offerings
- Exhibit 132: Infineon Technologies AG - Segment focus
- 12.7 Kerala State Electronics Development Corp. Ltd.
- Exhibit 133: Kerala State Electronics Development Corp. Ltd. - Overview
- Exhibit 134: Kerala State Electronics Development Corp. Ltd. - Product / Service
- Exhibit 135: Kerala State Electronics Development Corp. Ltd. - Key offerings
- 12.8 Magna-Power Electronics Inc.
- Exhibit 136: Magna-Power Electronics Inc. - Overview
- Exhibit 137: Magna-Power Electronics Inc. - Product / Service
- Exhibit 138: Magna-Power Electronics Inc. - Key offerings
- 12.9 Mitsubishi Electric Corp.
- Exhibit 139: Mitsubishi Electric Corp. - Overview
- Exhibit 140: Mitsubishi Electric Corp. - Business segments
- Exhibit 141: Mitsubishi Electric Corp. - Key news
- Exhibit 142: Mitsubishi Electric Corp. - Key offerings
- Exhibit 143: Mitsubishi Electric Corp. - Segment focus
- 12.10 NXP Semiconductors NV
- Exhibit 144: NXP Semiconductors NV - Overview
- Exhibit 145: NXP Semiconductors NV - Product / Service
- Exhibit 146: NXP Semiconductors NV - Key news
- Exhibit 147: NXP Semiconductors NV - Key offerings
- 12.11 ON Semiconductor Corp.
- Exhibit 148: ON Semiconductor Corp. - Overview
- Exhibit 149: ON Semiconductor Corp. - Business segments
- Exhibit 150: ON Semiconductor Corp. - Key offerings
- Exhibit 151: ON Semiconductor Corp. - Segment focus
- 12.12 Power Electronics
- Exhibit 152: Power Electronics - Overview
- Exhibit 153: Power Electronics - Product / Service
- Exhibit 154: Power Electronics - Key offerings
- 12.13 Renesas Electronics Corp.
- Exhibit 155: Renesas Electronics Corp. - Overview
- Exhibit 156: Renesas Electronics Corp. - Business segments
- Exhibit 157: Renesas Electronics Corp. - Key offerings
- Exhibit 158: Renesas Electronics Corp. - Segment focus
- 12.14 Siemens Energy AG
- Exhibit 159: Siemens Energy AG - Overview
- Exhibit 160: Siemens Energy AG - Business segments
- Exhibit 161: Siemens Energy AG - Key news
- Exhibit 162: Siemens Energy AG - Key offerings
- Exhibit 163: Siemens Energy AG - Segment focus
- 12.15 STMicroelectronics NV
- Exhibit 164: STMicroelectronics NV - Overview
- Exhibit 165: STMicroelectronics NV - Business segments
- Exhibit 166: STMicroelectronics NV - Key news
- Exhibit 167: STMicroelectronics NV - Key offerings
- Exhibit 168: STMicroelectronics NV - Segment focus
- 12.16 Texas Instruments Inc.
- Exhibit 169: Texas Instruments Inc. - Overview
- Exhibit 170: Texas Instruments Inc. - Business segments
- Exhibit 171: Texas Instruments Inc. - Key news
- Exhibit 172: Texas Instruments Inc. - Key offerings
- Exhibit 173: Texas Instruments Inc. - Segment focus
- 12.17 Toshiba Corp.
- Exhibit 174: Toshiba Corp. - Overview
- Exhibit 175: Toshiba Corp. - Business segments
- Exhibit 176: Toshiba Corp. - Key offerings
- Exhibit 177: Toshiba Corp. - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 178: Inclusions checklist
- Exhibit 179: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 180: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 181: Research methodology
- Exhibit 182: Validation techniques employed for market sizing
- Exhibit 183: Information sources
- 13.5 List of abbreviations
- Exhibit 184: List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article