Power Electronics Market to grow by USD 9.44 billion from 2022 to 2027; The innovations to reduce the design time of power electronic systems boost market growth- Technavio

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- The power electronics market is to grow by USD 9.44 billion from 2022 to 2027. However, the growth momentum will progress at a CAGR of 5.55% during the forecast period, according to Technavio. The power electronics market is fragmented, and the companies are seeking strong partnerships with automotive, industrial, and commercial companies 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 are some of the major market participants -. To know about the company offerings - Request a sample report

Power Electronics Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The power electronics market report covers the following areas:

• Power Electronics Market Size
• Power Electronics Market Trends
• Power Electronics Market Industry Analysis
• Porter's Five Forces Analysis
• Customer Landscape

Power Electronics Market 2023-2027: Market Dynamics

Key Driver

The innovations to reduce the design time of power electronic systems are one of the key factors driving market growth. During the power electronics design phase, factors such as performance, efficiency, cost, and weight are determined. In addition, the extended time-to-market (TTM) is the result of prolonged design and testing of physical prototypes. Using virtual prototypes, simulate thermal and electromagnetic conditions, improve reliability, speed up design, and reduce TTM by reducing reliance on physical prototypes. The introduction of new virtual prototyping tools will accelerate the adoption of power electronics in the industry. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The increased use of artificial intelligence and machine learning is a major trend in the market. This expansion is due to cutting-edge technologies such as AI and ML in the field of smart grids. Additionally, adopting these innovations improves asset management, reduces downtime, and optimizes grid functioning. Integrating power electronics with smart grid technology facilitates grid-scale deployment of energy storage, enhancing stability and renewable energy sources. As a result, the power electronics market is growing for energy storage applications. Hence, such factors are expected to drive market growth during the forecast period.

Significant Challenge

Technological limitations are one of the significant challenges restricting market growth. Silicon wafers are the main basis of power semiconductor devices. IGBT, Power MOSFET, and Super Junction Power MOSFET are widely used in high and low-voltage applications due to their configuration. Power MOSFETs are suitable for applications below 500 V, while IGBTs handle above 400 V. Super-junction power MOSFETs operate between 500 and 900 V. Higher voltages make IGBT transitions slower. and super-connected MOSFET losses above 900 V. Moreover, for kilovolt power transmission, silicon devices are less efficient. Efficiency enhancement related to expensive wide bandgap and ultra-wide bandgap materials, still awaiting commercialization. Thus, these factors are expected to restrict market growth during the forecast period.

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Power Electronics Market 2023-2027: Segment Analysis

• Product 
• Discretes
• Modules
• Material 
• Silicon
• Silicon Carbide
• Gallium Nitride
• Geography 
• APAC
• Europe
• North America
• South America
• Middle East and Africa

Power Electronics Market 2023-2027: Segmentation Highlights

• The power electronic market share growth by the discrete segment will be significant during the forecast period. Consumer electronics rely heavily on discrete silicon-based components. Consumer electronics and LED lighting systems drive most of the demand. To speed up design and time-to-market (TTM), engineers in various industries are choosing more modules than discrete components in their electronic systems. Discrete includes diodes, thyristors, and various transistors such as BJTs, MOSFETs, and IGBTs. In addition, technological advances in the production of bandgap materials such as SiC and GaN are continuing to drive the demand for discrete components. Hence, these factors are expected to drive segment growth during the forecast period.
• APAC is estimated to contribute 54% to the growth of the market during the forecast period. The expansion of the market is due to the increase in power demand in developing countries in the region. Japan, China, Korea, and India are the key contributors to the market in the region. The growth of the market is also driven by the production-oriented policies of the Chinese and Indian governments. In addition, Mitsubishi Electric Corporation, Fuji Electric, and Renesas Electronics Corporation are major players in the region to benefit from it. Hence, these factors are expected to drive market growth in the region during the forecast period.

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report

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 power electronics market across APAC, Europe, North America, South America, and the Middle East and Africa
• Analysis of the market's competitive landscape and detailed information on companies
• Comprehensive details of factors that will challenge the growth of power electronics market companies

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Table of Contents

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