Pune, India, May 16, 2023 (GLOBE NEWSWIRE) — The global power electronics market size was valued at USD 52.70 billion in 2022 and is projected to grow from USD 61.94 billion in 2023 to USD 153.30 billion by 2030, recording a CAGR of 13.8% during the forecast timeframe of 2023-2030.
The global market is estimated to grow at a notable pace as these devices are being extensively used in several sectors such as aerospace, automotive, defense, residential, healthcare, space, and industrial. Various power electronic conversion systems, such as AC to DC, DC to AC, DC to DC, and AC to AC, are used in many applications. However, the rising demand for consumer electronic gadgets, such as TVs, personal computers, and battery chargers, has boosted the installation of AC to DC converters. These factors will enhance the usage of power electronic devices.
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List of Key Players Profiled in the Power Electronics Market Report:
- Texas Instruments (U.S.)
- Infineon Technologies (Germany)
- On Semiconductor (U.S.)
- Analog Devices Inc. (U.S.)
- TDK (Japan)
- Qualcomm (U.S.)
- STMicroelectronics (Switzerland)
- Murata Manufacturing (Japan)
- Vishay Inter technology (U.S.)
- ROHM (Japan)
Report Scope & Segmentation:
|2030 Value Projection
|USD 153.30 Billion
|Market Size in 2023
|USD 61.94 Billion
|No. of Pages
|Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
|Power Electronics Market Growth Drivers
|Rising Advancements and Applications of 5G Communication to Boost Opportunities for the Market
|Rising Focus on EV and Fast Charging Stations to Propel the Market Growth
Browse Detailed Summary of Research Report with TOC:
COVID-19 Slowed Installation of Power Electronic Devices Due to Hampered Supply Chain Network
The COVID-19 outbreak had a negative influence on the global market as there was a major shortage of raw materials to make semiconductors. This scenario created several roadblocks in the daily operations of the chip manufacturing sector, thereby causing chip shortages. This shortage decelerated the production of microwave devices, further decreasing the installation of power electronic gadgets.
High Demand for Portable Devices to Boost Usage of DC-to-DC Converters
Based on conversion, the market is divided into AC to AC, DC to DC, DC to AC, and AC to DC. The DC-to-DC segment is expected to hold a dominant position in the market due to the ever-expanding telecommunication sector.
Isolated Converters to Find Robust Use in Several Power Electronics Applications
By isolation, the market is bifurcated into isolated and non-isolated. The isolated segment held a dominant market share in 2022 as power electronic devices are being increasingly used in various applications such as factory automation, healthcare, building automation, aerospace, and automotive.
Power Control Operations Gain Traction for their Use in Aerospace, Automotive, and Energy Sectors
Based on operation, the market is segmented into power generation, power transmission, power distribution, and power control. The power control segment is projected to hold a dominant market share during the forecast period as it is being extensively used in several industry verticals such as aerospace, energy, and defense.
Installation of Power Electronic Devices in Renewable Energy Systems to Make Energy Sector a Major End-user
Based on end-user, the market is divided into automotive, consumer electronics, aerospace & defense, energy, and others. The energy segment is anticipated to capture a sizable market share as power electronic devices are gaining notable acceptance in several renewable energy systems, including wind farms and solar power plants.
In terms of region, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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The research report conducts an in-depth analysis of the market and highlights several key aspects such as material types, leading organizations, distribution channels, and end-uses of the product. The report also offers actionable insights into the major trends and competitive landscape of the market and underlines many major industry developments.
Drivers and Restraints:
High Focus on Fast Charging Stations and EVs to Accelerate the Market Growth
Power electronics are finding widespread usage in EVs as these vehicles need high power electric energy to rotate electric motors. Power components, such as MOSFETS and IGBT, are used as power electronic switches in power train systems. These components can help reduce the overall size of these powertrains. Such advantages are predicted to positively impact the market outlook during the forecast period.
Expensive and Tedious Integration Process to Dampen the Power Electronics Industry Progress
Many leading organizations in the market are focusing on improving their integrated circuits in a single chip, which can result in the creation of complex designs. Furthermore, the process of integrating such technologies can become quite arduous and requires high investments. Integration of all the systems on a single chip increases complexity. The system also raises the need for decreasing the overall energy consumption, making it unsuitable for power-intensive applications. Such factors are expected to restrain the power electronics market growth during the analysis period.
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North America to Boost its R&D Investment in Semiconductor Manufacturing
North America dominated the global power electronics market share and was valued at USD 11.43 billion in 2022 as the region started noticing strong growth in R&D spending to produce high-tech semiconductors. As per the Semiconductor Industry Association (SIA) report, in 2022, the American semiconductor sector was focused on increasing its investments to meet the long-term demand for chips. The total expenditure was estimated to be around USD 166 billion during the year.
Europe holds the second-largest market share as key players across the region are boosting their investments to improve technologies used to make power electronic devices.
Key Organizations to Deploy Innovative Technologies to Improve Processing Capacity
Leading organizations, such as Infineon Technologies, Texas Instruments, ROHM, and STMicroelectronics, are some of the top players in the global market. These companies are making advanced integrated circuits and using wide bandgap semiconductor materials, such as GaN and Sic, to enhance the efficacy and performance of power electronic devices. For example, in February 2022, Kubos Semiconductors Ltd. introduced the first commercial compact LED based on the cubic crystal phase of GaN.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 Pandemic on Global Power Electronics Market
- Global Power Electronics Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Segmental Definitions
- Market Analysis, Insights and Forecast – By Conversion
- AC to AC
- DC to DC
- DC to AC
- AC to DC
- Market Analysis, Insights and Forecast – By Isolation
- Isolated Conversion
- Non-Isolated Conversion
- Market Analysis, Insights and Forecast – By Operation
- Power Generation
- Power Transmission
- Power Distribution
- Market Analysis, Insights and Forecast – By End-User
- Consumer Electronics
- Aerospace and Defense
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East and Africa
- South America
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Key Industry Development:
June 2021 – GE Electric announced plans to increase its solar and storage power electronics capacity by three times in 2022 to 9 GW every year. This capacity expansion was due to a strong rise in demand and increased backlog.
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