Global Power Electronics Market Size to Reach USD 54.06 Billion in 2030 | Emergen Research

Vancouver, Sept. 14, 2023 (GLOBE NEWSWIRE) — The global power electronics market size reached USD 37.40 Billion in 2021 and is expected to register a revenue CAGR of 4.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for Electric Vehicles (EVs) and rapid penetration of Fifth Generation (5G) are key factors driving market revenue growth. In addition, market companies are investing for assessing durability and quality of electronic devices, which also poses significant growth opportunities during the forecast period.

Power electronics materials, such as gallium nitride, silicon carbide, and others, are primarily in high demand due to their capability in achieving efficient power conversion. In the automotive industry, power electronics is application of solid-state electronics for conversion and control of electric power. This is an effective and efficient method of managing business communications and data. Moreover, power electronics are used to minimize power and energy loss in a vehicle.

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Rising demand for innovative consumer electronic devices is another key factor driving revenue growth of the market. Furthermore, market companies are focusing on improving product services and significantly investing in R&D activities, which is another key factor contributing to market revenue growth. However, these companies are offering a diverse portfolio of communications and power management semiconductors that are well-suited for a wide range of consumer products. These products are also used to communicate with other devices and networks, both locally and globally.  

Scope of Research

Report Details Outcome
Market Size in 2021 USD 37.40 Billion
CAGR (2022–2030) 4.1%
Revenue Forecast to 2030 USD 54.06 Billion
Base Year for Estimation 2021
Historical Data 2019–2020
Forecast Period 2022–2030
Quantitative Units Revenue in USD Billion and CAGR in % from 2022 to 2030
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Device Type, material, application, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Infineon Technologies AG, Onsemi, STMicroelectronics, Mitsubishi Electric Corporation, Vishay Intertechnology, Inc., Fuji Electric Co., Ltd., NXP Semiconductors, Renesas Electronics Corporation, Texas Instruments Incorporated, and Toshiba Corporation
Customization Scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global power electronics market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective power electronics. Some major players included in the global power electronics market report are:

  • Infineon Technologies AG
  • Onsemi
  • STMicroelectronics
  • Mitsubishi Electric Corporation
  • Vishay Intertechnology, Inc.
  • Fuji Electric Co., Ltd.
  • NXP Semiconductors
  • Renesas Electronics Corporation
  • Texas Instruments Incorporated
  • Toshiba Corporation

Strategic Development

  • On 7 June 2021, ON Semiconductor, which is a U.S.-based semiconductor manufacturing company announced the launch of a pair of 1200 V full silicon carbide MOSFET 2-PACK modules to address challenges of current electric vehicle market. In addition, new 1200 V M1 full silicon carbide MOSFET 2 pack modules are based on planar technology and are suitable for drive voltages ranging from 18 to 20 V. When compared to trench MOSFETs, larger die reduces thermal resistance, lowering die temperature at the same operating temperature. They are also intended to work with driver solutions such as NCD5700x devices.

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Some Key Highlights From the Report

  • The Power Integrated Circuit (IC) segment accounted for a significant revenue share in 2021. Miniaturization of electronic products and rising demand for reliable and low-power consumption electronic components are major factors driving revenue growth of this segment. In addition, increasing end-user’s awareness regarding various benefits of implementing power IC is contributing to revenue growth. Power IC addresses a few electronic applications that were previously beyond capabilities of traditional IC technologies. Moreover, market companies are also deploying developed technologies and high-voltage device concepts to maximize benefits of power IC. Furthermore, new power conversion system concepts are being investigated to provide flexibility and advantages in integrated solutions. This is another significant factor driving revenue growth of this segment.
  • The Gallium Nitride (GaN) segment accounted for a significant revenue share in 2021. Strategic partnerships and funding from government bodies are key factors driving revenue growth of this segment. In addition, rising demand for robotic process automation systems is contributing to market growth. Gallium nitride is used in servo drives for robotics and motion control. Moreover, increasing need for automation in the manufacturing process, as well as technological advancements, are among other major factors driving revenue growth of this segment.
  • The power management segment accounted for a significant revenue share in 2021. Rising demand for efficient management and delivery of electricity is a key factor driving market revenue growth of this segment. In addition, increasing automotive startups is significantly contributing to revenue growth of this segment. Power devices will boost efficiency and system performance in automotive, energy-saving, and all high-voltage industrial applications. In addition, power devices that are robust, efficient, and cost-effective at high power densities play a critical role in ensuring that global economies can effectively reduce Carbon Dioxide (CO2) emissions even as energy consumption rises.  
  • The Europe market accounted for largest revenue share in 2021. Significant investments in renewable energy sources is a key factor driving market revenue growth in this region. In addition, The European Commission has committed to achieving 20% and 27% of total energy consumption from renewable sources by 2030. The Germany market accounted for largest revenue share due to  presence of major automotive companies such as Volkswagen, BMW, and others. Moreover, these companies are significantly investing in power devices that provide efficient power transmission and storage in all their vehicle segments.   
  • On 24 August 2021, STMicroelectronics, which is a Switzerland-based leading manufacturer of semiconductor products for automotive, consumer electronics, and other industries announced the introduction of MasterGaN3 and MasterGaN5 integrated power packages for applications up to 45W and 150W respectively. MasterGaN concept from STMicroelectronics also simplifies transition from standard silicon Metal-Oxide-Semiconductor Field-Effect Transistors (MOSFETs) to GaN wide-bandgap power technology. These devices combine two 650V power transistors with optimized high-voltage gate drivers and associated safety and protection circuitry, obviating need for gate driver and circuit-layout design challenges. In addition, when combined with GaN transistors’ higher switching frequencies, these integrated devices enable power supplies that are up to 80% smaller than silicon-based designs, while also being extremely robust and reliable.  

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Emergen Research has segmented the global power electronics market based on device type, material, application, and region:

  • Device Type Outlook (Revenue, USD Billion; 2019-2030)
    • Power Discrete
    • Power Module
    • Power IC
  • Material Outlook (Revenue, USD Billion; 2019-2030)
    • Silicon
    • Silicon Carbide (SiC)
    • Gallium Nitride
    • Others
  • Application Outlook (Revenue, USD Billion; 2019-2030)
    • Power Management
    • Drives
    • Rail Traction
    • Transportation
    • Renewables
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019-2030)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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