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 market - Technavio

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Oct 30, 2023, 03:15 ET

NEW YORK, Oct. 30, 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

Technavio has announced its latest market research report titled Global Power Electronics Market

Power electronics market 2023-2027: Key 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.

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:

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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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, and Market condition analysis for the 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.

Table Of Contents :

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 (USD billion)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD 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 (USD billion)

4.2 Product Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 (USD billion)

4.3 Material Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Material Segment 2017 - 2021 (USD billion)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD billion)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD 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 (USD billion)
Exhibit 35: Data Table on Discretes - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 39: Data Table on Modules - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 43: Data Table on Market opportunity by Product (USD 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 (USD billion)
Exhibit 49: Data Table on Silicon - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 53: Data Table on Silicon carbide - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 57: Data Table on Gallium nitride - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 61: Data Table on Market opportunity by Material (USD 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 (USD billion)
Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 88: Data Table on China - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 92: Data Table on US - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 96: Data Table on Japan - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 104: Data Table on South Korea - Market size and forecast 2022-2027 (USD 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 (USD billion)
Exhibit 108: Data Tables on Market opportunity by geography (USD 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 USUSD

Exhibit 180: Currency conversion rates for USUSD

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

About US

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 across 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.

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