Power Electronics Market to Reach $52.8 Billion, Globally, by 2032 at 5.5% CAGR: Allied Market Research

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Oct 05, 2023, 10:50 ET

The power electronics market is driven by several factors including an increase in demand for power electronics components across various industry verticals, a rise in the need for power management devices, and growth in the integration of power electronics components in electric vehicles.

NEW CASTLE, Delaware, Oct. 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Electronics Market, by Device Type (Power Discrete, Power Module, Power IC), Material (Silicon Carbide, Gallium Nitride, Sapphire, Others), Applications (Power Management, Uninterruptible Power Supply, Renewable, Others), End Use (Telecommunication, Industrial, Automotive, Consumer & Enterprise, Military & Defense, Energy & Power, Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global power electronics industry generated $30.9 billion in 2022, and is projected to reach $52.8 billion by 2032, registering a CAGR of 5.5% from 2023 to 2032.

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152 – Tables
94 – Charts
332 – Pages

Power electronics play a crucial role in electrified vehicle applications, offering compact and highly efficient solutions for power conversion. This technology involves circuitry that efficiently transfers power from a source to a load, ensuring robustness, compactness, and convenience. This device employs components such as thyristors, diodes, and transistors to control the conversion of electric power from one form to another. Power electronics devices are particularly well-suited for operations involving high current or high voltage due to their ability to switch rapidly and maintain high efficiency.

Prime Determinants of Growth

The power electronics market is anticipated to expand significantly during the forecast period due to the increase in demand for power electronics components across various industry verticals, a rise in the need for power management devices, and growth in the integration of power electronics components in electric vehicles. However, the complex integration process of advanced electronics devices poses a restraint to the growth of the power electronics market. Additionally, the escalating demand for plug-in electric vehicles (PEVs) and innovation in power metal–oxide–semiconductor field-effect transistors (MOSFETs) are expected to offer remunerative growth opportunities in the upcoming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$30.9 billion
Market Size in 2032	$52.8 billion
CAGR	5.5 %
No. of Pages in Report	332
Segments covered	Device Type, Material, Application, End Use, and Region.
Drivers	Increase in demand for power electronics component across various industry verticals Rise in need for power management devices Rise in integration of power electronics components in electric vehicles
Opportunities	Rise in demand for plug-in electric vehicles (PEVs) Innovation in power metal–oxide–semiconductor field-effect transistor (MOSFET)
Restraints	Complex integration process of advanced electronics devices

Covid-19 Scenario

The COVID-19 pandemic disrupted the global power electronics market by causing factory shutdowns, leading to a decrease in production and supply chain issues. These challenges forced companies to rethink and modify their strategies for manufacturing and distribution, which delayed the launch of new products and technologies.
On a positive note, the pandemic accelerated the demand for power electronics in certain sectors, like healthcare and renewable energy. Increased need for medical devices and a renewed focus on sustainable energy solutions created new opportunities for growth and innovation in the power electronics market.

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The Power Module Segment is Anticipated to Dominate in terms of Revenue during the Forecast Period

Based on device type, the power module segment accounted for more than two-fifths of the total revenue in the global power electronics market in 2022, and it is expected to continue its dominant position throughout the forecast period. The dominant position is sustained by its unparalleled work efficiency, cost-effectiveness, and its crucial role in various high-voltage industrial applications, meeting the surging demand for energy-efficient and reliable power solutions across multiple sectors. On the other hand, the power discrete segment is projected to exhibit the fastest CAGR of 6.6% from 2022 to 2032, primarily due to its increasing use in consumer electronics and electric vehicles, and its ability to efficiently manage power with minimal loss in various applications such as UPS systems, air conditioners, and inverters.

The Other Segment is projected to Retain the Lion's Share by 2032

Based on material, the other segment emerged as the market leader in the global power electronics market in 2022, holding the highest market share, accounting for nearly one-third of the revenue. This segment, which includes materials such as gallium arsenide (GaAs), silicon germanium (SiGe), and indium phosphide (InP), is projected to maintain its leadership status throughout the forecast period due to its diverse application potential and superior performance characteristics in various electronic components and systems. However, gallium nitride is expected to portray the fastest CAGR of 7.0% from 2022 to 2032, owing to its superior ability to enable more compact, efficient devices with high-frequency switching, essential for evolving applications in electric vehicles, RF switching, and renewable energy systems.

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The Other Segment to Maintain its Leadership Status throughout the Forecast Period

Based on application, the other segment captured the highest market share in 2022, accounting for nearly one-third of the global power electronics market revenue. This leadership is projected to continue throughout the forecast period. The dominance of the other segment, which encompasses sectors including transportation, rail traction, utility systems, and drivers, is attributed to robust growth in transportation and utility systems that require advanced, efficient power conversion systems and the extensive use of drivers in diverse high-power applications. On the other hand, the uninterruptible power source (UPS) segment is expected to register the highest CAGR of 6.8% from 2023 to 2032 due to escalating demand for reliable and efficient power backup solutions in various industries, coupled with the growing reliance on electronic systems that require a consistent power supply and protection against power disruptions.

Asia-Pacific Garnered the Major Share in 2022

Based on region, Asia-Pacific dominated the power electronics market in 2022, holding nearly half of the global market share. This dominance is attributed to the region's well-established telecommunication industry, significant growth in consumer electronics sales, governmental support for EVs and HEVs, and substantial investment in defense, collectively driving the demand for power electronics components across various sectors. However, the LAMEA region is expected to post the fastest CAGR of 7.1% from 2023 to 2032. This growth is attributed to escalating demand for advanced technology and electronic applications, increasing adoption of electric vehicles, and a shift towards renewable energy consumption, especially in the Middle East, all fostering the need for efficient power electronics components.

Leading Market Players:

ABB Group
Fuji Electric Co, LTD
Infineon Technologies AG
Microsemi Corporation
Mitsubishi Electric Corporation
Renesas Electronics Corporation
Rockwell Automation, Inc.
STMicroelectronics
Texas Instruments INC.
Toshiba Corporation

The report provides a detailed analysis of these key players in the global power electronics market. These players have adopted investment, new product development, product launch, expansion, collaboration, partnership, innovation, divestment, and acquisition strategies to increase their market penetration and strengthen their position in the power electronics industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Key Benefits For Stakeholders:

As per the power electronics market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power electronics market analysis from 2022 to 2032 to identify the prevailing power electronics market opportunities.
The power electronics Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the power electronics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global power electronics market trends, key players, market segments, application areas, and power electronics Market growth strategies.

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