The global power electronics market size was US$ 38.1 billion in 2021. The global power electronics market is forecast to grow to US$ 58.9 billion by 2030, registering a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2022 to 2030.

Power electronics finds its applications in the electric vehicle segment. Power electronics offer compact and high-efficient solutions to power conversion, which is crucial in electric vehicles. Power electronics transmit electricity from a source to a load in a compact and sturdy manner. This gadget uses diodes and transistors to control the transfer of electric power from one form to another.

COVID-19 Impact Analysis

The COVID-19 pandemic was unfavorable to the power electronics market owing to global supply chain disruptions and trade declines in the market. In addition, the shortage of raw materials, components, and laborers in the manufacturing activities adversely impacted the overall market.

Factors Influencing the Market

The increasing adoption of power electronics technology in the renewable energy sector is driving the growth of the global power electronics market. In addition, the rising penetration of power electronic devices in utility applications, together with rising demand for high power density in electronics, will boost the market growth.

The benefits of the power electronics devices, such as high performance, superior electrical stability, and optimization of energy consumption, will surge its adoption among various verticals.

The beneficial applications of power electronics in the electric vehicle sector will accelerate the growth of the market in the coming years. EVs are gaining rapid traction due to growing pollution and rising fuel prices. The potential scope of the EV segment will also drive the growth of energy-efficient battery-powered portable devices during the forecast period.

The complex integration process may hamper the growth of the global power electronics market.

The growing number of developments and partnerships in the power electronics industry will be beneficial for the market. Toshiba launched MG800FXF2YMS3, a silicon carbide (SiC) MOSFET module, in 2021.

Regional Analysis

North America is forecast to hold dominance in the global power electronics market. The growth of the market is attributed to the robust development of 5G infrastructure, increasing industrial automation, and rising initiatives to install charging stations in the region.

Asia-Pacific power electronics market is forecast to emerge as the fastest-growing regional market. This growth is attributed to the growing presence of consumer electronics, ICT, industrial, and automotive sectors in emerging countries like Japan, China, and South Korea.

Rising demand for electricity and government measures to promote renewable energy infrastructure will contribute to the regional market growth. Furthermore, the presence of industry leaders such as Toshiba, Mitsubishi Electric, Huawei, Fuji Electric, BYD, etc., will boost the market growth.

Competitors in the Market

NXP Semiconductors
TOSHIBA CORPORATION
Renesas Electronics Corporation
Texas Instruments Incorporated
Fuji Electric Co., Ltd.
Infineon Technologies AG
Vishay Intertechnology, Inc.
Mitsubishi Electric Corporation
STMicroelectronics
ABB
Other prominent players
Market Segmentation

The global power electronics market segmentation focuses on Application, End User, Material, Device Type, and Region

By Application

Power management
UPS
Renewable
Other
By End-User

Telecommunication
Industrial
Automotive
Consumer electronics
Military & defense
Energy & Power
Others
By Material

Silicon carbide (SiC)
Gallium nitride (GaN)
Sapphire
Others
By Device Type

Power Discrete
Diode
Transistors
Thyristor
Power modules
Intelligent power module
Power integrated module
Power IC
Power management integrated circuit (PMIC)
Application-specific integrated circuit (ASIC)
Thyristor
Power Module
Intelligent Power Module
Power Integrated Module
Power IC
Power Management IC
Application-Specific IC
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America