IMARC Group, a leading market research company, has recently releases report titled “Power Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global power electronics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the power electronics market?
The global power electronics market size reached US$ 29.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.32% during 2023-2028.
What are power electronics?
Power electronics represent a branch of electrical engineering that involves the study, analysis, and designing of solid-state circuits. It relies on inductors, capacitors, and various other semiconductor switching devices, including metal-oxide-semiconductor field-effect transistors (MOSFET) and insulated-gate bipolar transistors (IGBT) for converting electricity and effectively regulating its flow. Power electronics assist in managing energy and promoting the conservation of power in consumer electronics, while offering reliability and ensuring minimal maintenance. Based on these properties, it is extensively employed in television (TV) sets, battery chargers, and personal computers (PCs).
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What are the growth prospects and trends in the power electronics industry?
The power electronics market is primarily being driven by the widespread product adoption across the automotive sector for manufacturing various components of modern vehicles, including windshield wiper control, adaptive front lighting, electric power steering, and ignition switch. This is further supported by the increasing demand for smart and luxurious automobiles that are integrated with advanced infotainment systems. In line with this, rising environmental concerns, along with the inflating prices of conventional energy solutions have prompted governments of various countries to undertake initiatives promoting the uptake of electric vehicles (EVs) and plug-in hybrid vehicles (HVs), which is acting as another major growth-inducing factor.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Device:
- Power Discrete
- Diode
- Transistors
- Thyristor
- Power Modules
- Intelligent Power Module
- Power Integrated Module
- Power ICs
- Power Management Integrated Circuit
- Application-Specific Integrated Circuit
Breakup by Material:
- Silicon
- Sapphire
- Silicon Carbide
- Gallium Nitride
- Others
Breakup by Application:
- Power Management
- UPS
- Renewable
- Others
Breakup by Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Breakup by End Use Industry:
- Automotive
- Military and Aerospace
- Energy and Power
- IT and Telecommunication
- Consumer Electronics
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd.
- Analog Devices Inc.
- Fuji Electric Co. Ltd.
- Infineon Technologies AG
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- NXP Semiconductors N.V.
- Renesas Electronics Corporation
- ROHM Co. Ltd.
- STMicroelectronics
- Texas Instruments Incorporated
- Toshiba Corporation
- Vishay Intertechnology Inc
Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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