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Power Electronics Market

Power Electronics Market Size, Share, Competitive Landscape and Trend Analysis Report by Device Type, by Material, by Application, by End Use : Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: Rohit Vinod Bhamburkar | Sonia Mutreja
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Power Electronics Market Research, 2032

The Global Power Electronics Market was valued at $30.9 billion in 2022, and is projected to reach $52.8 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

Power electronics play an important role in the electrified vehicle applications that provide compact and high-efficient solutions to power conversion. The power electronics is a circuitry device that transfers power from a source to a load in an efficient, compact, and robust manner to ensure convenient utilization. 

This device is used to control the conversion of electric power from one form to another using diodes, transistors, and thyristors. Operations at high voltage or high current can be efficiently executed by utilizing power electronics devices, as they exhibit faster switching rate at higher efficiency. Moreover, power electronics control both unidirectional as well as bidirectional flow of energy, depending upon the usage, and the regenerated energy can be sent back for utility. Power electronics devices are expected to serve as the future key technologies, which help to increase system efficiency and performance in automotive and energy saving applications.

Power Electronics Market

Segment Overview

The power electronics market is segmented into Application, End Use, Device Type, and Material.

Power module, also known as power electronic module, offers physical containment for several power components, usually power semiconductor devices. As compared to discrete power, the power packages offer higher power density and are more reliable in many cases. Power MOSFET is an acronym for metal oxide semiconductor field effect transistor and can be defined as a power semiconductor that is used as an electronic switch device to control the loads as per requirement. Power devices can attain extremely low resistance and high-frequency switching. 

Power Electronics Market by Application

The applications covered in the market include power management, uninterruptible power supply (UPS), renewable, and others.

These properties are exploited in high-efficiency power supplies, electric vehicles (EVs), hybrid electric vehicles (HEVs), photovoltaic inverters, and RF switching. In addition, these devices are applicable in power supplies for server, IT equipment, high efficiency & stable power supplies, and EV & HEV devices. 

Power Electronics Market by End Use

Depending on end-use, the market is fragmented into telecommunication, industrial, automotive, consumer & enterprise, military & defense, energy & power, and others.

Factors such as increase in demand for power electronics across various industry verticals, due to growth of power electronics is driven by its increase in usage in several applications such as industrial motor drives, electric grid stabilization, and consumer electronics. Need for power management devices has increase across various industries such as automotive, consumer electronics, and energy & power owing to the aggrandized use of high voltage operating devices; and rise in adoption of power electronics components in electric vehicles. Moreover, surge in demand for SiC-based photovoltaic cells in the developing countries, including China, Brazil, and India fuels the growth of the global market. 

Power Electronics Market by Device Type

On the basis of device type, the market is classified into power discrete, power module, and power IC.

One application is in the protection of these systems, where an electrical surge protector is used to guard against unexpected surges in voltage, ensuring the reliability and longevity of the power modules and MOSFETs within these various applications.

Power Electronics Market by Material

By material, it is categorized into silicon carbide, gallium nitride, sapphire, and others.

However, one of the major restraints is the complex integration process for advanced electronics devices. Designing of complex device requires robust methodology, skillsets, and different toolset for integration, which also rises the cost of the devices. This high cost of devices restrains users to switch to new innovative technologies devices. On the contrary, rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal–oxide–semiconductor field effect transistor (MOSFET) is anticipated to provide lucrative opportunities for the expansion of the power electronics market during the forecast period. 

Power Electronics Market by Region

Region-wise, the market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific accounted for the highest share, owing to the expansion of the electronics market and the rise in sales of EVs. 

Country-wise, the U.S. has acquired a prime power electronics market share in the North American region during the forecast period of 2022-2032. This dominance is driven by multiple robust factors. According to the International Trade Association, the U.S. is a leading provider of semiconductors with a major market share of 50%. In addition, it is a significant exporter, as it exports around 80% of the total semiconductor products produced in the country. In addition, the increase in the use of renewable energy systems is the major factor contributing to the power electronics market growth. ON Semiconductor launched SiC diodes for demanding automotive applications. The renewable energy consumption accounted for 12.2% of the total primary energy consumption and 14.9% of the domestically produced electricity in the U.S., owing to a rise in investment by the government in the renewable energy sector.  

In Europe, the Rest of Europe emerged as the dominant player in terms of revenue share in the power electronics market in 2022. The major countries that drive the growth of rest of Europe are Switzerland, the Netherlands, Sweden, Russia, Spain, and Poland. The Swiss-Swedish company ABB is at the forefront of this growth. Based in Zurich, Switzerland, ABB has launched a next-generation battery charger for trains. This new product, which uses power discrete and modules, offers high power density, showcasing the technological advancement in the region. The demand for such efficient power electronics systems is expected to keep growing in these European countries. This is thanks to a strong focus on improving the efficiency and effectiveness of power electronic systems, ensuring continued growth in the future.     

In the Asia-Pacific region, China is poised to emerge as a dominant force in the power electronics industry, propelled by several significant trends. As a major supplier of silicon carbide raw materials, China's prominence in the market is undeniable. The government's increased funding for wide-bandgap semiconductors such as silicon carbide is a testament to this, fueling the country's growth in this sector. Furthermore, the robust use of power electronics in various advanced transportation systems including bullet trains, coupled with extensive renewable energy projects and initiatives for grid stabilization, is bolstering the market’s expansion in China. The manufacturing industry's growing dependence on power electronics underscores this upward trajectory. 

In the LAMEA region, Latin America dominated the power electronics market size in terms of revenue in 2022. This significant growth is primarily fueled by Brazil, where the government is anticipated to enact legislation supporting electric vehicle production, thereby encouraging the adoption of more electric vehicles. Additionally, advancements in power infrastructure, coupled with a heightened focus on the utilization of renewable energy sources, are poised to offer ample opportunities for the further expansion of the power electronics industry in the region.

Top Impacting Factors 

The significant impacting factors of the power electronics market include increase in demand for power electronics component across various industry verticals, rise in need for power management devices, and rise in integration of power electronics components in electric vehicles. However, complex integration process of advanced electronics devices restrains the market growth. Moreover, a rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal–oxide–semiconductor field-effect transistor (MOSFET) is expected to create lucrative opportunities for the expansion of the global power electronics market.

Competitive Analysis 

The power electronics market overview report highlights the highly competitive nature of the power electronics market, owing to the strong presence of existing vendors. Vendors with extensive technical and financial resources are expected to gain a competitive advantage over their counterparts by effectively addressing market demands. The competitive environment in this market is expected to increase as the integration strategy adopted by key vendors increases. Competitive analysis and profiles of the major power electronics industry players that have been provided in the report include ABB Group, Fuji Electric Co. LTD, Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Rockwell Automation, Inc., STMicroelectronics, Texas Instruments Incorporated, and Toshiba Corporation. 

Key Developments/ Strategies 

According to the latest power electronics market forecast, Mitsubishi Electric Corporation, Toshiba Corporation, STMicroelectronics, Infineon Technologies AG, and ABB Group are the top five players in the power electronics market. Top market players have adopted various strategies, such as investment, new product development, product launch, expansion, collaboration, partnership, innovation, divestment, and acquisition to expand their foothold in the power electronics market. 

  • In March 2023, Mitsubishi Electric doubled its investment to approximately 260 billion yen in a five-year plan ending March 2026 to boost production of silicon carbide (SiC) power semiconductors. This expansion aimed to meet surging demand for SiC power semiconductors driven by electric vehicles and other emerging applications. The investment included the construction of an 8-inch SiC wafer plant and enhancements to production facilities. Mitsubishi Electric also invested in a new factory for the assembly and inspection of power semiconductors. 

  • In August 2023, Toshiba Electronic Devices & Storage Corporation released its 3rd Generation SiC MOSFETs for industrial equipment, featuring a four-pin package that reduces switching loss. These MOSFETs improve high-speed switching performance, resulting in lower equipment power loss. 

  • In September 2023, STMicroelectronics launched high-voltage IGBTs with increased efficiency and ruggedness, targeting industrial and induction heating applications. 

Key Benefits For Stakeholders

  • 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 opportunity.
  • The market 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 market growth strategies.

Power Electronics Market Report Highlights

Aspects Details
Market Size By 2032

USD 52.8 billion

Growth Rate

CAGR of 5.5%

Forecast period

2022 - 2032

Report Pages


By Application
  • Power Management
  • UPS
  • Renewable
  • Others
By End Use
  • Telecommunication
  • Industrial
  • Automotive
  • Consumer Electronics
  • Military and Defense
  • Energy and Power
  • Others
By Device Type
  • Power Discrete
  • Power Module
  • Power IC
By Material
  • Others
  • Silicon Carbide
  • Gallium Nitride
  • Sapphire
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players

Fuji Electric Co., Ltd., Texas Instruments Incorporated, Microsemi Corporation, Renesas Electronics Corporation, Toshiba Corporation, Mitsubishi Electric Corporation, ABB, Ltd., Infineon Technologies AG, STMicroelectronics N.V., Rockwell Automation, Inc.

Analyst Review

The power electronics market is expected to experience substantial growth during the forecast period. This growth can be attributed to several factors; silicon carbide power devices play a revolutionary role in the power electronics market. The current business scenario has been witnessing an increase in the demand for power electronics modules across various industry verticals, particularly in developed regions such as the U.S., Europe, and Asia-Pacific. Companies in this industry have been launching a variety of products, such as silicon carbide Schottky barrier diodes and power MOSFETs, owing to their increasing usage in photovoltaic inverters, industrial motor drives, and electromobility. This significantly contributes to the global power electronics market growth. 

Furthermore, an increase has been witnessed in the adoption of power devices integrated with power electronics, owing to the fact that they can be operated at higher voltages and higher temperatures compared to traditional silicon semiconductor devices. In addition, lesser power loss and a reduction in the size of power circuits with the usage of these SiC devices fuel the growth of the market globally. With an increase in new entrants in the China power electronics market, Asia-Pacific is expected to show the strongest growth rate during the forecast period. Moreover, the rise in the usage of electric vehicles, photovoltaic inverters, and power devices is expected to boost the global market growth. 

Asia-Pacific exhibits the highest adoption of silicon carbide power devices and is thus expected to grow at a faster pace during the forecast period. The power electronics market provides numerous growth opportunities to players such as ABB Group, Fuji Electric Co. Ltd, Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Rockwell Automation, Inc., STMicroelectronics, Texas Instruments Incorporated, and Toshiba Corporation. 

Author Name(s) : Rohit Vinod Bhamburkar | Sonia Mutreja
Frequently Asked Questions?

The industry size of Power Electronics is estimated to be $30,908.56 million in 2022.

Asia-Pacific is the largest regional market for Power Electronics.

Renewable energy is the leading application of Power Electronics Market.

The power electronics market is expected to grow significantly in the coming years, driven by the increasing adoption of WBG semiconductors, the growing demand for power electronics in renewable energy and electric vehicles, and the development of new power electronics technologies.

The top companies holding significant market share in the Power Electronics industry include Mitsubishi Electric Corporation, Toshiba Corporation, STMicroelectronics, Infineon Technologies AG, and ABB Group.

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Power Electronics Market

Global Opportunity Analysis and Industry Forecast, 2023-2032