According to the latest report by IMARC Group, titled “Power Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global power electronics market reached a value of US$ 27.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39.9 Billion by 2027, exhibiting at a CAGR of 6.48% during 2022-2027.
Power electronics involves studying, analyzing, and designing circuits that convert electrical energy from one form to another. It is extensively utilized in consumer electronics, such as television (TV) sets, personal computers (PCs), battery chargers, etc. Presently, numerous manufacturers are introducing modern power electronics, wherein electric power is converted using semiconductor switching devices. These devices include thyristors, diodes, power metal-oxide-semiconductor field-effect transistor (MOSFET), insulated-gate bipolar transistor (IGBT), etc.
The growing dependence on consumer electronics, owing to the elevating levels of urbanization and disposable incomes, is primarily driving the power electronics market. In line with this, the rising popularity of electronic devices, including fan regulators, air conditioners, induction cooking, vacuum cleaners, uninterrupted power systems (UPS), etc., is propelling the product demand. Moreover, the escalating adoption of various electronic devices, such as pumps, blowers, rotary kilns, arc furnaces, elevators, compressors, etc., in several manufacturing units, including textile mills, is further bolstering the market growth. Besides this, power electronics is gaining traction in the automotive industry for enabling electric power steering, interior lighting, seat control, braking system, central body control, etc., in vehicles., which is acting as another significant growth-inducing factor. Furthermore, the inflating requirement for safe, luxurious, and smart vehicles with integrated infotainment systems is also augmenting the global market. Apart from this, the growing product utilization in off-the-road (OTR) vehicles, on account of the increasing number of construction and mining activities, is expected to fuel the power electronics market over the forecasted period.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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
- Texas Instruments Incorporated
- Toshiba Corporation
- Vishay Intertechnology Inc
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The report has segmented the market on the basis on region, device, material, application, voltage, end user industry.
Breakup by Device:
- Power Discrete
- Power Modules
- Intelligent Power Module
- Power Integrated Module
- Power ICs
- Power Management Integrated Circuit
- Application-Specific Integrated Circuit
Breakup by Material:
- Silicon Carbide
- Gallium Nitride
Breakup by Application:
- Power Management
Breakup by Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Breakup by End User Industry:
- Military and Aerospace
- Energy and Power
- IT and Telecommunication
- Consumer Electronics
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
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