Power Electronics Market Overviews
Power Electronics Market size was valued at US$ 46.70 Billion in 2023 and the total Power Electronics revenue is expected to grow at 5.7% through 2024 to 2030, reaching nearly US$ 68.84 Billion.
Power electronics is a discipline of electronics engineering concerned with the processing of high voltages and currents to supply power for a range of applications. From domestic electronics to space-related equipment, all of these regions require consistent and dependable electric power that meets the required criteria. Power is converted from one form to another by power switches and regulatory systems, resulting in properly regulated power.
Power electronicsdevices are used in a wide array of applications, including power drive controllers, propellers, and protective assistance systems, fuel monitoring and control, air traffic control, guidance, interior illumination, navigation, and telecommunications. Signal processing for the modern radar system, aircraft, defense systems, unmanned aircraft vehicle systems, and missile controllers, for example, need for computing power that generates a lot of heat. Power electronics that are efficient assist to minimize heat and boost efficiency.
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Power Electronics Market Scope and Methodology:
The developments in the electric vehicles industry are one of the major drivers of the power electronics market. Power electronics devices are used in multiple elements of contemporary automobiles, including the starter motor, windscreen wiper controller, adjustable front illumination, luminaires, and power transmission steering. Power electronics devices are predicted to play an important role in energy conservation in electric vehicles as the number of electric vehicles and hybrid electric vehicles grows. Vehicle power systems largely process and manage the energy flow in hybrid and plug-in electric cars, as well as the speed-torque generated by the motor.
Power Electronics Market Regional Insights
At the end of the projected period, Asia Pacific is expected to lead the power electronics market. It is expected to witness a CAGR of 6.5% in the same forecast period. The prevalence of electronics products, commercial, and automobile sectors in Japan, and South Korea is linked to the market's success in the Asia Pacific region. The growing necessity of power generation, as well as regulatory measures in many nations to develop sustainable energy architecture, are supporting the market growth.
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Power Electronics Market Segmentation
By Vertical, the consumer electronics segment held the largest market share in 2023. It is expected to witness a CAGR of 6.7% in the aforementioned forecast period.
The increasing usage of household gadgets like smartphones, laptops, and wearable electronics, particularly in emerging nations, is likely to fuel the demand for power electronics. The growing use of power electronics in domestic appliances is also predicted to add to the segment's growth in the power electronics market. Original Equipment Manufacturers located in China and South Korea, including e.g. Samsung, and Huawei, are utilizing Gallium Nitride power electronics products for high wattage internal adapters for handsets as well as supplementary fast chargers.
Power Electronics Market Key Players
Hitachi (Japan)
Infineon Technologies (Germany)
STMicroelectronics (Switzerland)
Mitsubishi Electric (Japan)
Fuji Electric (Japan)
NXP Semiconductors (Netherlands)
Renesas Electronics (Japan)
Toshiba (Japan)
Key questions answered in the Power Electronics Market are:
- What is Power Electronics ?
- What was the Power Electronics market size in 2023?
- What is the growth rate of the Power Electronics Market?
- Which are the factors expected to drive the Power Electronics market growth?
- What are the different segments of the Power Electronics Market?
- What growth strategies are the players considering to increase their presence in Power Electronics ?
- What are the upcoming industry applications and trends for the Power Electronics Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Power Electronics Market?
- Who are the leading companies and what are their portfolios in Power Electronics Market?
- What segments are covered in the Power Electronics Market?
- Who are the key players in the Power Electronics market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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