Power electronics involves harnessing, controlling and transferring electric power by electronic means for electric motors, heating devices and induction cooktops among others. Key components of power electronics include switches such as transistors and thyristors, which act as devices that control the flow of electric current. These components enable control of electric power in a host of applications including consumer electronics, renewable energy generation, electric and hybrid vehicles, and industrial devices and equipment.

The global power electronics market is estimated to be valued at US$ 71.13 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the power electronics market are ABB, Analog Devices, Inc., Efficient Power Conversion Corporation, Euclid Techlabs, Fuji Electric Co., Ltd., Infineon Technologies AG, Littelfuse, Inc., Microchip Technology Inc., Mitsubishi Electric Corporation, Navitas Semiconductor, NXP Semiconductors, ON Semiconductor, Qorvo, Inc., Renesas Electronics Corporation, and ROHM CO., LTD.

The wide adoption of silicon carbide and gallium nitride based devices is expected to create lucrative opportunities for Power Electronics Market Size players owing to their superior conductivity and efficiency over conventional silicon substrates. Advancements in wide bandgap semiconductor materials such as silicon carbide and gallium nitride has enabled higher switching frequencies with lower power losses in comparison to legacy silicon technologies. These newer materials are expected to see increasing use in automotive powertrains and onboard charging systems, as well as renewable energy generation and storage technologies.

Market Drivers

The rising adoption of EVs as well as increasing deployment of renewable energy sources are some of the major factors driving the demand for power electronics globally. Government initiatives and regulations aimed at reducing carbon emissions have boosted investments in electrified transportation and renewable power generation. With an estimated CAGR of over 25%, the electric vehicle market is projected to create significant opportunities for power electronics manufacturers in the coming years. In addition, advancements in industries such as factory automation using robotics and Internet of Things are also propelling the power electronics market growth.

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