Global Power Electronics Market

Global Power Electronics Market Size, Share, Growth Analysis, By Type(Discrete, module), By Application(Automotive, consumer electronics) - Industry Forecast 2023-2030


Report ID: SQMIG45J2107 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 65 | Figures: 75

Global Power Electronics Market Insights

Global Power Electronics Market size was valued at USD 43.25 billion in 2021 and is poised to grow from USD 46.20 billion in 2022 to USD 78.19 billion by 2030, at a CAGR of 6.8% during the forecast period (2023-2030).

The global power electronics market is a rapidly growing industry encompassing a range of electronic components and systems designed to efficiently convert and regulate power in various applications. The purpose of the market is to provide innovative solutions for power management in industries such as automotive, aerospace, energy, and healthcare, among others. One of the key drivers of the power electronics market is the growing demand for energy-efficient solutions, which is being driven by the need to reduce carbon emissions and combat climate change. The use of power electronics in various industries can significantly improve energy efficiency, reduce energy consumption, and lower operational costs, thereby creating a strong demand for these products. Another important driver of the market is the increasing adoption of renewable energy sources, such as solar and wind power, which require sophisticated power management systems to ensure reliable and efficient operation. As the demand for renewable energy continues to grow, so does the demand for power electronics solutions. However, the market also faces some significant challenges, including the high cost of some power electronics components and the complexity of designing and implementing these systems. The lack of standardization and regulatory frameworks can also pose barriers to market growth. Despite these challenges, several key trends drive growth in the power electronics market. One such trend is the increasing use of wide bandgap semiconductors, which offer superior performance and efficiency compared to traditional silicon-based devices. Another important trend is the integration of power electronics into the Internet of Things (IoT) ecosystem, enabling smart, connected devices that can monitor and manage power consumption in real time.

Market snapshot - (2023-2030)

Global Market Size

USD 43.25 billion

Largest Segment

Module

Fastest Growth

Module

Growth Rate

6.8% CAGR

Global Power Electronics Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Power Electronics Market Size By Type 2022-2030 ($ Bn)
Global Power Electronics Market Size By Type 2022-2030 (%)

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Global Power Electronics Market Segmental Analysis

Global Power Electronics Market is segmented on the basis of type, application, and region. By type, the market is segmented into discrete, module, and IC. By application, the market is segmented into automotive, consumer electronics, industrial, power, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global Power Electronics Market Analysis By Type

The module type dominated the power electronics market. In 2022, the module type accounted for over 50.4% of the total market share. Power electronics modules are widely used in various applications such as renewable energy systems, electric vehicles, and industrial automation. The module type offers several advantages over other types, including high efficiency, low thermal resistance, and a smaller form factor. These features make power electronics modules preferred for high-power and high-voltage applications.

Now moving on to the fastest-growing segment, the IC (integrated circuit) type is expected to witness significant growth in the coming years. The IC type is projected to grow at a CAGR of around 10.2% between 2023 and 2030. ICs offer several benefits over other types, such as reduced complexity, higher efficiency, and improved reliability. The increasing demand for power electronics in consumer electronics, automotive, and industrial sectors is driving the growth of the IC type. Moreover, the rising trend of electric and hybrid vehicles is expected to further boost the demand for ICs in the power electronics market.

Global Power Electronics Market Analysis By Application

The automotive sector dominated the power electronics market, accounting for a substantial portion of its revenue. As the automotive industry continues to undergo a major transformation, power electronics plays a pivotal role in the development of electric vehicles (EVs) and hybrid electric vehicles (HEVs). The demand for cleaner and more efficient transportation solutions has surged in recent years, and power electronics have emerged as a key enabler in this transition. With the increasing adoption of EVs and HEVs, power electronics components such as inverters, converters, and motor drives have become integral to these vehicles' functionality. These components manage power flow, convert and control electrical energy, and optimize the performance of the vehicle's electric powertrain. The automotive segment's reliance on power electronics is expected to escalate further as governments worldwide implement stringent emissions regulations and promote sustainable mobility solutions.

Consumer electronics is the fastest-growing segment of the power electronics market. This segment has witnessed remarkable growth in recent years, driven by the proliferation of smartphones, tablets, wearables, and other portable devices. Power electronics technology plays a vital role in enhancing these consumers’ electronic devices' performance, battery life, and charging capabilities. The escalating demand for high-performance and energy-efficient consumer electronics, coupled with the rising adoption of emerging technologies such as 5G connectivity, artificial intelligence (AI), and the Internet of Things (IoT), has created a significant surge in the consumption of power electronics. These devices require efficient power management systems, voltage regulation, and power conversion capabilities to meet the demands of modern consumers. Furthermore, the increasing integration of advanced features and functionalities in consumer electronics products necessitates sophisticated power electronics solutions. These solutions ensure optimal power utilization, enable fast-charging capabilities, and enhance overall user experience. The consumer electronics segment's rapid growth is fueled by the ever-evolving consumer preferences, the constant need for technological innovation, and the expanding global consumer base.

Global Power Electronics Market Size By Type 2022(%), 2021 (%)

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Global Power Electronics Market Regional Insights

Asia Pacific stands out as the dominating region in the global power electronics market. With its robust industrial base, technological expertise, and vast consumer market, the region has established itself as a powerhouse in the industry. Countries such as China, Japan, and South Korea have been at the forefront of driving the growth in power electronics. Asia-Pacific's dominance can be attributed to several factors. First, the region has witnessed a surge in manufacturing activities, particularly in sectors like automotive, consumer electronics, and renewable energy. Power electronics play a critical role in these industries, contributing to the overall demand. Furthermore, the region's rapid urbanization and infrastructure development have increased the need for efficient power management and distribution systems, driving the demand for power electronics solutions. With a growing emphasis on energy efficiency and sustainability, governments in the region are actively promoting the adoption of power electronics technology to optimize energy consumption and reduce carbon emissions.

While Asia-Pacific dominates the global power electronics market, North America emerges as the fastest-growing region. The region's advanced economies, technological innovation, and a strong focus on research and development contribute to its accelerated growth in the power electronics industry. North America's fast-paced growth is fueled by various factors. First, the region has a thriving automotive sector, particularly in electric vehicles (EVs) and hybrid electric vehicles (HEVs), where power electronics systems are integral components. The increasing adoption of EVs and HEVs, driven by environmental concerns and government incentives, has created a robust demand for power electronics solutions. Moreover, North America has a well-established renewable energy sector, with a significant emphasis on solar and wind power generation. Power electronics play a crucial role in integrating renewable energy sources into the grid and ensuring efficient power conversion and distribution. The region's push towards clean energy has resulted in a surge in demand for power electronics solutions. Additionally, the growing digitization and automation trends in industries such as manufacturing, healthcare, and information technology are driving the need for advanced power electronics systems. These systems enable efficient power management, control, and protection, ensuring optimal performance and reliability in complex applications.

Global Power Electronics Market Size By Geography, 2022-2030, (2023-2030)
  • Largest
  • Fastest

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Global Power Electronics Market Dynamics

Global Power Electronics Market Drivers

Increasing demand for energy-efficient solutions

  • One of the major drivers of the power electronics market is the growing demand for energy-efficient products and solutions. With a focus on reducing energy consumption and minimizing carbon emissions, industries and consumers are adopting power electronics devices that optimize power usage and improve energy efficiency. For example, in the automotive sector, the rising demand for electric vehicles (EVs) has fueled the need for power electronics systems, including inverters and converters, which efficiently manage the flow of electrical energy from the battery to the motor, enhancing the overall energy efficiency of the vehicle.

Growing adoption of renewable energy sources

  • The increasing adoption of renewable energy sources such as solar and wind power is driving the demand for power electronics systems. Power electronics devices are used to convert and control the electrical energy generated from renewable sources into usable forms for the grid or other applications. For instance, solar inverters are essential components in photovoltaic systems that convert the DC power generated by solar panels into AC power for residential, commercial, or utility-scale use. The global shift towards renewable energy generation is creating opportunities for power electronics manufacturers to develop innovative solutions for efficient power conversion and grid integration.

Global Power Electronics Market Restraints

High development and manufacturing costs

  • The development and manufacturing of power electronics systems involve complex technologies and high upfront costs. Designing and producing advanced power electronics components require specialized expertise, research, and development investments. Additionally, factors such as the high cost of raw materials, fabrication processes, and quality control contribute to the overall cost of power electronics devices. These higher costs can limit market growth, particularly for small and medium-sized enterprises (SMEs) or new entrants in the industry.

Thermal management challenges

  • Power electronics devices generate heat during operation due to the conversion and control of electrical power. Managing the generated heat is crucial for maintaining the performance and reliability of power electronics systems. However, effective thermal management can be a challenge, especially in high-power applications. Inadequate heat dissipation can lead to reduced efficiency, increased component stress, and potential system failures. Addressing thermal management concerns requires the use of efficient cooling techniques, heat sinks, and thermal interface materials, adding complexity and cost to power electronics designs.

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Global Power Electronics Market Competitive Landscape

The Global Power Electronics Market is highly competitive and consists of a diverse range of companies operating in various segments of the industry. Some of the key players in the global power electronics market are involved in the development, manufacturing, and distribution of power electronic components, systems, and solutions. They compete on factors such as product performance, reliability, cost-effectiveness, and innovation. In addition to these established players, there are also several emerging companies and startups that are actively participating in the power electronics market. These companies often focus on specific niches or offer novel technologies, contributing to the competitive landscape. The competition in the power electronics market is driven by various factors, including technological advancements, increasing demand for energy-efficient devices, government regulations promoting renewable energy sources, and the growing adoption of electric vehicles. Companies strive to differentiate themselves by offering advanced power semiconductor devices, power management solutions, and customized power electronics solutions to meet the specific needs of different industries. Partnerships, collaborations, and acquisitions are common strategies employed by companies in the power electronics market to expand their product portfolios, enhance their technological capabilities, and gain a competitive edge. Additionally, companies invest significantly in research and development activities to develop new products and improve existing ones.

Top Player’s Company Profiles in Global Power Electronics Market

  • Infineon Technologies AG (Germany)
  • Mitsubishi Electric Corporation (Japan)
  • Texas Instruments Incorporated (US)
  • Toshiba Corporation (Japan)
  • STMicroelectronics N.V. (Switzerland)
  • ABB Ltd. (Switzerland)
  • NXP Semiconductors N.V. (Netherlands)
  • ON Semiconductor Corporation (US)
  • Vishay Intertechnology, Inc. (US)
  • Renesas Electronics Corporation (Japan)
  • Fuji Electric Co., Ltd. (Japan)
  • Microchip Technology Inc. (US)
  • Schneider Electric SE (France)
  • ROHM Co., Ltd. (Japan)
  • Cree, Inc. (US)
  • Panasonic Corporation (Japan)
  • Semikron International GmbH (Germany)
  • Hitachi, Ltd. (Japan)
  • Danfoss A/S (Denmark)
  • Eaton Corporation plc (Ireland)

Global Power Electronics Market Recent Developments

  • In April 2022, DENSO Corporation, a leading mobility supplier, and United Semiconductor Japan Co., Ltd. (USJC), a subsidiary of global semiconductor foundry United Microelectronics Corporation, announced a collaborative effort to produce power semiconductors at USJC's 300mm fabrication facility. This partnership aims to cater to the growing demand for power semiconductors in the automotive market.
  • In March 2022, Reliance Industries forged a partnership with Sanmina Corp, a US-based electronics manufacturing company, to establish electronics manufacturing operations in India. Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of the conglomerate, planned to form a joint venture by investing in Sanmina's existing Indian entity, Sanmina SCI India Pvt. Ltd. This collaboration aimed to bolster domestic electronics manufacturing capabilities in India.

Global Power Electronics Key Market Trends

  • Wide bandgap (WBG) semiconductor materials: Wide bandgap materials such as silicon carbide (SiC) and gallium nitride (GaN) are gaining prominence in power electronics applications. WBG semiconductors offer advantages over traditional silicon-based devices, including higher breakdown voltage, faster switching speeds, lower power losses, and higher operating temperatures. These properties enable the development of more compact, efficient, and high-performance power electronics systems. For example, WBG-based power devices are being used in electric vehicle charging infrastructure, renewable energy inverters, and industrial motor drives.
  • Internet of Things (IoT) integration: The integration of power electronics with IoT technologies is a growing trend in the market. IoT connectivity enables the monitoring, control, and optimization of power electronics systems, leading to enhanced functionality, energy efficiency, and predictive maintenance. For instance, smart grids leverage IoT capabilities to remotely monitor and manage power distribution, optimizing energy consumption and grid stability. IoT integration also enables intelligent control and communication in consumer electronics, home automation, and industrial applications, making power electronics systems more responsive and adaptive to changing conditions.

Global Power Electronics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Power Electronics Market analysis, the market is experiencing robust growth and is expected to continue expanding in the coming years. The market is being driven by factors such as the increasing demand for energy-efficient devices, the growing adoption of renewable energy sources, and the rising need for power management in various industries. The proliferation of electric vehicles, the development of smart grids, and the deployment of advanced power systems in aerospace and defense sectors are also contributing to the market's growth. Additionally, technological advancements, such as the integration of power electronics in consumer electronics, industrial machinery, and healthcare equipment, are further fueling market expansion. However, the market faces challenges related to high initial costs and complex design requirements. Overall, the power electronics market is poised for significant growth opportunities, driven by the need for efficient power management solutions across various sectors.

Report Metric Details
Market size value in 2021 USD 43.25 billion
Market size value in 2030 USD 46.20 billion
Growth Rate 6.8%
Base year 2021
Forecast period (2023-2030)
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Discrete, module, and IC
  • Application
    • Automotive, consumer electronics, industrial, power, and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Infineon Technologies AG (Germany)
  • Mitsubishi Electric Corporation (Japan)
  • Texas Instruments Incorporated (US)
  • Toshiba Corporation (Japan)
  • STMicroelectronics N.V. (Switzerland)
  • ABB Ltd. (Switzerland)
  • NXP Semiconductors N.V. (Netherlands)
  • ON Semiconductor Corporation (US)
  • Vishay Intertechnology, Inc. (US)
  • Renesas Electronics Corporation (Japan)
  • Fuji Electric Co., Ltd. (Japan)
  • Microchip Technology Inc. (US)
  • Schneider Electric SE (France)
  • ROHM Co., Ltd. (Japan)
  • Cree, Inc. (US)
  • Panasonic Corporation (Japan)
  • Semikron International GmbH (Germany)
  • Hitachi, Ltd. (Japan)
  • Danfoss A/S (Denmark)
  • Eaton Corporation plc (Ireland)
Customization scope

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  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Power Electronics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Power Electronics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Power Electronics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Power Electronics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Power Electronics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Power Electronics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Power Electronics Market size was valued at USD 43.25 billion in 2021 and is poised to grow from USD 46.20 billion in 2022 to USD 78.19 billion by 2030, at a CAGR of 6.8% during the forecast period (2023-2030).

The Global Power Electronics Market is highly competitive and consists of a diverse range of companies operating in various segments of the industry. Some of the key players in the global power electronics market are involved in the development, manufacturing, and distribution of power electronic components, systems, and solutions. They compete on factors such as product performance, reliability, cost-effectiveness, and innovation. In addition to these established players, there are also several emerging companies and startups that are actively participating in the power electronics market. These companies often focus on specific niches or offer novel technologies, contributing to the competitive landscape. The competition in the power electronics market is driven by various factors, including technological advancements, increasing demand for energy-efficient devices, government regulations promoting renewable energy sources, and the growing adoption of electric vehicles. Companies strive to differentiate themselves by offering advanced power semiconductor devices, power management solutions, and customized power electronics solutions to meet the specific needs of different industries. Partnerships, collaborations, and acquisitions are common strategies employed by companies in the power electronics market to expand their product portfolios, enhance their technological capabilities, and gain a competitive edge. Additionally, companies invest significantly in research and development activities to develop new products and improve existing ones. 'Infineon Technologies AG (Germany)', 'Mitsubishi Electric Corporation (Japan)', 'Texas Instruments Incorporated (US)', 'Toshiba Corporation (Japan)', 'STMicroelectronics N.V. (Switzerland)', 'ABB Ltd. (Switzerland)', 'NXP Semiconductors N.V. (Netherlands)', 'ON Semiconductor Corporation (US)', 'Vishay Intertechnology, Inc. (US)', 'Renesas Electronics Corporation (Japan)', 'Fuji Electric Co., Ltd. (Japan)', 'Microchip Technology Inc. (US)', 'Schneider Electric SE (France)', 'ROHM Co., Ltd. (Japan)', 'Cree, Inc. (US)', 'Panasonic Corporation (Japan)', 'Semikron International GmbH (Germany)', 'Hitachi, Ltd. (Japan)', 'Danfoss A/S (Denmark)', 'Eaton Corporation plc (Ireland)'

One of the major drivers of the power electronics market is the growing demand for energy-efficient products and solutions. With a focus on reducing energy consumption and minimizing carbon emissions, industries and consumers are adopting power electronics devices that optimize power usage and improve energy efficiency. For example, in the automotive sector, the rising demand for electric vehicles (EVs) has fueled the need for power electronics systems, including inverters and converters, which efficiently manage the flow of electrical energy from the battery to the motor, enhancing the overall energy efficiency of the vehicle.

Wide bandgap (WBG) semiconductor materials: Wide bandgap materials such as silicon carbide (SiC) and gallium nitride (GaN) are gaining prominence in power electronics applications. WBG semiconductors offer advantages over traditional silicon-based devices, including higher breakdown voltage, faster switching speeds, lower power losses, and higher operating temperatures. These properties enable the development of more compact, efficient, and high-performance power electronics systems. For example, WBG-based power devices are being used in electric vehicle charging infrastructure, renewable energy inverters, and industrial motor drives.

Asia Pacific stands out as the dominating region in the global power electronics market. With its robust industrial base, technological expertise, and vast consumer market, the region has established itself as a powerhouse in the industry. Countries such as China, Japan, and South Korea have been at the forefront of driving the growth in power electronics. Asia-Pacific's dominance can be attributed to several factors. First, the region has witnessed a surge in manufacturing activities, particularly in sectors like automotive, consumer electronics, and renewable energy. Power electronics play a critical role in these industries, contributing to the overall demand. Furthermore, the region's rapid urbanization and infrastructure development have increased the need for efficient power management and distribution systems, driving the demand for power electronics solutions. With a growing emphasis on energy efficiency and sustainability, governments in the region are actively promoting the adoption of power electronics technology to optimize energy consumption and reduce carbon emissions.

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