The power electronics market is witnessing rapid growth, driven by a confluence of factors including increasing demand for energy-efficient devices, the proliferation of renewable energy sources, and the growing adoption of electric vehicles. This sector spans a wide array of applications, from industrial machinery and automotive electronics to consumer electronics and renewable energy systems. The push for higher efficiency, reduced energy consumption, and improved power management solutions has led to significant innovations in power semiconductor devices, such as MOSFETs, IGBTs, and power diodes. Additionally, the emergence of wide-bandgap semiconductors like silicon carbide (SiC) and gallium nitride (GaN) is revolutionizing power electronics by offering higher efficiency and power density. As industries strive for sustainability and performance, the power electronics market is poised for sustained growth and technological advancements. In terms of revenue, the global power electronics market was worth US$ 49.7 Bn in 2023 and is anticipated to witness a CAGR of 6.4% during 2024 – 2034.

Trends in the Global Power Electronics Market

• Rise of Wide-Bandgap Semiconductors- The power electronics market is witnessing a significant trend towards the adoption of wide-bandgap semiconductor materials like silicon carbide (SiC) and gallium nitride (GaN). These materials offer superior performance characteristics compared to traditional silicon-based semiconductors, including higher efficiency, faster switching speeds, and greater power density. As a result, industries such as automotive, renewable energy, and industrial automation are increasingly integrating SiC and GaN devices into their systems to achieve higher efficiency, reduced size, and improved reliability, driving the growth of this segment in the power electronics market.
• Integration of Power Electronics in Electric Vehicles (EVs)- With the global shift towards electrification, the power electronics market is experiencing a surge in demand from the electric vehicle (EV) industry. Power electronics components such as inverters, converters, and motor drives are critical for the operation of electric propulsion systems in EVs. As governments worldwide implement stringent emissions regulations and incentivize electric mobility, automotive manufacturers are investing heavily in the development of advanced power electronics solutions to enhance the performance, efficiency, and range of electric vehicles. This trend is fueling innovation and driving the expansion of the power electronics market within the automotive sector.

Global Power Electronics Market Revenue & Forecast, (US$ Million), 2016 – 2034

Power diodes by component dominated the global power electronics market during the forecast period. Power diodes play a crucial role in various applications, including rectification, voltage regulation, and power conversion. Their widespread adoption can be attributed to several factors. Power diodes offer high reliability and robustness, making them suitable for demanding industrial and automotive environments. Advancements in diode technology, such as the development of fast-recovery diodes and Schottky diodes, have led to improved efficiency and performance in power electronic systems. Additionally, the increasing demand for energy-efficient solutions across industries has propelled the deployment of power diodes in power supply units, motor drives, inverters, and voltage regulators. Moreover, the expanding applications of power diodes in renewable energy systems, electric vehicles, and consumer electronics have further boosted their prominence in the global power electronics market, driving their dominance during the forecast period.

Power generation segment by application gained popularity in recent years and is anticipated to grow the fastest over the forecast timeline. Global emphasis on renewable energy sources, such as solar and wind power, has led to substantial investments in power generation infrastructure worldwide. Power electronics play a crucial role in renewable energy systems by facilitating efficient energy conversion, grid integration, and power management. Additionally, advancements in power electronics technology have improved the performance and reliability of power generation systems, making them more attractive to investors and operators. Moreover, the growing demand for distributed energy resources and microgrid solutions has further fuelled the adoption of power electronics in the power generation sector. As governments and industries continue to prioritize clean energy initiatives, the power generation segment is expected to emerge as the fastest-growing application area within the power electronics market, driving innovation and investment in renewable energy technologies.

AC-to-AC circuit type accounted for the largest revenue share in 2023 in the global market with a revenue share of 25.7%. AC-to-AC circuits play a pivotal role in various applications, including voltage regulation, frequency conversion, and power transmission. They are widely utilized in industries such as telecommunications, manufacturing, and renewable energy systems, where efficient and reliable AC power conversion is essential. The proliferation of smart grid technologies and the increasing integration of renewable energy sources into the power grid have driven the demand for AC-to-AC converters and inverters. Moreover, advancements in power electronics design and semiconductor technology have led to the development of high-performance AC-to-AC circuits, offering improved efficiency, compactness, and versatility. As industries continue to prioritize energy efficiency and grid stability, the dominance of AC-to-AC circuits in the global market is expected to persist and expand further in the coming years.

Energy segment dominated the power electronics market and is anticipated to continue its dominance through the forecast timeline. Global transition towards renewable energy sources such as solar, wind, and hydroelectric power has propelled the demand for power electronics solutions in energy generation, transmission, and distribution systems. Power electronics play a critical role in optimizing energy conversion efficiency, enhancing grid stability, and facilitating the integration of renewable energy resources into existing power infrastructure. Additionally, the increasing electrification of transportation and industrial processes further augments the demand for power electronics in energy management and storage applications. As governments and industries worldwide prioritize sustainability and decarbonization efforts, the energy segment is expected to remain at the forefront of the power electronics market, driving innovation and investment in energy-efficient technologies.

Europe is expected to emerge as the fastest growing region in the power electronics market, following Asia Pacific. Europe is witnessing a surge in demand for energy-efficient solutions across various industries, driven by stringent environmental regulations and sustainability initiatives. Secondly, the region is investing heavily in renewable energy infrastructure, including wind and solar power generation, which requires advanced power electronics for efficient energy conversion and grid integration. Growing adoption of electric vehicles and the electrification of transportation systems further boost the demand for power electronics in Europe. With a strong focus on innovation and technology, coupled with supportive government policies, Europe is well-positioned to emerge as a key player in the global power electronics market, driving growth and opportunity in the region.

Competitive Landscape

The competitive landscape of the power electronics market is characterized by intense rivalry among key players such as Schneider Electric, Texas Instruments, Mitsubishi Electric, and STMicroelectronics, each striving to innovate and capture market share through product differentiation and strategic partnerships.

Some of the players operating in the power electronics market are

• ABB Group
• Analog Devices, Inc.
• Eaton Corporation
• General Electric (GE)
• Mitsubishi Electric Corporation
• Monolithic Power Systems, Inc.
• ROHM CO., LTD.
• Schneider Electric
• Semikron Danfoss
• Siemens AG
• STMicroelectronics
• Tech Power Electronics Group
• Texas Instruments
• Toshiba Corporation
• Other Industry Participants

Global Power Electronics Market Scope

Global Power Electronics Market

By Component

• Power diodes
• Transistors
• Gate Turn-Off Thyristor (GTO)
• Others

By Application

• Power Generation
• Power Transmission
• Power Distribution
• Power Control

By Circuit Type

• AC-to-DC
• DC-to-DC
• DC-to-AC
• AC-to-AC

By Industry Vertical

• Manufacturing
• Energy
• Automotive
• Information Technology (IT) and Telecommunications
• Aerospace and Defense
• Healthcare
• Consumer Electronics
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

Report Layout

Table of Contents

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Note: This ToC is tentative and can be changed according to the research study conducted during the course of report completion.

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**Exclusive for Multi-User and Enterprise User.

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Global Power Electronics Market

By Component

• Power diodes
• Transistors
• Gate Turn-Off Thyristor (GTO)
• Others

By Application

• Power Generation
• Power Transmission
• Power Distribution
• Power Control

By Circuit Type

• AC-to-DC
• DC-to-DC
• DC-to-AC
• AC-to-AC

By Industry Vertical

• Manufacturing
• Energy
• Automotive
• Information Technology (IT) and Telecommunications
• Aerospace and Defense
• Healthcare
• Consumer Electronics
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

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