As per the updated reports of Future Market Insights, our lead analyst gives a detailed analysis of the technology market. As per the analysis, sales of power electronics hold a current valuation of USD 30.70 billion in 2024.
Reflecting on consumers’ expectations, power electronics manufacturers work on simpler labels with understandable ingredients, reinforcing continuous demand. Going by this pattern, demand could rise and equate to a market valuation of USD 51.30 billion, with a sluggish CAGR of 5.3% by 2034.
| Attributes | Details |
|---|---|
| Market Value for 2024 | USD 30.7 billion |
| Market Value for 2034 | USD 51.3 billion |
| Market Forecast CAGR for 2024 to 2034 | 5.3% |
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In 2019, the global power electronics market showed a potential worth USD 26.24 billion, according to a report from Future Market Insights (FMI). The power electronics market witnessed significant growth, registering a CAGR of 3.10% from 2019 to 2023.
| Historical CAGR | 3.10% |
|---|---|
| Forecast CAGR | 5.3% |
Preference in technology, particularly in semiconductor devices and power management systems, contributed to the expansion of the market. The boom in demand for energy-efficient solutions and the need for power optimization further augmented the uptake of power electronics worldwide.
The market performance during this period underscored its importance by enabling efficient power conversion, control, and management across diverse applications.
The power electronics market is forecasted to experience accelerated growth, with a projected CAGR of 3.1% from 2019 to 2023. Several factors are expected to drive this growth, including improvement in industries requiring power electronics solutions, such as electric vehicles, renewable energy systems, and smart grids.
The boost on energy conservation, electrification, and the transition towards sustainable energy sources fuel the global adoption of power electronics solutions.
The below section shows the leading segment. Based on the device type, the module segment is accounted to hold a market share of 61.2% in 2024. Based on material, the silicon carbide segment is accounted to hold a market share of 34.2% in 2024.
Modules integrate various components into a single package, including power semiconductors, gate drivers, and protection features.
Silicon carbide (SiC) offers superior electrical properties to traditional silicon-based semiconductors, including higher breakdown voltage, lower switching losses, and higher thermal conductivity.
| Category | Market Share in 2024 |
|---|---|
| Module | 61.2% |
| Silicon Carbide | 34.2% |
Based on the device type, the module segment stands out, capturing a significant market share of 61.2%.
With the increasing complexity of power electronic systems and the demand for compact and reliable solutions, modules provide an integrated approach that simplifies design, reduces development time, and improves system performance.
Modules integrate multiple components, such as power semiconductors, gate drivers, and protection circuitry, into a single package, offering convenience and efficiency for power electronic system designers.
Based on material, the silicon carbide segment is accounted to hold a market share of 34.2% in 2024.
Silicon carbide (SiC) offers superior electrical properties compared to traditional silicon-based semiconductors where such advantages make SiC an attractive choice for high-performance power electronic applications, such as electric vehicles, renewable energy systems, and industrial automation.
The boom in demand for energy-efficient and high-power-density solutions further propels the adoption of SiC-based power devices. Industries strive to improve efficiency, reduce emissions, and meet stringent performance requirements.
The silicon carbide segment continues to extend its presence in the market, offering advanced semiconductor solutions for the next generation of power electronics.
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The table describes the top five countries ranked by revenue, with Australia holding the top position.
The rapid adoption of renewable energy solutions and the robust mining sector boost the market in Australia. With significant investments in solar, wind, and battery storage projects and advanced power electronics in mining operations, Australia showcases leadership in energy efficiency and sustainability-driven applications.
Forecast CAGRs from 2024 to 2034
| Countries | CAGR through 2034 |
|---|---|
| United States | 4.1% |
| Germany | 2.7% |
| Japan | 2% |
| China | 5.8% |
| Australia | 8.8% |
The United States market strongly emphasizes technological innovation and industrial automation. Power electronics are vital in various sectors, such as automotive, aerospace, and renewable energy.
The United States is a leader in electric vehicle adoption, requiring advanced power electronics for vehicle propulsion systems and charging infrastructure. The country mainly focuses on renewable energy sources like solar and wind power that boost demand for power electronics solutions for grid integration and energy storage systems.
Germany is renowned for its engineering prowess and high-tech industries. Power electronics are integral to automotive manufacturing, machinery, and industrial automation sectors in Germany.
With a strong emphasis on energy efficiency and sustainability, the industries in Germany rely on advanced power electronics for optimizing energy consumption and improving process efficiency.
Japan is known for its advanced technology and innovation-driven economy. Power electronics are important for the automotive industry, particularly in hybrid and electric vehicles in Japan.
Power electronics find extensive applications in consumer electronics, industrial automation, and renewable energy systems, reflecting a commitment to technological advancement and energy sustainability.
China has one of the largest electric vehicles, renewable energy installations, and consumer electronics markets. Power electronics in China is pivotal in transitioning towards clean energy and electrified transportation.
Government initiatives promoting energy conservation and technological innovation, are taken where China presents significant opportunities for power electronics manufacturers catering to diverse applications and industries.
Australia has abundant solar and wind resources, leading to significant investments in renewable energy projects. Power electronics enable efficient energy conversion, grid integration, and energy storage solutions in the renewable energy sector.
The mining industry relies on power electronics for equipment automation, energy management, and operational efficiency improvements, contributing to the dominance of the market in the country.
The competitive landscape of the power electronics market is dynamic, featuring a mix of established players and emerging companies. Niche players widely focus on specific segments, like power modules or wide bandgap semiconductors, contributing to the competitive intensity.
Technological innovation, product differentiation, and strategic partnerships are vital for maintaining market share in this highly competitive environment. Factors such as quality, reliability, and cost-effectiveness play crucial roles in determining the competitive positioning of companies within the power electronics market.
Some of the key developments are
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 30.70 billion |
| Projected Market Valuation in 2034 | USD 51.3 billion |
| Value-based CAGR 2024 to 2034 | 5.3% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered |
Device Type, Material Type, Application, Region |
| Key Countries Profiled |
The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, Rest of Eastern Europe, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled |
Qualcomm; ABB Ltd.; Infineon Technologies AG; Texas Instruments Inc.; ROHM Co. Ltd; STMicroelectronics NV; Renesas Electronics Corporation; Vishay Intertechnologies Inc.; Toshiba Corporation; Mitsubishi Electric Corporation |
As of 2024, the market for power electronics is expected to be valued at USD 30.7 billion.
The power electronics market is projected to expand at a CAGR of 5.3% between 2024 and 2034.
The module segment is projected to dominate the industry.
By 2034, the market value of power electronics is expected to reach USD 51.3 billion.
Australia is likely the top-performing market, with a CAGR of 8.8%.
| Estimated Market Size (2024E) | USD 41.1 billion |
|---|---|
| Projected Market Value (2034F) | USD 73.7 billion |
| Value-based CAGR (2024 to 2034) | 6% |
| Market Share (2023) | USD 468.9 million |
|---|---|
| Market Share (2033) | USD 778.5 million |
| Market Share (2023 to 2033) | 5.2% |
| Market Value in 2022 | USD 2.8 Billion |
|---|---|
| Market Value in 2032 | USD 5.8 Billion |
| Market CAGR (2022 to 2032) | 7.5% |
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