Power Electronics Market Size To Attain USD 32.59 Billion by 2032

The global power electronics market size surpassed USD 20.83 billion in 2023 and is projected to attain around USD 32.59 billion by 2032, growing at a CAGR of 5.10% from 2023 to 2032.

Power Electronics Market Size and Growth rate From 2022 To 2032

Market Overview

The power electronics market encompasses the application of electronic devices specifically designed to control and convert electrical power. At its core, power electronics focuses on efficiently managing the flow of electrical energy, ensuring optimal performance and utilization in various systems. Central to power electronics are components like power MOSFETs, insulated gate bipolar transistors (IGBTs), thyristors, and diodes, each playing a crucial role in regulating voltage, current, and power within electronic circuits.

One of the most essential components in power electronics is the power MOSFET, short for metal-oxide-semiconductor field-effect transistor. This semiconductor device features a metal structure separated from the semiconductor material by a flimsy oxide layer. By applying a voltage to the gate terminal, the conductivity of the semiconductor can be modulated, allowing the MOSFET to function as a switch or an amplifier.

The importance of power MOSFETs lies in their ability to handle high voltage and current levels efficiently, thanks to their fast-switching speed and low on-resistance. This unique combination of features enables power MOSFETs to manage power with minimal losses, making them invaluable in a wide range of applications, including voltage regulators, motor control, inverters, and power supplies.

Power electronics are quietly transforming our world. It operates behind the scenes, embedded in everyday products that enhance our lives. From charging our smartphones and electric vehicles to boosting cooking efficiency through induction cooktops, power electronics are omnipresent. It’s also crucial for large-scale aluminum production and efficient power transmission across countries and seas. 70% of electrical energy today is processed by power electronics. PE lies at the heart of electrical power conversion, efficiently transforming voltages and currents. Advancements in power semiconductor technology have elevated efficiency levels, making PE a key enabler for the carbon-neutral energy system.

The power electronics market revolves around the efficient control and conversion of electrical power using electronic devices such as power MOSFETs. These components play a fundamental role in a wide range of applications, from renewable energy systems to electric vehicles and smart grids. By enabling energy-efficient operation and optimal power management, power electronics contribute significantly to the advancement of modern technology and the pursuit of sustainability.

  • Eaton hosted Tech Day 2023, showcasing cutting-edge power management technologies across electrical, vehicle, and aerospace domains. This event served as a platform for Eaton to demonstrate its commitment to innovation and leadership in the power electronics industry, highlighting its latest advancements and solutions for diverse applications.

Regional Snapshot

Asia Pacific dominated the power electronics market in 2023 due to several factors, including the presence of key manufacturing hubs, technological advancements, and increasing demand for consumer electronics, automotive, and industrial applications. Additionally, Taiwan Semiconductor Manufacturing Company (TSMC) stands out as a leading foundry and supplier of semiconductor components, including power management integrated circuits (PMICs) and power discrete devices. TSMC’s advanced manufacturing capabilities and strong focus on customer collaboration position it as a preferred partner for companies seeking high-quality and cost-effective power electronics solutions in the Asia Pacific power electronics market.

Countries like China, Japan, South Korea, and Taiwan are home to leading semiconductor manufacturers, contributing to the region’s dominance in the power electronics market. Additionally, the growing adoption of electric vehicles and renewable energy systems further fuels demand for power electronics in the region. Key players in the Asia Pacific market include Samsung Electronics, Toshiba Corporation, Infineon Technologies, Mitsubishi Electric Corporation, and STMicroelectronics.

  • In October 2023, FLUKE introduced the FLUKE 972A & FLUKE 972B Temperature Humidity (Thermo-Hygro) Meters, designed for professional-grade applications. These meters prioritize ease of use and affordability, making them accessible to a wide range of users in various industries.
  • In September 2023, Hitachi Industrial Products, Ltd. Unveiled a high-capacity multi-port EV Charger, addressing the growing demand for fast charging solutions in the electric vehicle market. This product aligns with Hitachi’s commitment to sustainability and innovation in the transportation sector.

Power Electronics Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 20.83 Billion
Projected Forecast Revenue by 2032 USD 32.59 Billion
Growth Rate from 2023 to 2032 CAGR of 5.10%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market Dynamics


Harnessing renewable energy with power electronics

The global shift towards renewable energy sources like solar and wind demands sophisticated power electronic systems to efficiently capture, convert, and integrate this clean energy into the grid. Power electronics play a pivotal role in this transition by enabling the seamless conversion of DC power generated by solar panels and wind turbines into AC power, aligning it with the grid’s requirements.

These systems optimize energy harvesting and maximize the utilization of renewable resources, driving sustainability and reducing reliance on fossil fuels. By facilitating the integration of renewable energy sources into the electricity infrastructure, power electronics contribute to building a more resilient and environmentally friendly energy ecosystem. Thus, contributing to the growth of the power electronics market.

  • February 2024 marks the second edition of Power UP Asia, a three-day virtual conference and exhibition that brings together the latest developments in power electronics. As the world continues its drive toward decarbonization, the power industry is actively exploring ways to accelerate the pathway to net-zero carbon emissions.

Empowering smart grids through power electronics

As power systems evolve towards digitalization and smart grid technologies, advanced power electronic solutions become indispensable for monitoring, controlling, and optimizing grid operations. Grid-connected inverters, energy storage systems, and demand-side management strategies rely on power electronics to enhance grid reliability, resilience, and flexibility.

These systems enable dynamic adjustments in power flow, voltage regulation, and frequency control, ensuring efficient utilization of resources and mitigating grid instability. By empowering smart grids with intelligent power electronic solutions, we pave the way for a more efficient, responsive, and sustainable energy infrastructure capable of meeting the demands of the digital age.


Navigating cost barriers in power electronics

The development and implementation of advanced power electronic technologies often encounter significant cost hurdles. High upfront expenses for research, development, and manufacturing pose challenges for smaller enterprises and emerging markets, inhibiting their entry into the sector.

Moreover, the costs associated with materials and production processes may impede the affordability and scalability of power electronic solutions. These financial constraints not only limit access to innovative technologies but also hinder their widespread adoption, underscoring the need for cost-effective strategies and collaborative initiatives to overcome barriers and drive progress in the power electronics market.


Power electronics for aerospace applications

The aerospace industry presents exciting opportunities for power electronics advancements, driven by the demand for lightweight, efficient, and reliable electronic systems in aircraft and spacecraft. Power electronics play a crucial role in aircraft systems such as avionics, flight control, electric propulsion, and power distribution. Opportunities exist for the development of high-power density converters, motor controllers, and power management systems capable of operating in harsh aerospace environments.

Additionally, advancements in power semiconductor technology, thermal management, and electromagnetic compatibility (EMC) are essential for enhancing the performance, efficiency, and safety of aerospace electronic systems. With the growing emphasis on electric propulsion systems, hybrid-electric aircraft, and electrified aircraft subsystems, power electronics innovation in the aerospace sector holds promise for reducing fuel consumption, emissions, and operating costs while improving aircraft performance and reliability.

Power electronics for electric vehicles (EVs)

The EV industry presents significant opportunities for power electronics innovation, fueled by the global transition towards sustainable transportation solutions. Power electronics play a critical role in EVs for battery management, motor control, onboard charging, and powertrain efficiency optimization. Opportunities exist for advancements in power semiconductor devices, such as silicon carbide (SiC) and gallium nitride (GaN), to improve power conversion efficiency and reduce system weight and size.

Additionally, developments in EV charging infrastructure, including fast charging technologies, wireless charging, and vehicle-to-grid (V2G) integration, offer opportunities for power electronics market to enhance charging speed, convenience, and grid integration. As the demand for EVs continues to grow, power electronics innovation is essential for accelerating the electrification of transportation, reducing greenhouse gas emissions, and improving air quality in urban areas.

  • In February 2024, Allegro MicroSystems unveiled its latest offerings, the ACS37030 and ACS37032 high-bandwidth current sensors. These sensors are engineered to enhance power conversion efficiency, particularly in electrified vehicles, clean energy solutions, and data center applications.
  • In September 2023, Havells India Limited introduced the Dual Mode Micro Inverter (DMMI), boasting four US patents. This innovative product offers versatile functionality and efficiency, catering to various power electronics applications.

Recent Developments

  • In October 2023, KUSAM-MECO launched the Digital Infrared Thermometer Model IRL-550, a mid-range infrared thermometer renowned for its precision and reliability. This addition to their product lineup reflects KUSAM-MECO’s dedication to delivering high-quality instruments that meet the diverse needs of their customers.
  • In September 2023, Deep Sea Electronics Ltd introduced the G8 Series, an Advanced Paralleling Controller Platform designed to meet future power needs and enhance grid reliability. This innovative platform reflects Deep Sea Electronics’ commitment to providing cutting-edge solutions for power management and grid optimization, catering to the evolving demands of the energy industry.

Key Market Players

  • ABB Group
  • Fuji Electric Co
  • Infineon Technologies AG
  • Microsemi Corporation
  • Mitsubishi
  • Renesas Electronics Corporation
  • Rockwell Automation
  • STMicroelectronics
  • Texas Instruments Incorporated
  • Toshiba Corporation

Market Segmentation

By Material

  • Sapphire
  • Silicon
  • Gallium Nitride
  • Silicon Carbide
  • Others

By Application

  • Consumer Electronics
  • Industrial
  • ICT
  • Aerospace & Defense
  • Automotive
  • Others

By Device

  • Module
  • Discrete
  • IC

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