Power Electronics Market is Poised to Grow at CAGR of 5.6% by 2031 | SkyQuest Technology
Westford, USA, Oct. 22, 2024 (GLOBE NEWSWIRE) — Power Electronics Market size was valued at around 43.5 billion in 2022 and is expected to rise from USD 46.1 billion in 2023 to reach a value of USD 71.3 billion by 2031, at a CAGR of 5.6% over the forecast period (2024–2031).
The power electronics market is one of the rapidly growing sectors in the global economy. However, its scope can go farther with a wider variety of electronic systems and components being designed to convert and regulate power with efficiency across diverse applications. It strives to develop novel power management solutions for end industries such as automotive, aerospace, energy, and healthcare. The increased requirement of fighting against climate change and thereby reducing carbon emissions has led to an increased demand for efficient energy solutions, which in turn has driven the power electronics market. In addition, power electronic devices are in great demand owing to their potential to increase energy efficiency by a large margin, reducing energy consumption and saving operation costs across a wide range of industries. The growth of the market is driven by higher demand for sophisticated power management systems in renewable energy sources, including solar and wind power, to operate dependably and efficiently. Along with renewable energies, power electronics solutions are in growing demand.
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Browse in-depth TOC on the “Power Electronics Market”
Pages- 197
Tables- 65
Figures- 75
Power Electronics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2022 | USD 43.5 billion |
| Estimated Value by 2031 | USD 71.3 billion |
| Growth Rate | Poised to Grow at a CAGR of 6.8% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Power electronics and its growing applications |
| Key Market Opportunities | Increase in Demand for EVs |
| Key Market Drivers | Rise in Demand for Energy-Efficient Solutions |
Dominance of Module Type, Supported by its Wide Range of Applications
The module type dominated the market share in the power electronics market. It holds over 50.4% of the market share in 2022. Module-type power electronics are widely used in some of the major applications, such as industrial automation, electric vehicles, and renewable energy systems, amongst others. The lower heat resistance, higher efficiency, and smaller form factors should benefit the module type power electronics. All the features listed above make the power electronics modules the preferred choice in high-power, high-voltage applications.
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Enhancement of Performance and Efficiency by Power Electronics in Consumer Electronics
Consumer electronics is the largest growing segment in the power electronics market. This market segment has grown phenomenally within the last couple of years because consumers have adopted many smartphones, tablets, wearables, and other portable electronic devices. Power electronics technology improves the performance, battery life, and charging capabilities of electronic devices of consumers. The use of power electronics has grown many times, keeping in consideration the high demand in consumer electronics for more performance and efficiency, and the rise in the use of advanced technologies such as 5G connectivity, AI, and IoT. For these expectations to come into effect, power management, voltage regulation, and power conversion techniques need to be effective in such devices.
Asia-Pacific Leads the Way in the Global Power Electronics Market
Asia Pacific, the leader in the power electronics market. With its strong industrial base, expertise in technology, and a sizable consumer base, the region has carved a niche in the business. Power electronics has seen rapid growth with countries such as China, Japan, and South Korea leading this growth. The dominant position of the Asia-Pacific is due to several factors. Primarily, manufacturing activities have been on the rise in the region, especially for consumer electronics, automobiles, and renewable energy. In these industries, power electronics use is very high, thus driving up overall demand. The power electronics solution is in high demand due to fast urbanization and infrastructure development in the region, driving up the need for efficient power management and distribution systems.
Power Electronics Market Insights
Drivers
- Growth in Consumer Electronics
- Advancements in Technology
- Urbanization and Infrastructure Development
Restraints
- Complexity in Design and Integration
- High Costs Associated with These Electronics
- Supply Chain Issues
Key Players Operating Within the Power Electronics Market
The following are the Top Power Electronics Companies
- ABB Ltd.
- Vishay Intertechnology, Inc.
- Fuji Electric Co., Ltd.
- ROHM Co., Ltd.
- Cree, Inc.
- Hitachi, Ltd.
- Eaton Corporation Plc
- Microchip Technology Inc.
- ON Semiconductor Corporation
- Toshiba Corporation
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Key Questions Answered in Global Power Electronics Market Report
- How much is the global power electronics market predicted to be worth by 2031, and what is the predicted compound annual growth rate (CAGR) for this market?
- Why is the power electronics market becoming more and more dominated by the consumer electronics segment?
- Which region leads the global market?
This report provides the following insights:
- Analysis of key drivers (Growth in consumer electronics and technological advancements), restraints (High costs and supply chain issues) opportunities (Rise in demand for EVs), and challenges (Regulatory challenges) influencing the growth of power electronics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the power electronics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the power electronics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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