Global Power Electronics Market to Surpass 78.19 Billion by 2030 Driven by Surging Adoption of Renewable Energy Sources
SkyQuest projects that the global power electronics market will attain a value of USD 78.19 billion by 2030, with a CAGR of 6.8% during the forecast period (2023-2030). The global power electronics market is a rapidly burgeoning industry, encompassing various electronic components and systems meticulously engineered to convert and regulate power across many applications proficiently. The overarching objective of this market is to offer cutting-edge solutions for efficient power management, catering to a broad spectrum of industries that rely heavily on precise and controlled power delivery.
Westford,USA, Jan. 08, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the increasing demand for energy-efficient products and solutions drives the global power electronics market’s growth. As industries and consumers alike emphasize sustainability and environmental responsibility, there is a clear shift towards adopting power electronics devices that can effectively optimize power usage and enhance energy efficiency.
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Browse in-depth TOC on the “Power Electronics Market”
- Pages – 157
- Tables – 65
- Figures – 75
The surging adoption of renewable energy sources, notably solar and wind power, is exerting a substantial influence on the global power electronics market’s demand for power electronics systems. Power electronics devices have emerged as linchpins in the renewable energy landscape, facilitating the crucial task of converting and regulating electrical energy generated from these sustainable sources.
Prominent Players in Global Power Electronics Market
- Infineon Technologies AG
- Mitsubishi Electric Corporation
- Texas Instruments Incorporated
- Toshiba Corporation
- STMicroelectronics N.V.
- ABB Ltd.
- NXP Semiconductors N.V.
- ON Semiconductor Corporation
- Fuji Electric Co., Ltd.
- Microchip Technology Inc.
- Schneider Electric SE
- ROHM Co., Ltd.
- Cree, Inc.
- Panasonic Corporation
- Semikron International GmbH
- Hitachi, Ltd.
- Danfoss A/S
- Eaton Corporation plc
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Module Segment to Dominate Market due to Widespread Utilization of Power Electronics Modules
Module type has asserted its dominance as the leading category within the global power electronics market. In 2022, the module type claimed a substantial share, surpassing 50.4% of the total market share. This significant market presence underscores power electronics modules’ widespread utilization and importance across diverse applications.
The market in North America is positioned as the fastest-growing region in the global power electronics market. The region’s advanced economies, such as the United States and Canada, boast a rich technological landscape that fosters innovation and development in the power electronics sector.
IC Segment is Expected to Witness Significant Growth due to Increasing Recognition of ICs
IC type is poised for substantial growth in the global power electronics market. Projections indicate that the IC type is set to experience a noteworthy CAGR of approximately 10.2% between 2023 and 2030. This anticipated growth underscores the increasing recognition of ICs as pivotal components within power electronics systems.
Regional market in Asia Pacific emerges as the unequivocal leader in the global power electronics market, standing out for its commanding presence and influence. The region’s dominance is underpinned by a combination of factors, including a robust industrial base, unparalleled technological expertise, and an expansive consumer market.
A comprehensive analysis of the major players in the global power electronics market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Global Power Electronics Market
- In 2022, two industry giants, DENSO Corporation, a prominent mobility supplier, and United Semiconductor Japan Co., Ltd. (USJC), a subsidiary of the global semiconductor foundry United Microelectronics Corporation, made a significant announcement. They unveiled a collaborative effort to produce power semiconductors at USJC’s cutting-edge 300mm fabrication facility. This strategic partnership is strategically positioned to address the burgeoning demand for power semiconductors within the automotive market, aligning with the industry’s increasing reliance on semiconductor technology for advanced vehicle systems.
- Reliance Industries, a conglomerate based in India, recently forged a strategic partnership with Sanmina Corp, a leading US-based electronics manufacturing company. This collaboration aimed to establish robust electronics manufacturing operations in India.
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Key Questions Answered in the Global Power Electronics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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