Power Electronics Market to be Worth Above $59.7 Billion by 2031

Power Electronics Market Size, Share, Forecast, & Trends Analysis by Type (Power ICs, Modules, Transistors, Thyristors, Regulators, Others), Application (Generation, Transmission, Distribution, Control), End-use Industry (Automotive, Consumer Electronics, Others), Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Power Electronics Market by Type (Power ICs, Modules, Transistors, Thyristors, Regulators, Others), Application (Generation, Transmission, Distribution, Control), End-use Industry (Automotive, Consumer Electronics, Others), Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the power electronics market is projected to reach above $59.7 billion by 2031, at a CAGR of 4.9% from 2024 to 2031. The market’s growth is driven by factors such as increasing demand for power electronic devices in the consumer electronics industry, increasing investment in renewable energy technology, rising use of power electronics in LED lighting, and rising use of power electronics devices in automotive applications. In addition, the increasing use of power electronic devices in electric vehicles and the growing need for power electronic devices in aerospace & defense is expected to provide opportunities for market growth. However, complex design and integration processes can restrain the growth of the market. Heat dissipation from devices during switching poses challenges for market growth.

The power electronics market is segmented by product type, application, and end-use industry. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on product type, the power electronics market is broadly segmented into power diodes, power transistors, thyristors, power electronic circuits, power ICs, power switches, power regulators, power modules, power drivers, and other power electronic product types. In 2024, the power ICs segment is expected to account for the largest share of the global power electronics market. The large share of the segment is attributed to the rising power demand from IoTs, wearables, consumer, automotive, and industrial applications, the rising need to simplify power management in complex embedded systems, the increasing need to optimize power consumption and extend battery life and rising focus of market players on innovative product offerings. For instance, in June 2023, Nordic Semiconductor (Norway) launched its nPM1300™ Power Management IC (PMIC) for battery-operated applications.

However, the power modules segment is expected to register the highest CAGR during the forecast period. The segment’s growth is driven by the rising need to handle the switching of currents and voltages, enabling efficient power conversion and control, and the increasing use of power modules in electric cars and other electric motor controllers, appliances, power supplies, electroplating machinery, medical equipment, battery chargers, AC to DC inverters and converters, power switches, and welding equipment.

Based on application, the power electronics market is segmented into power generation, power transmission, power distribution, and power control. In 2024, the power control segment is expected to account for the largest share of the global power electronics market. The large share of the segment is attributed to the rising use of power electronics devices to regulate current flow through various components, ensuring stability and optimal performance.

Moreover, the power control segment is expected to register the highest CAGR during the forecast period. The rising focus of market players to launch innovative power control devices is expected to drive the segment growth. For instance, in November 2022, Magnachip Semiconductor Corporation (South Korea) launched its first Power Management Integrated Circuit (PMIC) for IT devices equipped with OLED screens. IT can control functions such as output voltage control, ON/OFF block, output voltage sequence management, protection circuit fault flag, and switching frequency transition.

Based on end-use industry, the power electronics market is segmented into consumer electronics and home appliances, automotive, IT & telecommunication, heavy machinery, aerospace & defense, energy & utility, healthcare, and other end-use industries. In 2024, the consumer electronics and home appliances segment is expected to account for the largest share of the global power electronics market. The large share of the segment is attributed to the rising need for power electronics devices in various consumer electronics, such as computers, mobile devices, and home appliances, for regulating voltage and current levels, ensuring that these devices function safely and efficiently.

However, the automotive segment is expected to register the highest CAGR during the forecast period. The segment’s growth is driven by the rapidly expanding automotive market, rising adoption of power electronics to control and convert electric power for various automotive applications, such as body electronics, infotainment and telematics, safety and security, chassis, and powertrains in electric vehicles (EVs); the rising focus on carbon emission reduction; and the rising focus of automotive manufacturers to integrate power electronics in the vehicle.

In June 2021, Renault Group (France) partnered with STMicroelectronics NV (Switzerland) to design, develop, manufacture, and supply STMicroelectronics’ products and related packaging solutions for the power electronics systems of battery-operated and hybrid vehicles of the Renault Group.

Based on geography, the power electronics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the power electronics market. The large share of the region is attributed to the rising demand for energy-efficient hybrid electric vehicles, the rising adoption of consumer electronics devices, and the presence of well-established power electronics companies such as Renesas Electronics Corporation (Japan), Mitsubishi Electric Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Fuji Electric Co., Ltd. (Japan), TDK Corporation (Japan) and Toshiba Corporation (Japan).

Moreover, Asia-Pacific is expected to register the highest CAGR during the forecast period. Growth of the market is driven by rising government initiatives and investment in renewable power generation and the growing focus of market players on innovative product offerings. For instance, in January 2023, Renesas Electronics Corporation (Japan) launched new gate driver IC that is designed to drive high-voltage power devices such as IGBTs (Insulated Gate Bipolar Transistors) and SiC (Silicon Carbide) MOSFETs for electric vehicle (EV) inverters.

Key Players:

The key players operating in the power electronics market are ON Semiconductor Corporation (U.S.), ABB Ltd. (Switzerland), Infineon Technologies AG (Germany), Texas Instruments Incorporated (U.S.), ROHM Co. Ltd (Japan), STMicroelectronics NV (Switzerland), Renesas Electronics Corporation (Japan), Vishay Intertechnology Inc. (U.S.), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Analog Device Inc. (U.S.), TDK Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Fuji Electric Co., Ltd. (Japan) and NXP Semiconductors N.V. (Netherlands).

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Key Questions Answered in the Report-

Which are the high-growth market segments based on product type, application, and end-use industry?
What was the historical market for power electronics?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the power electronics market?
Who are the major players, and what shares do they hold in the power electronics market?
How is the competitive landscape in the power electronics market?
What are the recent developments in the power electronics market?
What are the different strategies adopted by the major players in the power electronics market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global power electronics market, and how do they compete with the other players?

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