Authored By: Sarah
29 Oct 2023

Power Electronics Market Analysis |APAC to Dominate Market Growth through 2023-2027

Increased adoption of renewable energy, followed by innovations to reduce the design time of power electronic systems, and rapid development of electric vehicles are transforming the Power Electronics Market into a billion-dollar sector. It is estimated to grow by USD 9.44 Bn between 2022 and 2027 accelerating at a CAGR of 5.55% during the forecast period. 

Technavio has been monitoring the growth trajectory of the market which is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. 

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Snapshot of the Power Electronics Market

APAC to Dominate Market Growth Worldwide

54% of the growth of the global market during the forecast period will originate from APAC. The growth of the APAC market can be attributed to the increase in demand for power in the developing nations in this region. By 2026, the demand for energy is expected to grow up to 1.5 times the demand in 2021. Countries like Japan, China, South Korea, and India are the key contributors to the revenues generated by players in the regional market.  

Leading names such as ABB Ltd., Alcon Electronics Pvt. Ltd., Analog Devices Inc., Arete and Cocchi Technology, Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Infineon Technologies AG, Kerala State Electronics Development Corp. Ltd., Magna-Power Electronics Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Siemens Energy AG, STMicroelectronics NV, Texas Instruments Inc., are of the major market participants when it comes to the Power Electronics Market

Technavio's report provides an accurate prediction of the contribution of all the geographic segments to the growth of the market. It also offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. Buy our best-selling sample report for more insights on the market landscape segment-wise.

Power Electronics Market: Key Highlights of the Report for 2023-2027

  • CAGR of the market during the forecast period 2023-2027
  • Detailed information on factors that will drive Power Electronics Market growth during the next five years
  • Precise estimation of the Power Electronics Market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the power electronics industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Power Electronics Market Players.
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