Power Electronics Market to grow by USD 10.67 billion between 2024-2028
According to a research report “ Power Electronics Market” by Product (Discrete, Module) Material (Silicon, Silicon carbide, Gallium nitride) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 10.67 billion at a CAGR of 5.92% during the forecast period. The US Department of Energy's Renewable Energy Growth Program, extended through 2029, targets the production of 40 MW of renewable energy annually. This encompasses solar, wind, hydropower, and anaerobic digestion projects, categorized as small, medium, or large based on power output. Commercial, government, non-profit entities, and others can participate, incentivized to meet power production targets. Notably, this program opens opportunities for global power electronics manufacturers to supply essential equipment to participants..
Browse market data tables, figures, and in-depth TOC on “Power Electronics Market” by Product (Discrete, Module) Material (Silicon, Silicon carbide, Gallium nitride) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028.
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By Product, the Discrete segment is projected to dominate the market size in 2024.
In the power electronics market, silicon remains the dominant material due to its electrical superiority, affordability, and abundance. However, as efficiency and power density demands escalate, the limitations of silicon-based components are increasingly apparent. Consequently, there is burgeoning interest in advanced materials like gallium nitride and silicon carbide, which promise enhanced performance and efficiency.
By Material, Silicon segment is expected to hold the largest market size for the year 2024.
In the power electronics market, discretes - primarily silicon-based components including diodes, thyristors, and transistors - are in high demand for applications such as consumer electronics and LED lighting systems. To optimize power density and reduce procurement efforts, engineers increasingly prefer procuring modules instead of individual discretes. This shift towards modular solutions not only reduces design time but also shortens time-to-market (TTM) in various industries. Key discrete types include bipolar junction transistors, metal oxide semiconductor field-effect transistors, and insulated gate bipolar transistors.
APAC is forecasted to hold the largest market size by region in 2024.
In the APAC region, the surge in energy demand, projected to double by 2026, fuels the expansion of the power electronics market. Major contributors to this market's revenue include Japan, China, South Korea, and India. Research and development expenditures are significant in Japan, South Korea, and Hong Kong. Government initiatives, particularly manufacturing-focused policies in China and India, further propel market growth in this sector. Renewable energy sources are a growing focus for meeting the increasing energy demand across the region.
The Power Electronics Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Power Electronics Market encompasses a wide range of technologies and applications, including Thyristors and Diodes, in the Power Electronics Industry. These components play a crucial role in Power Generation, Transmission, and Distribution for various sectors such as Healthcare, Defense, Aerospace, and Renewable Energy Sources. Power Electronics are essential for converting electrical energy consumption in Home Appliances, Wind Turbines, Photovoltaics, Portable Devices, Electric Vehicles (EVs), and Smart Systems. In Defense and Aerospace, Power Electronics are utilized for advanced systems and propulsion. Renewable Energy, Automotive and Transportation, and Electric Power are significant end-users of Power Electronics in Solid-State Electronics. The Power Electronics Market continues to grow due to the increasing demand for energy-efficient solutions and the integration of renewable energy sources into the power grid.
Market Research Overview
The Power Electronics Market encompasses a wide range of technologies and applications, including Energy and Power Control, Power Distribution, DC-to-DC and AC-to-AC conversions, Integrated Circuits, Chargers, DC/DC converters, Inverters, and various Semiconductor devices such as Thyristors, Diodes, Gallium Nitride (GaN), and Silicon Carbide (SiC). These technologies play a crucial role in various sectors like Healthcare, Defense, Aerospace, Telecom, Industrial Robots, Electric Motor Drives, and EVs (Electric Vehicles). Power semiconductors, Motor drives, and Power converters are essential components in Server power supplies, Industrial appliances, and the Power grid, including Power plants and Power transmission. Renewable energy sources, such as Wind turbines and Photovoltaics, also rely on Power Electronics for Power generation and Energy consumption reduction. The market includes various interconnected solutions for Portable devices, Smart systems, and Consumer electronics, as well as Automotive and Transportation applications. Solid-state electronics and Power electronics continue to evolve, with advancements in Voltage scaling, Battery charging, and DC-to-DC conversion for Handheld electronics, Mobile phones, IoT devices, Sensors, Wearables, and ON Semiconductor's SiC devices and Silicon-based devices.
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