Latest News- Power Electronics Market: Discrete is expected to lead the Product segment during 2024-2028

The Power Electronics Market is being driven by Increased adoption of renewable energy

The Power Electronics Market is expected to grow at a CAGR of 5.92% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.67 billion. In the realm of power systems, smart grids represent the next generation of electrical networks. These advanced systems facilitate communication between grid components, enhancing operability and reducing power outages. Countries such as the US, Germany, Japan, and the European Union are prioritizing the development of renewable energy resources, leveraging smart grids for integration. Comprising generation, transmission, distribution, and consumption assets, smart grids generate substantial data volumes. Utilities can capitalize on this data influx, synchronizing multiple databases and effectively managing variable power sources from automation devices, sensors, and other smart devices, thereby expanding business opportunities in the power electronics market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Discrete
  • Module
• Material
  • Silicon
  • Silicon carbide
  • Gallium nitride
• Application
  • Power management
  • Uninterruptible power supply
  • Renewable
  • Others
• End Use
  • Telecommunication
  • Industrial
  • Automotive
  • Consumer electronics
  • Military and defense
  • Energy and power
  • Others
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased adoption of renewable energy
• Innovations to reduce design time of power electronic systems
• Rapid development of electric vehicles

However, the market also witnesses some limitations, which are as follows:

• Technological limitations of metal-oxide-semiconductor field-effect transistors (MOSFETs)
• Production challenges for wide bandgap materials
• Underdeveloped standards for new products in industry

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Market Scope in Power Electronics Market Research Report

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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 is a significant segment of the broader Global Heavy Electrical Equipment Market, which encompasses businesses involved in the production of equipment for power generation, distribution, and transmission. According to Technavio, the size of this market is determined by the consolidated revenue generated by manufacturers of electrical components, such as cables, wires, and heavy electrical equipment, within the global electrical equipment industry. This sector plays a crucial role in catering to the energy sector and other major industries, including power, mining, and oil and gas.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/