Latest News- Power Electronics Market: Discrete is expected to lead the Product segment during 2025-2029

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 5.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 11143.9 million. In the realm of Power Electronics, smart grids represent the next generation of electrical power systems. These advanced networks enable seamless communication between grid components, enhancing operability and reducing power outages. Notable economies, including the US, Germany, Japan, and the European Union, are prioritizing the development of renewable energy resources, which heavily rely on smart grids. Comprising generation, transmission, distribution, and consumption assets, a smart grid serves as an integrated network, generating substantial data volumes. This data, combined with variable power consumption sources such as automation devices, sensors, and other smart devices, presents significant opportunities for utilities to manage multiple databases and synchronize them effectively. 

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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
• End-user
  • Consumer electronics
  • Industrial
  • Automotive
  • Biomedical and healthcare
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • 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 various aspects of power conversion and management, including transistor selection for power electronics, design of control algorithms, optimization of magnetics, compliance with EMI/EMC standards, and strategies for improving efficiency. Other key areas include passive component selection, circuit simulation tools, power loss calculation, heat sink design, power density optimization, reliable system design, and safety standards compliance. Component lifetime prediction, system level testing, and electromagnetic interference/compatibility are also crucial. Robust control techniques, advanced modulation schemes, sensorless motor control, active power filtering, and reactive power compensation contribute to energy efficiency metrics. Voltage and current regulation techniques, power conversion efficiency, harmonic distortion reduction, and various converter types such as pulse width modulation, space vector modulation, voltage source inverters, current source inverters, resonant converters, and dc-ac converters, ac-dc converters are also significant components of the market.

Market Research Overview

The Power Electronics Market, a significant segment of the global heavy electrical equipment industry, encompasses power semiconductor devices, dc-dc converter topologies, and switching power supplies. This market caters to the energy sector and other industrial sectors, including power, mining, and oil and gas. The market's size is determined by the combined revenue generated by manufacturers of electrical components and equipment, such as power semiconductors, transformers, and heavy electrical equipment. The growth of the Power Electronics Market will be driven by increasing power demand, the need for energy efficiency, and the rising occurrence of power blackouts due to natural disasters in regions like MEA, Europe, and APAC. Extreme weather conditions, such as floods, earthquakes, and annual droughts, have become more frequent, necessitating the need for reliable and efficient power electronic converters to mitigate power outages and ensure uninterrupted power supply.. 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/