Power Electronics Market Size to Hit USD 60.10 Billion by 2032, at a CAGR of 5.78% | Research by SNS Insider

The Power Electronics Market is driven by the surging adoption of electric vehicles, renewable energy systems, and advanced energy-efficient technologies.

Austin, Feb. 03, 2025 (GLOBE NEWSWIRE) — Power Electronics Market Size & Growth Insights:

According to the SNS Insider, “The Power Electronics Market Size was valued at USD 36.28 Billion in 2023 and is expected to reach USD 60.10 Billion by 2032, growing at a CAGR of 5.78% over the forecast period 2024-2032.”

Power Electronics: Driving Efficiency in Renewable Energy and Electric Vehicles

The power electronics market plays a critical role in converting, controlling, and managing electric power, driven by rising energy demand and the global shift toward sustainability. Essential in renewable energy systems like solar and wind, power electronics enable efficient energy conversion, such as photovoltaic (PV) inverters converting solar DC into grid-ready AC. The electric vehicle (EV) sector, with global sales surpassing 10 million units in 2022, also heavily relies on power electronics for efficient energy management between batteries, motors, and components. As EV adoption grows and renewable energy capacity reached 3,193 gigawatts in 2022, power electronics are vital for optimizing energy output and enhancing vehicle performance, making them indispensable for a sustainable energy future.

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Leading Market Players with their Product Listed in this Report are:

  • STMicroelectronics (STPOWER MOSFETs, STM32 Microcontrollers)
  • Infineon Technologies AG (CoolMOS MOSFETs, XMC Microcontrollers)
  • Vishay Intertechnology, Inc. (Power MOSFETs, IGBTs)
  • ON Semiconductor (NCP3065 LED Driver, NCP81074 Gate Driver)
  • Renesas Electronics Corporation (RA Microcontroller Series, ISL8117 DC-DC Regulator)
  • Texas Instruments Incorporated (LM25118 DC-DC Converter, C2000 Microcontrollers)
  • TOSHIBA CORPORATION (Toshiba MOSFETs, Microcontrollers)
  • Mitsubishi Electric Corporation (IGBT Modules, Power Supply Units)
  • Fuji Electric Co., Ltd. (IGBT Power Modules, Power Supply Controllers)
  • NXP Semiconductors (LPC Microcontrollers, Power Management ICs)
  • Broadcom Inc. (AFBR-S50 Optical Sensors, Power Management ICs)
  • Nexperia (Power MOSFETs, Schottky Diodes)
  • Analog Devices, Inc. (Power Amplifiers, Voltage References)
  • Maxim Integrated (MAX14922 Power Management IC, MAX20752 DC-DC Converter)
  • Hitachi, Ltd. (IGBT Modules, Power Amplifiers)
  • Semikron International GmbH (SKiiP Modules, Power Modules)
  • International Rectifier (now part of Infineon) (IRF MOSFETs, Power ICs)
  • Power Integrations (HiperPFS-4 Power Factor Correction IC, LINKSwitch-4 Switcher IC)
  • Schneider Electric (Altivar Drives, Power Distribution Equipment)
  • Eaton Corporation (Powerware UPS Systems, Eaton 9PX UPS).

Power Electronics Market Report Scope:

Report Attributes Details
Market Size in 2023 USD 36.28 Billion
Market Size by 2032 USD 60.10 Billion
CAGR CAGR of  5.78% From 2024 to 2032
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segmentation • By Material (Silicon (Si), Sapphire, Silicon Carbide (SiC), Gallium Nitride (GaN), Others)
• By Device (Discrete, Module, IC)
• By Application (ICT, Consumer Electronics, Power, Industrial, Automotive, Aerospace & Defense, Others)
Key Drivers • The Growing Demand for Power Electronics Driven by Sustainability and Energy Efficiency Goals.
• Surging Demand for Advanced Power Electronics Driven by Growth in Consumer Electronics.

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Power Electronics Market: Silicon’s Dominance and Sapphire’s Growth Fueling Advanced Devices

By Material

Silicon (Si) dominated the power electronics market with an 89% share in 2023, thanks to its affordability, reliable production methods, and superior electrical properties. Widely used in power supplies, inverters, and motor drives, silicon is integral to sectors like consumer electronics, automotive, and industrial automation. Innovations like Infineon’s CoolMOS technology enhance data center power efficiency, while ON Semiconductor’s Si-based devices optimize EV energy usage.

Sapphire is emerging as the fastest-growing material due to its high thermal conductivity, electrical insulation, and radiation resistance. Increasingly adopted in high-performance applications like LED lighting and high-frequency devices, sapphire substrates, supported by AIXTRON’s advanced deposition tools, are essential for cutting-edge LED and electronics advancements.

By Device

The ICs segment led the power electronics market with a 55% share in 2023, driven by their compact size, high efficiency, and integration capabilities. Widely used in consumer electronics, automotive, industrial automation, and renewable energy, ICs, such as those from Texas Instruments and Infineon Technologies, enhance energy efficiency in devices like smartphones and EVs.

Modules are growing rapidly from 2024 to 2032, addressing the demand for efficient solutions in renewable energy, EVs, and industrial automation. By integrating components like power transistors and passive devices, modules improve efficiency and reduce thermal needs, with Mitsubishi Electric and ABB excelling in solar inverter and EV charger modules.

Asia-Pacific Leads While North America Emerges as the Fastest-Growing Power Electronics Market

The Asia-Pacific region dominated the power electronics market with a 39% share in 2023, driven by robust manufacturing and a thriving consumer electronics industry. Countries like China and India are advancing through rising demand for energy-efficient devices and sustainable energy solutions. China’s focus on electrification and green technologies has spurred innovations in industrial automation, renewable energy, and EV powertrains, with companies like BYD and Huawei leading the charge. North America is set to be the fastest-growing region from 2024 to 2032, fueled by renewable energy adoption, EV advancements, and smart grid technologies. Companies such as Tesla, General Motors, and Texas Instruments are driving innovation with cutting-edge power management solutions for automotive and industrial sectors.

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Recent development

  • June 18, 2024: STMicroelectronics unveiled a new Silicon Carbide (SiC) campus in Catania, Italy, to expand its SiC production capabilities. This initiative aims to meet increasing demand from automotive and industrial sectors, reinforcing its position as a leader in SiC technology.
  • January 14, 2025: Mouser Electronics has expanded its global distribution agreement with Eaton, incorporating Eaton’s electrical distribution and control portfolio. This includes over 125,000 products such as FAZ-series circuit breakers, XLHV supercapacitors, and UTSX circular connectors, designed for industries like aerospace, automotive, and industrial applications.

Table of Contents – Major Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Power Electronics Sales Volume, by Region (2023)

5.2 Power Electronics Design Trends (Historic and Future)

5.3 Power Electronics Consumer Trends (2023)

5.4 Supply Chain Metrics

6.  Competitive Landscape

7. Power Electronics Market Segmentation, by Material

8. Power Electronics Market Segmentation, by Device

9. Power Electronics Market Segmentation, by Application

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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