Power Electronics Market size is set to grow by USD 10.67 bn from 2024-2028, increased adoption of renewable energy to boost the market growth, Technavio

NEW YORK, May 13, 2024 /PRNewswire/ -- The global power electronics market  size is estimated to grow by USD 10.67 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.92%  during the forecast period. 

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Market Driver

• The design phase of power electronic components involves determining system performance, efficiency, cost, and weight.
• Different physical prototypes are developed using various electronic component combinations during this phase.
• The time-to-market (TTM) for power electronic products is prolonged due to the lengthy design and testing of physical prototypes.
• Virtual prototyping can enhance system reliability and expedite the design process, thereby reducing TTM.
• This process involves software simulation of thermal and electromagnetic conditions in the circuit, minimizing the need for physical prototypes.
• The introduction of new virtual prototyping packages in the industry is expected to drive the adoption of power electronic components, stimulating demand for innovations.
• The power electronics market encompasses diverse technologies and applications, including electric vehicles (EVs), semiconductor devices (e.g., SiC, GaN), power distribution and control systems, and renewable energy solutions.
• Key components include AC-DC and DC-AC converters, inverters, DC/DC converters, chargers, and integrated circuits.
• This sector serves industries such as automotive, defense, healthcare, and consumer electronics, emphasizing energy efficiency, power management, and advanced communication technologies like 5G.

Market Challenges

• Efficiency challenges exist in power transmission applications requiring kilovolts due to reduced efficiencies of silicon-based devices.
• Adoption of wide bandgap materials like silicon carbide (SiC) and gallium nitride (GaN) faces cost and manufacturing challenges.
• Integration and compatibility issues arise during the transition to wide bandgap materials, leading to delays and additional costs.
• Ensuring reliability and durability of wide bandgap materials poses a challenge, especially regarding certain failure mechanisms.
• Market adoption and education are crucial for driving growth in the power electronics market, necessitating investment in research and development and continuous innovation.

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Segment Overview 

This power electronics market report extensively covers market segmentation by

1. Product 
• 1.1 Discrete
• 1.2 Module
2. Material 
• 2.1 Silicon
• 2.2 Silicon carbide
• 2.3 Gallium nitride
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Discrete- 

• Power electronics are crucial for efficient power conversion in various applications, ranging from consumer electronics to industrial systems.
• Single chip and System-on-Chips (SoCs) integrate power electronics, enabling efficient power consumption in both Silicon-based and Wide Bandgap (WBG) devices like SiC.
• They facilitate DC-to-DC conversion for battery charging and voltage scaling in wearables, sensors, IoT devices, and handheld electronics.
• In renewable energy systems, power electronics ensure efficient power generation from sources such as photovoltaics and wind turbines.
• Power transmission and distribution systems rely on power electronics for efficient power conversion and distribution, minimizing energy losses.
• Industrial appliances, server power supplies, and motor drives benefit from power semiconductors, reducing carbon footprint and enhancing performance.
• Telecom infrastructure and industrial robotics also utilize power electronics for efficient power management and control.
• Leading companies like ON Semiconductor drive innovation in power electronics, advancing efficiency, reliability, and performance across various industries.

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Research Analysis

The Power Electronics Market encompasses the design, manufacturing, and application of various electronic components and systems in numerous industries. Key technologies include diodes, thyristors, and advanced materials such as silicon, silicon carbide, and gallium nitride. The market spans various sectors, including automotive and transportation, renewable energy, consumer electronics, defense and aerospace, and healthcare. Applications range from electric vehicles (EVs) and portable devices to power transmission and generation in renewable energy sources like photovoltaics and wind turbines. The power electronics industry plays a crucial role in electrical energy consumption and power generation, contributing significantly to the efficiency and reliability of modern systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Discrete
• Module
• Material
• Silicon
• Silicon Carbide
• Gallium Nitride
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio