Global Power Electronics Market Is Expected To Reach At A CAGR Of 5.7% Between 2024 And 2032

Power Electronics Market Analysis

According to the report, the global power electronics market size was valued at approximately USD 45.06 billion in 2023 and is expected to reach around USD 74.23 billion by the end of 2032, expanding at a CAGR of approximately 5.7% from 2024 to 2032.

Massive Demand For Energy Conservation To Enlarge Market Size By 2032

Need for improving the power infrastructure along with massive renewable energy trends to drive the market growth over the forthcoming years. In addition to this, large-scale utilization of power harvesting techniques is projected to steer the expansion of the power electronics industry in the years ahead. Apparently, lucrative demand for power electronics devices in electric vehicles as well as hybrid vehicles will drive industry growth in the years ahead. In addition to this, embedding power electronic components in consumer electronic goods will not only add new features to the products, but will help the power electronics industry enter a new era of growth over the coming decade.

Power Electronics Market: Report Scope

The power electronics market is segmented based on device, type, application, and region.

Based on Device, the power electronics market is divided into power diodes, metal-oxide-semiconductor field-effect transistors, bipolar-junction transistors, insulated-gate bipolar transistors, and thyristors. Power discrete devices hold a significant share due to cost-effectiveness and reliability in automotive and industrial applications.

Automotive Segment To Dominate Application Landscape By 2032

The growth of the segment over the forecast timeline is attributed to large-scale use of power electronics parts in safety & security systems, powertrains, and infotainment equipment. Apart from this, the rise in demand for power electronics in electric vehicles due to the huge government focus on producing vehicles that do not emit greenhouse gases will help the market reach higher levels of growth during the forecast period. Additionally, power electronics are also utilized in passenger cars in developing countries, and this will further enhance the growth of the segment over the ensuing years.

Asia Pacific to dominate the global market

Asia Pacific holds the largest share of the power electronics market at 48.7%, driven by significant industrial growth, technological advancements, and rapid expansion of automotive, consumer electronics, and renewable energy sectors in China, India, and South Korea. These factors sustain regional leadership and influence global capacity, innovation, and supply trends.

Browse the full “Power Electronics Market By Device (Power Diodes, Metal-Oxide-Semiconductor Field-Effect Transistor, Bipolar-Junction Transistor, Insulated-Gate Bipolar Transistor, and Thyristor), By Type (Power IC, Power Module, and Power Discrete), By Application (Consumer Electronics, Energy & Power, Industrial System, Inverter & UPS, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 - 2032” Report at https://www.zionmarketresearch.com/report/power-electronics-industry

Power Electronics Market: Competitive Players

Some of the major players in the global power electronics market include;

• Renesas Electronics Corporation
• ABB Group
• Infineon Technologies AG
• Microsemi Corporation
• Mitsubishi Electric Corp.
• STMicroelectronics
• Rockwell Automation, Inc.
• Toshiba Corporation
• Fuji Electric Co. Ltd.
• Texas Instruments, Inc.

This report segments the global power electronics market as follows:

By Device

• Power Diodes
• Metal-Oxide-Semiconductor Field-Effect Transistor
• Bipolar-Junction Transistor
• Insulated-Gate Bipolar Transistor
• Thyristor

By Type

• Power IC
• Power Module
• Power Discrete

By Application

• Consumer Electronics
• Energy & Power
• Industrial System
• Inverter & UPS
• Industrial System
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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