The global power electronics market size is expected to reach USD 53.66 billion by 2030, registering to grow at a CAGR of 5.2% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increased focus on the usage of renewable energy sources has been one of the major factors driving the market. In addition, the development of power infrastructure, coupled with the increasing demand for battery-powered portable devices, has led to the increased adoption of power electronic devices and products across various industry verticals such as power, automotive, communication, aerospace & defense, consumer electronics, and other sectors.

Power electronic devices use switching electronic circuits to regulate the flow of energy. They are also used in the alteration of electric power, which is usually performed by semiconductor devices such as diodes, transistors, and thyristors. Power electronic devices are useful in connecting renewable energy resources with power grids and transportation of energy. They have applications in electric trains, motor drives, and lighting equipment and play a key role by enabling heat sinking and soft starting of the motors.

The power electronics market is extensively consolidated, in terms of applications and materials that are used to produce power electronic devices. The advancements and exhaustive research & development activities in the power devices have enabled the evolution of power electronics. The market possesses significant potential for growth and is dynamic and adaptive in nature. A few highlighting features of the power electronic devices are durability against coarse environmental conditions, extended life (suitable for rugged industrial applications), and better efficiency & reliability.

The power electronics industry has been undergoing continuous developments and upgrades, since its emergence. Several factors, such as the rapid inception of renewable energy sources and rising adoption of electric vehicles & radio communication, are influencing the market growth. The adoption of power electronic devices in healthcare systems & instruments and the automotive industry is expected to drive the market over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Power Electronics Market

Power Electronics Market Report Highlights

• The global power electronics market was valued at USD 38.12 billion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2030

• The silicon (Si) segment held the largest market revenue share of 88.9% in 2023. The demand for silicon in the power electronics market is increasing due to its essential properties that meet the growing needs of high-efficiency and high-performance applications. Silicon's ability to withstand high temperatures and voltages and its superior electrical conductivity and thermal stability make it suitable for power devices like transistors, diodes, and integrated circuits

• IC segment dominated the market in 2023. The increasing utilization of smart systems and electric vehicles due to technological progress boosts the need for power electronics. These gadgets depend on effective power transformation and management systems supplied by ICs.

• Automotive segment is projected to grow at the fastest CAGR over the forecast period. The shift towards electric vehicles (EVs) and hybrid vehicles is a primary driver, as these vehicles rely heavily on power electronics for efficient energy management, battery charging, and motor control.

Power Electronics Market Segmentation

Grand View Research has segmented the global power electronics market based on material, device, application, and region:

Power Electronics Material Outlook (Revenue, USD Million, 2018 - 2030)

• Silicon (Si)

• Sapphire

• Silicon Carbide (SiC)

• Gallium Nitride (GaN)

• Others

Power Electronics Device Outlook (Revenue, USD Million, 2018 - 2030)

• Discrete

• Module

• IC

Power Electronics Application Outlook (Revenue, USD Million, 2018 - 2030)

• ICT

• Consumer Electronics

• Power

• Industrial

• Automotive

• Aerospace & Defense

• Others

Power Electronics Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

o U. S.

o Canada

o Mexico

• Europe

o UK

o Germany

o France

• Asia Pacific

o Japan

o China

o India

o Australia

o South Korea

• Latin America

o Brazil

• Middle East and Africa (MEA)

o UAE

o Saudi Arabia

o South Africa

Order a free sample PDF of the Power Electronics Market Intelligence Study, published by Grand View Research.