Power Electronics Market Outlook 2027 By Device Type, Size, Share, Trends, Opportunity and Forecast

According to TechSci Research, Global power electronics market stood at USD40.52 billion in 2021 and is forecast to grow at a CAGR of 5.61% by 2027. The global power electronics market is propelled by a growing trend for Hybrid Vehicles (HVs) and Electric Vehicles (EVs). Additionally, the rising popularity of renewable energy sources among developing and emerging economies is expected to boost the demand for power modules and power discrete. Furthermore, the emergence of smart grids that helps the purpose of reliable and efficient electricity supply, integrating other renewable energy into an existing network and supporting the growth of electric vehicles at a scale is expected to further boost the market growth over the next few years.

Power electronics refers to an interdisciplinary field of electrical engineering that deals with the design, control, and conversion of electrical energy. A power electronic system is a system that converts electric energy to an electrical load through a control circuit. Power electronics play an essential role in electrified vehicle applications, and they provide compact and high-efficient solutions for power conversion. It has emerged as an essential technology in the conversion and control of electrical power in multiple applications, such as electric drives and generators, energy storage systems, renewable energy systems, smart cities, smart grids, power systems, transport (ships, vehicles, aircraft, and others), industrial, telecommunications, medical, military, consumable, and home apparatus.

Increasing Demand for Electric Vehicles

The increasing demand for electric vehicles (EVs) across the world is likely to boost the global power electronics market. Several electrical vehicle components such as ignition switch, windshield wiper control, interior lighting, and power steering utilize power electronics. Power electronics play an important role in controlling the electric energy of electric vehicles (EVs). Hence, the rapid growth of electric vehicles (EVs) is likely to boost the growth of the global power electronics market in the forthcoming years. Moreover, the growing environmental concerns have compelled governments across the nation to control vehicle emissions. Regions like North America and Europe have strictly adopted several rules and regulations to decrease their carbon footprint. Furthermore, the increasing awareness among the worldwide population regarding the adverse effects of vehicle emissions on the environment has driven the demand for electric and hybrid vehicles among users. The leading vehicle manufacturers are strongly financing the growth of power emission and efficient, accessible vehicles. Therefore, the increased penetration of electric vehicles (EVs) worldwide is likely to drive the demand for power electronics in the upcoming years.

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Growth of Renewable Sources of Energy

Power electronics devices deal with greater electrical stability, high performance, and enhanced energy consumption. These features increase their adoption in power distribution units (PDUs), data center UPS, cabling infrastructures, and generators for data center power management. Several data center companies, such as Alibaba, AWS, Microsoft, Google, and NTT Data, focus on building green data centers powered by wind and solar renewable energy resources. Moreover, the rapid growth in global energy consumption and the effect of greenhouse gas emissions has enhanced the conversion toward renewable energy sources. The need for distributed generation (DG) of electricity employing renewable energy sources such as solar, wind, and energy cells has gained substantial momentum. Pioneering power electronic systems are thought to be an integral part of green, renewable, and efficient energy systems. Therefore, the global power electronics market is expected to expand with the adoption of more and more renewable energy systems.

Shift from Conventional Lighting to LED Lighting

With the increasing population, governments across the world have been increasingly concerned about sustainable environment attributable to reduced carbon emissions and continued electricity for their citizens. To fulfil such duties, shifting towards energy-efficient lighting solutions has become vital. LED lights consume less energy and hence are energy efficient. Additionally, LED lights to have low energy dissipation and produce less carbon footprint when the LED is turned on. Therefore, various countries have attempted to substitute the high energy-consuming conventional lights with LED lights. Governments of various countries have even created policies and initiatives to promote LED lights in their respective countries. For instance, its rapid growth in the Indian LED lighting sector is due to its multiple benefits over traditional lighting technology. As India is one of the largest lighting markets, it provides several opportunities for LED manufacturers to establish operations in the area. Moreover, as the demand for connected lifestyles, smart, and energy-efficient goods grows, the demand for LEDs also increases. Additionally, increased consumer awareness of the eco-friendliness and cost-effectiveness of LED lighting is expected to fuel the demand for LED lighting in both the commercial and residential sectors. Therefore, the shift from conventional lights to LEDs across the world is likely to benefit the global power electronics market.

Market Segmentation

Global power electronics market can be segmented into device type, material, voltage, application, and region. Based on Device Type, the market is segmented into power discrete, power module and power IC. Based on Material, the market is segmented into silicon, silicon carbide, gallium nitride and others. Based on Voltage, the market is further divided into low voltage, medium voltage, high voltage. Based on Application, the market is segmented into ICT, consumer electronics, industrial, automotive, aerospace & defence   and others. Based on Region, the market is segmented into Asia-Pacific, Europe, North America, South America, Middle East, and Africa.

Company Profiles

Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Toshiba Corporation, Infineon Technologies AG, ON Semiconductor Corporation, STMicroelectronics International N.V., Texas Instruments Incorporated., Renesas Electronics Corporation, Vishay Intertechnology, Inc., NXP Semiconductors N.V. are among the major market players that lead the market growth of the global power electronics market.

Attribute	Details
Market Size Value in 2021	USD40.52 billion
Revenue Forecast in 2027	USD55.91 billion
Growth Rate	5.61%
Base Year	2021
Historical Years	2017–2020
Estimated Year	2022
Forecast Period	2023–2027
Quantitative Units	Revenue in (USD billion) and CAGR for 2017-2021 and 2022-2027
Report Coverage	·         Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	·         Device Type ·         Material ·         Voltage ·         Application ·         By Region
Regional Scope	Asia-Pacific, Europe, North America, South America, Middle East and Africa.
Key Companies Profiled	Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Toshiba Corporation, Infineon Technologies AG, ON Semiconductor Corporation, STMicroelectronics International N.V., Texas Instruments Incorporated., Renesas Electronics Corporation, Vishay Intertechnology, Inc., NXP Semiconductors N.V.
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, Global Power Electronics Market has been segmented into the following categories in addition to the industry trends which have also been listed below:

• Global Power Electronics Market, By Device Type:
• Power Discrete
• Power Module
• Power IC Sensors

·         Global Power Electronics Market, By Material:

o   Silicon

o   Silicon Carbide

o   Gallium Nitride

o   Others

• Global Power Electronics Market, By Voltage:
• Low Voltage
• Medium Voltage
• High Voltage

·         Global Power Electronics Market, By Application:

o   ICT

o   Consumer Electronics

o   Industrial

o   Automotive

o   Aerospace & Defense  

o   Others

o    Asia-Pacific

§  China

§  Japan

§  India

§  South Korea

o    Europe

§  Germany

§  United Kingdom

§  France

§  Italy

§  Spain

§  Netherlands

o    North America

§  United States

§  Mexico

§  Canada

o    South America

§  Brazil

§  Columbia

§  Argentina

o    Middle East and Africa

§  United Arab Emirates

§  Saudi Arabia

§  South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Power Electronics Market.

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