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Power Electronics Market worth $61.0 billion by 2028 - Exclusive Report by MarketsandMarkets™
[December 04, 2023]

Power Electronics Market worth $61.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 4, 2023 /PRNewswire/ -- The global Power Electronics Market was valued at USD 46.2 billion in 2023 and is projected to reach USD 61.0 billion by 2028, registering a CAGR of 5.7% during the forecast period according to a new report by MarketsandMarkets™. Power electronics are crucial in changing electrical energy patterns toward renewables, ensuring enhanced energy efficiency. Additionally, the role of power electronics is anticipated to be significant in the energy management of electric vehicles. In the domain of vehicle power electronics, their primary function is to process and control the flow of electrical energy in hybrid and plug-in electric vehicles.


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Browse in-depth TOC on "Power Electronics Market" 140 – Tables
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240 – Pages

Power Electronics Market Report Scope:

Report Coverage


Market Revenue in 2023

$ 46.2 billion

Estimated Value by 2028

$ 61.0 billion

Growth Rate

Poised to grow at a CAGR of 5.7%

Market Size Available for


Forecast Period


Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Device Type, Material, Voltage, Vertical and Geography

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Material defects and designing and packaging issues in SiC power devices

Key Market Opportunities

Growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production

Key Market Drivers

Huge demand for power electronics in consumer, enterprises, and automotive vertical


By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period.

Power modules are becoming highly popular in power electronics owing to their integrated design, compact form factor, simplified installation process, superior thermal performance, heightened reliability, augmented power density, cost-effectiveness, and versatile application capabilities. This is particularly beneficial in situations where constraints on size and weight are major factors to be considered, such as in electric vehicles, industrial automation, and consumer electronics.

By Material: Silicon-based devices to account for the largest market share during the forecast period.

Silicon holds the largest market share in the production of a multitude of power electronics. Widely acknowledged and frequently employed, silicon serves as a semiconductor material, particularly in the manufacturing of power electronic devices tailored for low- and medium-voltage applications. Various power semiconductor devices, spanning discrete components, modules, and integrated circuits (ICs), are crafted using silicon. These silicon-based devices play crucial roles in power rectification, power factor correction, and power amplification. Significantly, silicon is used in the fabrication of diodes and transistors designed for applications involving high-frequency switching.

By Vertical: The consumer electronics is projected to register a larger market share during the forecast period.

Within the power electronics industry, consumer electronics stands as a key sector, given that every electronic device necessitates a power supply (AC/DC) and effective power management for optimal energy utilization. Power electronic devices find application in a myriad of consumer electronic products, including refrigerators, air conditioners, washing machines, televisions, induction cookers, dishwashers, and various smart home/connected devices. The realm of smart devices encompasses smartphones, tablets, wearables, IoT devices, connected appliances, adapters/chargers, routers/modems, gaming consoles, consumer drones, and battery-operated personal devices. The integration of power electronics into consumer electronics serves to minimize power consumption, thereby reducing the overall carbon footprint and enhancing efficiency.

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By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.

The Asia Pacific stands out as the swiftest expanding sector in the power electronics market, accelerated by substantial investments in infrastructure, consumer electronics, and smart grid initiatives. Key market players in this region include Mitsubishi Electric Corporation and Fuji Electric Co., Ltd., both based in Japan. The rapid adoption of electric vehicles in China and Japan emerges as a major factor fueling the market's growth. A significant driver of market growth in China is the heightened investment in the development and manufacturing of power electronic wafers, aiming to reduce dependence on overseas manufacturers.

Key Players

The major players in the power electronics companies include Infineon Technologies AG (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric Corporation (Japan), Vishay Intertechnology, Inc. (US), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), Texas Instruments Incorporated (US), TOSHIBA CORPORATION (Japan).

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