TMCnet News

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.

MarketsandMarkets_Logo

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=204729766

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

Power Electronics Market Report Scope:





Report Coverage

Details

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

2019–2028

Forecast Period

2023–2028

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.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=204729766

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).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=204729766

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Silicon Carbide Market by Device (SiC Discrete Device, SiC Module), Wafer Size (Up to 150 MM, >150 MM), End-Use Application (Automotive, Energy & Power, Transportation, Industrial, Telecommunications) and Region - Global Forecast to 2028

RF Semiconductor Market by Device (Filter, Power Amplifier, Switch, Low Noise Amplifier), Frequency Band, Material (GaAs, GaN, Si) Application (Consumer Devices, Automotive, Telecommunication, Aerospace & Defense), and Region - Global Forecast to 2025

IGBT & Thyristor Market by Packaging Type (IGBT Discrete, IGBT Module), Power Rating (Medium Power IGBT, High Power IGBT), Voltage (Below 400V, 600-650V), Application (Power Transmission Systems, Motor Drives), and Region - Global Forecast to 2025

Solid-State Transformer Market by Voltage Level (HV/MV, MV/LV), Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotives, and Others), and Region (North America, APAC, Europe, and RoW) - Global Forecast to 2030

Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/power-electronics-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/power-electronics.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg 

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/power-electronics-market-worth-61-0-billion-by-2028---exclusive-report-by-marketsandmarkets-302004426.html


[ Back To TMCnet.com's Homepage ]