The global market for power electronics is predicted to grow at a 5% CAGR, reaching US$ 44 billion by 2032. In 2022, the market is expected to be worth US$ 28 billion. The power electronics market is expanding at a modest rate, with an average CAGR over the forecast period. Currently, the electronic industry is quickly expanding its market size as a result of increased manufacturing of automobiles, motor vehicles, and other vehicles.

The usage of switching electrical circuits regulates the flow of energy. Power electronics refers to these switching electrical circuits. The conversion of electric power also takes into account power electronics. Semiconductor devices including diodes, transistors, and thyristors, among others, carry out these conversions. Devices that use power electronics have a number of benefits, such as excellent forward and reverse backup capabilities, simplified circuits, compact designs, etc.

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Power electronics are also used to connect renewable energy sources to power grids, for electric rail transportation, motor drives, and illumination. The main applications of power electronics devices are for soft starting and heat sinking of equipment.

Global Power Electronics Market: Segmentation

Geography, type, and application are the possible divisions of the global market for power electronics. The global power electronics market may be divided into four regions based on geography: America, Europe, Asia Pacific, and Middle East & Others.

The global power electronics market can be divided based on type into static switches, dc-dc converters, ac-dc converters, ac-ac converters, and diode rectifiers. The global power electronics market can be divided into industrial activities, solar power, wind power, electric cars, aerospace, and consumer electronics based on the applications they are used for.

Global Power Electronics Market: Region-Wise Outlook
In terms of power electronics market value, Asia Pacific is the largest geography. America being the fastest growing region, Europe is considered as a very promising market comprising of Germany and UK while Middle East also grants an impetus to the growth of the global power electronics market.

Global Power Electronics Market: Drivers
Various factors are fuelling the growth of global power electronics market including rapid use of renewable sources of energy followed by the increase in the adoption of electric cars and defense. ICT, telecommunications, self monitoring and diagnostics systems, hospitals and healthcare are the major fields driving the global power electronics market to grow apparently.

Global Power Electronics Market: Restraints
There are various challenges faced by the global power electronics market like high initial costs, deposition of GaN on silica materials which is in turn very difficult to reach in high voltage ranges. Moreover, manufacturing of power electronics is way to expensive and time consuming thus posing a restraint to the global power electronics market.

Global Power Electronics Market: Key Players
The major companies playing a key role in the manufacturing of power electronics are Enercon, Fairchild, Fuji Electric, GE Wind Energy, Mersen, Methode Electronics, Semikron Elektronic GmbH & Company etc. Microsemi Corp, Toshiba Corp, Mitsubishi Electric Corp, Vishay Intertechnology, Infineon Technology, Texas Instruments Inc are some major key players in the field of global power electronics market.

Key Segments Profiled in the Power Electronics Industry Survey

By Component:

  • Discrete
  • Modules

By Material:

  • Silicon
  • Germanium
  • Silicon Carbide (SiC)
  • Gallium Nitride (GaN)

By Application:

  • Consumer Electronics
  • Automotive
  • IT & Telecommunication
  • Energy & Power
  • Industrial
  • Military & Aerospace