Power Electronics Market Size, Share, Competitive Landscape and Trend Analysis Report, by Device Type, by Material, by Application, by End Use : Global Opportunity Analysis and Industry Forecast, 2024-2033

  • Forecast Period: 2024 - 2033
  • Published On: Dec 2024
  • Pages: 411
  • By:  Allied Market Research
  • Type: PDF, Excel, PPT
  • Customizable: Yes

The Global Power Electronics Market was valued at $41.2 billion in 2023, and is projected to reach $71.8 billion by 2033, growing at a CAGR of 5.8% from 2024 to 2033.

Power electronics is a branch of electrical engineering dedicated to the efficient conversion, control, and management of electrical power through the use of semiconductor devices. It involves transforming electrical energy from one form to another using components such as diodes, transistors, and thyristors. Power electronics systems are designed to handle high voltage and current with rapid switching and high efficiency. These systems are crucial in applications such as electric vehicles, renewable energy, and industrial automation, where they ensure reliable power management and enhance energy efficiency. This field plays a vital role in developing advanced technologies that improve energy utilization and overall system performance.

A power module is a set of power components integrated in power semiconductor devices. Power devices can attain extremely low resistance and high-frequency switching. These properties are exploited in high-efficiency power supplies, electric vehicles (EVs), hybrid electric vehicles (HEVs), photovoltaic inverters, and RF switching. These devices are applicable in power supplies for server, IT equipment, high efficiency & stable power supplies, and EV & HEV devices. This is attributed to the fact that these devices facilitate control and conversion of electrical power effectively and efficiently.

The prominent factors that drive the power electronics market growth include advancements in automotive electronics, increased adoption of renewable energy, and rise in adoption of power electronics components in electric vehicles. Moreover, surge in demand for SiC-based photovoltaic cells in the developing countries, including China, Brazil, and India, fuels the growth of the global market. Power resistors, power capacitors, and portable cell phone battery are essential components in the power electronics market, enabling efficient energy conversion, storage, and management in various electronic devices and systems.

The increasing demand for power electronics components across various industry verticals significantly drives the growth of the power electronics market. As industries such as automotive, telecommunications, consumer electronics, and renewable energy expand, they require advanced power electronics to manage and optimize electrical power efficiently. In the automotive sector, for example, power electronics are crucial for electric vehicles and advanced driver assistance systems. In telecommunications, they ensure reliable power management for network infrastructure. Power electronics is the branch of electronics that deals with the control and conversion of electrical power.

 The characteristics of silicon carbide (SiC) semiconductors, such as higher breakdown electric field strength and wider band gap enable their usage in power electronics. For instance, these devices play an extremely crucial role in controlling automotive electronics such as electric power steering, hydro electric vehicles main inverter, seat control, and braking system. In addition, SiC power electronics facilitate energy conversion in generators and actuators integrated in aircraft. The growth of the power electronics market is driven by an increase in usage of power electronics in several applications such as industrial motor drives, electric grid stabilization, and consumer electronics. Therefore, effective power control and management features for industrial operations or functioning of electrical/electronic devices make it suitable for different industry verticals, thereby augmenting the global market growth.

For instance, in February 2024, Murata launched three new power systems such as PE25208, PE24109 and PE24110 that are set to revolutionize the semiconductor landscape. These innovations aim to enhance the efficiency and performance of semiconductor devices, addressing the growing demands for power solutions in various applications such as data centers, telecom, and industrial markets. The new power systems are designed to improve energy management, reduce heat, and boost overall system reliability, marking a significant step forward in Murata's power solutions portfolio.

However, the high cost of power electronic devices is expected to hamper the growth of the market, globally, due to significant investment required for advanced technologies. Power electronics components, such as high-performance semiconductors and integrated circuits, often involve complex manufacturing processes and expensive materials.

Moreover, the rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal–oxide– semiconductor field-effect transistor (MOSFET) is anticipated to provide lucrative opportunities for expansion of the power electronics market. Advancements in metal-oxide-semiconductor field-effect transistors (MOSFETs) present a significant opportunity for the power electronics market due to their enhanced performance and efficiency in managing electrical power.

Innovations such as the development of advanced materials such as silicon carbide (SiC) and gallium nitride (GaN), along with improved fabrication techniques, enable MOSFETs to handle higher voltages and currents with greater efficiency. These innovations lead to smaller, lighter, and more reliable power electronics systems, which are crucial for applications ranging from consumer electronics and automotive systems to renewable energy and industrial machinery. For instance, the introduction of silicon carbide (SiC) and gallium nitride (GaN) MOSFETs offers superior performance compared to traditional silicon MOSFETs, particularly in high-voltage and high-frequency applications. This results in higher efficiency, faster switching speeds, and reduced overall system costs.

As industries increasingly demand more efficient and compact power solutions, the enhanced capabilities of advanced MOSFETs align well with these needs, thus driving growth in the power electronics market. Therefore, the continued evolution of MOSFET technology not only addresses current market demands but also opens new opportunities for innovation and application across various sectors. For instance, in March 2024, Infineon Technologies launched its OptiMOS 7 80 V MOSFET, the IAUCN08S7N013, designed to enhance power density and efficiency for automotive applications. This new MOSFET, available in a compact 5 x 6 mm² SSO8 package, is ideal for 48 V systems in electric vehicles, including DC-DC converters and motor control.

Chapter 1: INTRODUCTION

Chapter 2: EXECUTIVE SUMMARY

Chapter 3: MARKET OVERVIEW

Chapter 4: POWER ELECTRONICS MARKET, BY DEVICE TYPE

Chapter 5: POWER ELECTRONICS MARKET, BY MATERIAL

Chapter 6: POWER ELECTRONICS MARKET, BY APPLICATION

Chapter 7: POWER ELECTRONICS MARKET, BY END-USE

Chapter 8: POWER ELECTRONICS MARKET, BY REGION

Chapter 9: COMPETITIVE LANDSCAPE

Chapter 10: COMPANY PROFILES

LIST OF TABLES

LIST OF FIGURES


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