Global Power Electronics For Renewable Energy Market Size To Worth USD 19.56 Billion By 2033 l CAGR Of 7.53%
Category: Energy & PowerGlobal Power Electronics For Renewable Energy Market Size To Worth USD 19.56 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Power Electronics For Renewable Energy Market Size is Expected to Grow from USD 9.46 Billion in 2023 to USD 19.56 Billion by 2033, at a CAGR of 7.53% during the forecast period 2023-2033.
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Browse key industry insights spread across 216 pages with 110 Market data tables and figures & charts from the report on the " Global Power Electronics For Renewable Energy Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Power Discrete, Power Module, and Power IC), By Application (Power Generation, Power Transmission, Power Distribution, and Power Control), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/power-electronics-for-renewable-energy-market
Power electronics are devices that convert and control electrical power using semiconductor switches. They are essential for integrating renewable energy sources into the power grid or independent systems. Power electronics can handle the conversion and regulation of electrical power between renewable sources and the load or the grid. The dynamics of electrical grids are starting to change due to the large-scale integration of power electronic converters into the grid to facilitate the utilization of renewable energy. Market drivers for the power electronics for renewable energy market includes, the increased adoption of renewable sources of energy, including technologies in either solar photovoltaic or wind turbine, which generates a correspondingly high demand for power electronic devices capable of efficiently handling conversion, control, and management of variable and intermittent power sources associated with these renewable technologies. One of the major challenges had to do with the higher cost of power electronic systems compared to the conventional technology in power transmission and distribution. This has therefore made some projects, particularly in developing regions; find it hard to justify the necessary investment in a power electronics-based solution.
The power module segment is predicted to hold the largest market share through the forecast period.
Based on the device type, the power electronics for renewable energy market is classified into power discrete, power module, and power IC. Among these, the power module segment is predicted to hold the largest market share through the forecast period. This is because power modules contribute to the effective conversion, control, and management of electric power harnessed from renewable energy. The key components in a majority of renewable energy power electronic applications include power modules, which are formed by the combination of power semiconductor devices, drivers, and often the engaging control circuitry, into inverters, converters, and motor drives. The growing complexity and power-handling requirements of renewable energy technologies especially utility-scale solar photovoltaic plants and large-scale wind turbines have created the need for power module solutions that are more advanced and efficient than ever before.
The power generation segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the power electronics for renewable energy market is divided into power transmission, power generation, power distribution, and power control. Among these, the power generation segment is anticipated to hold the highest market share during the projected timeframe. Due to the growing deployment of renewable energy technologies, such as solar photovoltaic systems and wind turbines, which rely heavily on power electronic converters and inverters to efficiently convert the variable, intermittent power generated by these sources into high-quality, grid-compatible electrical energy. As the global shift towards renewable energy continues, the demand for power electronic solutions in the power generation segment, including grid-tied inverters, power conditioning units, and energy management systems, is expected to increase significantly.
North America is estimated to hold the largest share of the power electronics for renewable energy market over the forecast period.
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North America is estimated to hold the largest share of the power electronics for renewable energy market over the forecast period. The United States, in particular, has been exemplary in new technology for the renewable energy deployment of technologies, including solar photovoltaic and wind power, which have formed demand for advanced power electronics solutions that effectively integrate intermittent energy sources into the grid. In addition, the region's long-recognized and comprehensive infrastructure for power grids, coupled with the latest and ongoing activities in the modernization of power grids and integration with grid energy storage, is proving to be conducive for the penetration of renewable-based applications of power electronics. It is the existence of major power electronics manufacturers, research institutions, and workforce skills in the region that led to the development and commercialization of innovative power conversion and control technologies to be applied to the renewable energy sector.
Europe is expected to grow at the fastest CAGR growth of the power electronics for renewable energy market during the forecast period. The European Union has set very ambitious targets in regard to renewable energy use to increase the share of at least 32% of its fuel mix as far as renewable sources by 2030. Resultantly, there has been massive investment in renewable energy projects, and more so in the offshore wind sector, where advanced power electronic solutions are central to its effective integration with the grid and energy management in the AC systems.
Major key players in the power electronics for renewable energy market include Fuji Electric Co., Ltd., Toshiba International Corporation, ROHM CO., LTD., ABB, GaN Systems, Hitachi, Ltd., Infineon Technologies AG, Littelfuse, Inc., Microchip Technology, Inc., Renesas Electronics Corporation, Semikron Danfoss, UnitedSiC, and others.
Recent Developments
- In January 2024, Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, announced that it has completed the acquisition of COET, a leading designer and manufacturer of power equipment for electric mobility, rail, and industry, based in the greater Milan area of Italy.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the power electronics for renewable energy market based on the below-mentioned segments:
Global Power Electronics For Renewable Energy Market, By Device Type
- Power Discrete
- Power Module
- Power IC
Global Power Electronics For Renewable Energy Market, By Application
- Power Generation
- Power Transmission
- Power Distribution
- Power Control
Global Power Electronics For Renewable Energy Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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