Global Power Electronics Market Size, Share, and COVID-19 Impact Analysis, By Offering (Power Discrete, Power Module, and Power IC), By Material (Silicon, Silicon Carbide, and Gallium Nitride), By Voltage (Low Voltage, Medium Voltage, and High Voltage), By Vertical (Consumer Electronics, Industrial, Automotive & Transportation, ICT, Aerospace & Defense, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032

Industry: Semiconductors & Electronics


Global Power Electronics Market Insights Forecasts to 2032

  • The Global Power Electronics Market Size was valued at USD 29.64 billion in 2022.
  • The market is growing at a CAGR of 4.8% from 2022 to 2032
  • The global power electronics market is expected to reach USD 47.37 billion by 2032
  • Asia-Pacific is expected to grow the fastest during the forecast period



Power Electronics Market

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The Global Power Electronics Market Size is expected to reach USD 47.37 billion by 2032, at a CAGR of 4.8% during the forecast period 2022 to 2032.


Market Overview

Power electronics is a multidisciplinary field that encompasses the study, design, and application of electronic devices and systems for efficient control and conversion of electrical power. It plays a crucial role in a wide range of industries and applications, including renewable energy systems, electric transportation, industrial automation, telecommunications, and consumer electronics. The core focus of power electronics is on power semiconductor devices, such as transistors, diodes, and thyristors, which enable the efficient control and manipulation of electrical energy. These devices are used in various power conversion circuits, such as converters, inverters, and rectifiers, to modify voltage levels, regulate power flow, and enable seamless energy transfer between different sources and loads. By leveraging advanced control techniques and high-frequency switching, power electronics systems can achieve higher energy efficiency, compact size, and enhanced performance. They also facilitate the integration of renewable energy sources into the electrical grid, the efficient charging and discharging of batteries in electric vehicles, and the precise control of motors and drives in industrial applications.


Report Coverage

This research report categorizes the market for power electronics market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the power electronics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the power electronics market.


Global Power Electronics Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 29.64 Billion
Forecast Period:2022 - 2032
Forecast Period CAGR 2022 - 2032 :4.8%
2032 Value Projection:USD 47.37 Billion
Historical Data for:2018 - 2021
No. of Pages:212
Tables, Charts & Figures:126
Segments covered:By Offering, By Material, By Voltage, By Vertical, By Region
Companies covered::Infineon Technologies, ON Semiconductor, STMicroelectronics, Mitsubishi Electric, Vishay Intertechnology, Fuji Electric, NXP Semiconductors, Renesas Electronics, Texas Instruments, Toshiba, ABB Ltd., GaN Systems, Littelfuse, Maxim Integrated, Microchip, Rohm, Semikron, Transphorm, UnitedSiC, Wolfspeed, A Cree Company, Euclid Techlabs, GeneSiC, EPC, Analog Devices, Hitachi

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Driving Factors

There are several drivers of the power electronics market, including increasing demand for energy-efficient systems, growing adoption of renewable energy sources, and the need for high-performance and reliable power electronics components in various industries. The demand for energy-efficient systems, such as HVAC systems, lighting, and consumer electronics, is driving the growth of the power electronics market. These systems require efficient power conversion and control, which can be achieved through the use of power electronics components like inverters, converters, and motor drives. The growing adoption of renewable energy sources, such as solar and wind power, is also fueling the growth of the power electronics market. Power electronics components are critical in enabling the integration of these energy sources into the electrical grid and ensuring efficient energy conversion and management. Furthermore, the need for high-performance and reliable power electronics components in various industries, such as automotive, aerospace, and telecommunications, is driving the demand for advanced power electronics technologies.


Restraining Factors

The power electronics market faces certain restraints that can hinder its growth. One significant restraint is the high cost associated with the development and manufacturing of power electronics components. The advanced materials, complex designs, and stringent quality requirements contribute to the overall cost, making it a barrier to widespread adoption. Another restraint is the complexity of power electronics systems, which require specialized knowledge and expertise for design, installation, and maintenance. This can limit the accessibility and adoption of power electronics technology in certain industries and regions. Additionally, the continuous advancements and rapid evolution of power electronics technologies pose challenges in terms of keeping up with the latest developments and incorporating them into existing systems.


Market Segmentation

  • Intelligent power module is expected to grow at a CAGR of 4.5% during the forecast period

On the basis of offering, the global power electronics market is segmented into power discrete, power module, and power IC. The Intelligent Power Module (IPM) segment is anticipated to witness substantial growth during the forecast period. IPMs are highly integrated power semiconductor modules that combine various power electronics components such as power switches, gate drivers, and protection circuits into a single package. The increasing demand for compact, efficient, and reliable power electronics solutions in industries such as automotive, industrial automation, and consumer electronics is driving the growth of the IPM market. These modules offer advantages such as reduced system complexity, improved thermal performance, and enhanced power efficiency. Additionally, the rising adoption of electric vehicles, renewable energy systems, and smart grid technologies further boosts the demand for IPMs. The ability of IPMs to enable precise control and high-power density makes them ideal for applications requiring advanced power management and conversion. Therefore, the IPM segment is expected to witness significant growth as industries continue to embrace power electronics solutions for optimized energy usage and improved system performance.


  • In 2022, the low voltage power electronics dominated the market with more than 35.4% revenue share

Based on the type of voltage, the global power electronics market is segmented into low voltage, medium voltage, and high voltage. Out of this, the low voltage power electronics segment is dominating the market with the largest market share in 2022, due to the increasing adoption of renewable energy systems, electric vehicles, and consumer electronics that require efficient power management solutions. Low-voltage power electronics offer several benefits, including high efficiency, improved reliability, and reduced system complexity. They are widely used in various applications such as motor control, lighting, power supplies, and energy storage systems. The growing demand for energy-efficient solutions and the rising focus on reducing carbon emissions further drive the adoption of low-voltage power electronics. Moreover, the availability of cost-effective and easy-to-integrate solutions in the low-voltage power electronics segment makes them attractive to industries of all sizes.


Regional Segment Analysis of the Power Electronics Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)


Asia-Pacific dominated the market with more than 43.5% revenue share in 2022.


Power Electronics Market

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Based on region, Asia-Pacific holds the largest market share in the power electronics market for several reasons. The region has a significant population and is experiencing rapid industrialization and urbanization, leading to a high demand for power electronics products and systems. The increasing need for energy-efficient solutions to address the growing energy consumption is driving the adoption of power electronics in various sectors. The countries like China, Japan, and South Korea are major contributors to the market growth in the region. These countries have well-established manufacturing industries and are investing heavily in sectors such as renewable energy, electric vehicles, and consumer electronics, which heavily rely on power electronics technologies. Moreover, Asia-Pacific has a strong ecosystem for the power electronics industry, with the presence of leading manufacturers, suppliers, and research institutions. The region's focus on innovation and advancements in power electronics technology, along with government initiatives promoting clean energy and sustainable development, further contribute to its market dominance.


Recent Development

In April 2022, DENSO Corporation, a provider of mobility solutions, and United Semiconductor Japan Co., Ltd. (USJC), a subsidiary of the global semiconductor foundry United Microelectronics Corporation, have announced a collaboration to manufacture power semiconductors. This collaboration will take place at USJC's 300mm fab, aiming to meet the increasing demand in the automotive industry.


Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global power electronics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.


List of Companies:

  • Infineon Technologies
  • ON Semiconductor
  • STMicroelectronics
  • Mitsubishi Electric
  • Vishay Intertechnology
  • Fuji Electric
  • NXP Semiconductors
  • Renesas Electronics
  • Texas Instruments
  • Toshiba
  • ABB Ltd.
  • GaN Systems
  • Littelfuse
  • Maxim Integrated
  • Microchip
  • Rohm
  • Semikron
  • Transphorm
  • UnitedSiC
  • Wolfspeed
  • A Cree Company
  • Euclid Techlabs
  • GeneSiC
  • EPC
  • Analog Devices
  • Hitachi


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 2022 to 2032. Spherical Insights has segmented the global power electronics market based on the below-mentioned segments:


Power Electronics Market, By Offering

  • Power Discrete
  • Power Module
  • Power IC


Power Electronics Market, By Material

  • Silicon
  • Silicon Carbide
  • Gallium Nitride


Power Electronics Market, By Voltage

  • Low Voltage
  • Medium Voltage
  • High Voltage


Power Electronics Market, By Vertical

  • Consumer Electronics
  • Industrial
  • Automotive & Transportation
  • ICT
  • Aerospace & Defense
  • Others


Power Electronics Market, 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 Middle East & Africa

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