Allied Market Research recently published a report, titled, “Power Electronics Market by Device Type (Power Discrete, Power Module, Power IC), by Material (Silicon Carbide, Gallium Nitride, Sapphire, Others), by Application (Power Management, UPS, Renewable, Others), by End Use (Telecommunication, Industrial, Automotive, Consumer Electronics, Military and defense, Energy and Power, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global power electronics industry was accounted for $26.6 billion in 2021 and is expected to reach $43.7 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Increase in use of power electronics in several applications and need for power management devices in automotive, consumer electronics, and energy & power industries drive the growth of the global power electronics market. However, complex integration process for advanced electronics devices hinders the market growth. On the contrary, rise in demand for SiC-based photovoltaic cells in developing countries would unlock new opportunities in the future.
- The market is significantly affected by the Covid-19 pandemic due to dearth of workforce and delay or cancelation of projects pertaining to lockdown restrictions.
- However, with the rise in demand for fundamentals of power electronics devices, the market is expected to grow post-pandemic.
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The Power Module Segment held the Largest Share
By device type, the power module segment held the largest share in 2021, accounting for more than two-fifths of the global power electronics market, due to unmatched efficiency and durability. However, the power discrete segment is expected to register the highest CAGR of 6.5% during the forecast period, owing to their faster switching.
The Energy and Power Segment Dominated the Market
By end user, the energy and power segment held the lion’s share in 2021, contributing to nearly one-fifths of the global power electronics market. However, the automotive segment is estimated to manifest the highest CAGR of 7.6% from 2022 to 2031, due to rise in demand for electric and hybrid vehicles and growth of electro-mobility and photovoltaic inverters market.
Asia-Pacific held the Largest Share
By region, the global power electronics market across Asia-Pacific dominated in 2021, holding around half of the market, due to increase in investment by prime market players in emerging technologies. However, the market across LAMEA is projected to portray the highest CAGR of 6.1% during the forecast period, owing to rise in awareness about artificial intelligence and internet of things technology.
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Major market players
- ABB Group
- Fuji Electric Co. LTD.
- Infineon Technologies AG
- Microsemi Corporation
- Mitsubishi Electric Corporation
- Renesas Electronics Corporation
- Rockwell Automation, Inc.
- Texas Instruments Incorporated
- Toshiba Corporation
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