IMARC Group’s report titled “Power Electronics Market Report by Device (Power Discrete, Power Modules, Power ICs), Material (Silicon, Sapphire, Silicon Carbide, Gallium Nitride, and Others), Application (Power Management, UPS, Renewable, and Others), Voltage (Low Voltage, Medium Voltage, High Voltage), End Use Industry (Automotive, Military and Aerospace, Energy and Power, IT and Telecommunication, Consumer Electronics, and Others), and Region 2025-2033”, The global power electronics market size reached USD 33.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 52.4 Billion by 2033, exhibiting a growth rate (CAGR) of 5.02% during 2025-2033.
- Factors Affecting the Growth of the Power Electronics Industry:
- Growth in Renewable Energy Sources:
The power electronics market is growing fast thanks to the rise in renewable energy sources like solar and wind power. As countries work to use energy in a more sustainable way, there’s a higher need for systems that efficiently manage power. In 2024, power electronics will be essential in renewable energy setups, helping to generate, store, and distribute energy more effectively. For example, devices like inverters and converters turn the direct current (DC) from solar panels into alternating current (AC) for use in the power grid. Better battery technologies are also increasing the need for power electronics to control charging and discharging. Governments are supporting this trend with incentives to promote clean energy, which is expected to drive investment in power electronics. As renewable energy grows, innovations in power electronics will make energy systems more efficient and reliable.
- Advancements in Electric Vehicles (EVs):
The growth of electric vehicles (EVs) is a major factor driving the power electronics market. As more automakers shift to electric models, the need for advanced components to power EVs is increasing. In 2024, the focus on reducing emissions and improving energy efficiency will boost EV sales, creating high demand for power electronics to manage motors, batteries, and charging systems. Key devices like MOSFETs and IGBTs help improve EV performance by making energy use more efficient and controlling heat better. Fast-charging technologies also require advanced power electronics to safely transfer energy quickly. With automakers investing in better EV technologies, the power electronics market is set to grow as it supports the move toward greener transportation.
- IoT and Smart Grid Integration:
The rise of the Internet of Things (IoT) and smart grid technologies is changing how power is managed and distributed. In 2024, more connected devices and smart meters will increase the demand for power electronics that monitor and control energy use in real time. These systems help devices communicate with each other, improve energy efficiency, and make grids more reliable. Smart grids also make it easier to connect renewable energy sources and store energy, creating more flexible and efficient systems. As consumers look for ways to cut energy costs, demand for smart home devices and energy management systems will grow, further increasing the need for power electronics. This trend points to smarter energy systems where power electronics enable seamless automation and connectivity.
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- ABB Ltd.
- Analog Devices Inc.
- Fuji Electric Co. Ltd.
- Infineon Technologies AG
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- NXP Semiconductors N.V.
- Renesas Electronics Corporation
- ROHM Co. Ltd.
- STMicroelectronics
- Texas Instruments Incorporated
- Toshiba Corporation
- Vishay Intertechnology Inc
Power Electronics Market Report Segmentation:
- Breakup By Device:
- Power Discrete
- Diode
- Transistors
- Thyristor
- Power Modules
- Intelligent Power Module
- Power Integrated Module
- Power ICs
- Power Management Integrated Circuit
- Application-Specific Integrated Circuit
- Breakup By Material:
- Silicon
- Sapphire
- Silicon Carbide
- Gallium Nitride
- Others
- Breakup By Application:
- Power Management
- UPS
- Renewable
- Others
- Low Voltage
- Medium Voltage
- High Voltage
- Breakup By End Use Industry:
- Automotive
- Military and Aerospace
- Energy and Power
- IT and Telecommunication
- Consumer Electronics
- Others
- Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Power Electronics Market Trends:
The power electronics market is evolving rapidly due to new technologies and consumer needs. With a global push for sustainability, industries are looking for energy-efficient solutions to save power and reduce waste. In 2024, new semiconductor technologies like silicon carbide (SiC) and gallium nitride (GaN) will make power electronics smaller, lighter, and more efficient. These advances are ideal for everything from gadgets to industrial equipment. Digital tools like artificial intelligence (AI) will also play a role, helping to predict maintenance needs and improve performance. As these trends develop, the power electronics market will deliver innovative solutions to support an increasingly connected and energy-efficient world.
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