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Power Electronics Market Size, By Product (Discrete {Thyristors, Rectifiers, Insulated-Gate Bipolar Transistor [IGBT], Bipolar Junction Transistor [BJT], Metal-Oxide-Semiconductor Field-Effect Transistor [MOSFET]}, Module), By Application (Automotive, Consumer Electronics, Information & Communication Technology (ICT), Industrial, Energy), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI1355
  • Published Date: Mar 2021
  • Report Format: PDF

Industry Trends

Power Electronics Market size exceeded USD 19.5 billion in 2020 and is anticipated to grow at a CAGR of over 6.5% from 2021 to 2027. The rise in the construction of hyperscale datacenters and growing demand for datacenter power solutions in these facilities are bolstering the market growth.
 

Power Electronics Market Overview

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The power electronics devices offer high performance, greater electrical stability, and optimized energy consumption. These features increase their adoption in datacenter UPS, power distribution units (PDUs), cabling infrastructures, and generators for datacenter power management. Several datacenter giants, such as AWS, Alibaba, Microsoft, NTT Data, and Google, are focusing on building green-datacenters powered by solar and wind renewable energy resources.
 

The rising acceptance of automation and industry 4.0 is one of the major factors fostering the power electronics market expansion. The manufacturing sector is extensively integrating automated-assembly-lines, CNC machines, and industrial robots, which require power modules and ICs for high-power applications. Adding to this, supportive government initiatives to boost smart manufacturing in industries will amplify the industry growth for power electronics.

The COVID-19 pandemic has severely impacted the power electronics market due to disruption in the international trade and supply-chain gap. The trade disruption resulted in the severe shortage of semiconductor raw materials and components in the early 2020. The shortage of semiconductors and international trade disruption have led to shifting of manufacturing facilities to new geographies. In addition, the pandemic has propelled the development and innovations in ADAS, self-driving cars and electric vehicles, accelerating the demand for power electronic devices in the market during the forecast timeline.
 

Technological innovations in insulated-gate bipolar transistors (IGBT) will fuel the power electronics market progression

The power discrete segment dominated more than 65% of the market share in 2020 and is projected to witness 4% growth rate through 2027. The power discrete devices, such as BJTs, IGBTs, and MOSFETs, provide reduced power consumption and low noise operations for various industrial appliances. The increasing usage of these power electronics devices in electrical power grids, industrial motor drives, power inverters, and DC-DC convertors will further amplify the industry demand. The market leaders are continuously focusing on improving the device packaging, increasing current density, improving energy efficiency, and achieving low noise operations.
 

Proliferation of electric vehicles (EVs) across developed economies to stimulate the market revenue

Power Electronics Market Size

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The automotive & transportation application in the power electronics market held for 25% of revenue share in 2020 and is estimated to attain a CAGR of 7% till 2027. The power electronics systems are used in several vehicular systems such as ADAS, powertrain, battery management unit, in-vehicle infotainment (IVI) systems, and advanced safety systems. The rising deployment of electric vehicles (EVs) by major automotive OEMs including Tesla, SAIC, Nissan, and Volkswagen Group will increase the uptake of power electronics in the market.
 

Favorable government initiatives supporting the renewable energy sector will drive the APAC market value

APAC Power Electronics Market

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Asia Pacific power electronics market accounted for over 60% of revenue share in 2020 and is poised to expand at more than 7% CAGR during 2021 to 2027. The industry expansion is attributed to favorable government initiatives supporting the renewable energy industry in China. For instance, in July 2020, Finance Ministry, Republic of China, announced the expansion of budget for renewable power subsidies to USD 13 billion, which is 7.5% more than the previous year’s budget. The proposed budget will subsidize wind and solar renewable energy providers for new plant expansion and research & development activities. This will increase the market demand for power electronics in wind turbines, invertors, battery systems, PV modules, convertors, and generators, further impelling the regional expansion.
 

Focus on new product development to stay competitive in the market

Key players operating in the market are Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, NXP Semiconductor N.V., ON Semiconductor Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, and TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION. The major companies are emphasizing on new product development and innovations in power electronics to achieve competitive advantage in the market.
 

The power electronics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Product

  • Discrete
    • Thyristors
    • Rectifiers
    • IGBT
    • BJT
    • MOSFET
  • Module

Market, By Application

  • Automotive & Transportation
  • Consumer Electronics
  • ICT
  • Industrial
  • Energy
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The market for power electronics had reached a valuation of USD 19.5 billion in 2020 and will expand at around 6.5% CAGR through the forecast timeframe 2021-2027.

The power discrete segment accounted for nearly 65% of the total industry share during 2020 and will grow due to the need for lower power consumption and low noise operations in appliances.

It was estimated that the automotive and transportation sector held over 25% of global power electronics industry share in 2020.

The market for power electronics in APAC is anticipated to witness over 7% CAGR through 2027 with favorable renewable energy sector in China and other countries.

Prominent power electronics producers include ON Semiconductor Corporation, Mitsubishi Electric Corporation, Fuji Electric, Toshiba Electronic Devices & Storage Corporation, among others.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 27
  • Tables & Figures: 155
  • Countries covered: 16
  • Pages: 170

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