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

Published Date: Mar 2021  |  Report ID: GMI1355  |  Authors: Preeti Wadhwani, Shubhangi Yadav

Report Format: PDF   |   Pages: 170   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Power Electronics Market size exceeded USD 19.5 billion in 2020 and is estimated 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 industry growth. 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. For instance, in December 2020, Microsoft Corporation announced to establish a new datacenter region in Denmark by 2024. The new datacenter will be powered by 100% renewable energy for 24/7 operations.
 

Power Electronics Market

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The power electronics devices are solid-state electronic components, which are used to convert and control the electric power. The prime operations of the power electronics devices are conversion of AC to DC current and vice versa.
 

The rising adoption of automation and industry 4.0 is one of the major factors driving the power electronics industry growth. 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 market demand 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.  
 

Power Electronics Market Report Coverage
Report Coverage Details
Base Year:2020Historical Data for:2016 to 2020
Market Size in 2020:19.5 Billion (USD)Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:6.5%No. of Pages:170
2027 Value Projection:30 Billion (USD) Tables, Charts & Figures:155
Geographies covered (16):U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa
Segments covered:Product, Application, Region
Growth Drivers:
  • Emphasis towards renewable energy in power generation
  • Rising trends towards electric vehicles around the globe
  • Increasing demand from consumer electronics appliances
  • Growing adoption of industrial robots and automation in factories
Pitfalls & Challenges:
  • Complexity and technical issues

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Technological innovations in insulated-gate bipolar transistors (IGBT) will spur the market growth

The discrete products are segmented into thyristors, rectifiers, insulated-gate bipolar transistor (IGBTs), bipolar junction transistors (BJTs), and metal-oxide-semiconductor field-effect transistor (MOSFETs). The power discrete segment held a major market share of around 65% in 2020 and is projected to observe 4% CAGR 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 adoption of these power electronics devices in electrical power grids, industrial motor drives, power inverters, and DC-DC convertors will further augment the power electronics market statistics.
 

The market players are continuously focusing on improving the device packaging, increasing current density, improving energy efficiency, and achieving low noise operations. For instance, in November 2020, Fuji Electric Co., Ltd. launched 7th generation of x-series IGBT, which has applications in various power electronics devices such as HVAC, power convertors, propulsion motors, and variable speed drives. The new power electronic device operates at 1,700V/1,000A ratings for high power applications. The company has started its mass production to target the renewable energy and railway market.
 

Proliferation of electric vehicles (EVs) across developed economies will accelerate market opportunities

Europe Power Electronics Market

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The automotive & transportation application segment captured more than 25% of the power electronics market share in 2020 and the segment is poised to expand at 7% growth rate through 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
 

Favorable government initiatives supporting the renewable energy sector to boost APAC market expansion

Asia Pacific Power Electronics Market

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The Asia Pacific power electronics market revenue accounted for around 60% market share in 2020 and is likely to see 7% CAGR over 2021-2027. Favorable government initiatives supporting the renewable energy industry in China is fueling the industry growth. 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.
 

Focus on new product development to stay competitive in the market

Key players operating in the power electronics 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, among others. The major market players are emphasizing on new product development and innovations in power electronics to achieve competitive advantage in the market.
 

For instance, in December 2019, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION launched N-channel power MOSFET series for power management applications in the automotive industry. Similarly, in August 2020, Mitsubishi Electric Corporation launched T-Series power IGBT module for photovoltaic and wind power generation applications. The new power electronics module offers high current density and low noise features suitable for electrical power appliances.
 

This market research report on power electronics 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

 

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.

Premium Report Details

  • Published Date: Mar 2021
  • Pages: 170
  • Tables: 121
  • Charts / Figures: 34
  • Companies covered: 27
  • Countries covered: 16

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