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Power Electronics Market worth over $30bn by 2027

  • Published Date: March 22, 2021

Power Electronics Market size is set to surpass USD 30 billion by 2027, according to a new research report by Global Market Insights Inc.

The increasing adoption of solar power in the residential sector across the globe will accelerate the market potential for power electronics during the forecast timeline. The power modules help to convert the pulsating DC voltage that is supplied to the solar motors and inverters to manage power AC load in home appliances and lighting systems. Rising government initiatives to install solar energy and rooftop systems at residential areas will further impel the market opportunity for power electronics in the coming years.

High complexity in manufacturing process with specific application requirement is one of the major factors hindering the market opportunities for power electronics. For example, the deposition of gallium nitride on silicon material is difficult to achieve at high voltage range, increasing the complexity in power electronics manufacturing process. Also, the commercialization of gallium nitride power devices is hindered due to high cost involved in bulk GaN substrate.

The proliferation of intelligent power modules in the manufacturing sector will propel the market growth

North America Power Electronics Market Share

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The module segment held 35% of the market share in 2020 and is projected to witness 7% growth rate through 2027. The industry expansion is attributed to the increasing acceptance of intelligent power modules in the manufacturing sector such as industrial robots, rollers, conveyors, machineries, and motor drives. The intelligent power modules aid to deliver a compact feature and reduce power loss in industrial machinery. Adding to this, various industrial operations, such as induction heating, electroplating, among others, are further inclined toward the usage of power modules to efficiently manage power consumption.

The increasing adoption of robotics in the manufacturing sector to boost the production capability will spur the intelligent power modules demand in the market. Also, several government initiatives and funding activities to increase robot acceptance will add an opportunity to the market progression.

Browse key industry insights spread across 170 pages with 121 market data tables and 34 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

Increasing deployment of power electronics in portable devices to influence the market value

The consumer electronics application segment captured 15% of revenue share in 2020 and is estimated to attain a CAGR of 3% till 2027. The rising usage of battery-powered and handheld devices is augmenting the industry growth. Consumer devices, such as laptops and smartphones, are integrating drive motors and AC/DC convertors, to enhance device efficiency and power consumption, adding an opportunity to the industry progression.

The development of new electronic gadgets and wearable devices, such as smartwatches, earphones, among others, is further accelerating the adoption of power electronics systems including diode, motor drives, switchers, etc. This is positively influencing the market players to develop new power devices to manage the access of current flow and prevent from damages.

The proliferation of electric vehicles in the U.S. will stimulate the market revenue

North America power electronics market accounted for 13% of revenue share in 2020 and is poised to expand at more than 6% during 2021 to 2027. The industry value is credited to the rising acceptance of electric vehicles among the regional population. The growth is further supported with the rising government and funding activities to adopt electric vehicles.

Key players operating in the market include Fuji Electric Co. Ltd., Infineon Technologies, Maxim Integrated Products, Inc., Microsemi Corporation, and ON Semiconductor. Companies offering power electronics are focusing on research & development initiatives and new product development to stay competitive in the industry.

Authors: Preeti Wadhwani, Prasenjit Saha

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