Power Electronics Market to Reach USD 74 Billion by 2030, Driven by Growth in Electric Vehicles, Renewable Energy, and Aerospace Applications

Power Electronics Market to Reach USD 74 Billion by 2030, Driven by Growth in Electric Vehicles, Renewable Energy, and Aerospace Applications



According to Next Move Strategy Consulting, the global Power Electronics Market is projected to grow to USD 74 billion by 2030, reflecting a compound annual growth rate (CAGR) of 10% by 2030.

Power electronics, which refers to circuits that control and alter the flow of electrical energy, play a crucial role in modern technology by ensuring efficient utilization of electrical power. The core components of power electronics, including switching power converters made of high-frequency semiconductor devices, regulate voltage and current, enabling energy flow management for devices ranging from a few watts to several megawatts. This technology is crucial in replacing hydraulic and mechanical actuators with precise, electric-powered systems, particularly in industries like automotive, aerospace, and energy.

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Market Dynamics Driving Growth

The global power electronics market is experiencing rapid expansion due to key factors such as the growing demand for electric vehicles (EVs), increased reliance on renewable energy sources, and advancements in aerospace technology. The International Energy Agency (IEA) reports that electric car sales more than doubled in the U.S. in 2021, reflecting the rapid shift toward electric mobility. Furthermore, renewable energy sources are now responsible for nearly 29% of global electricity production, underscoring the growing role of power electronics in energy transformation.

The aerospace industry is also embracing power electronics, as evidenced by the development of advanced products like the all-in-one hybrid power drive module launched by Microchip in early 2023. This new power electronic solution for electric aviation promises to enhance aircraft efficiency and reduce carbon emissions, contributing to the ongoing electrification of the aviation sector.

Challenges and Opportunities

While the growth prospects are strong, the market faces challenges such as the high cost and complex integration process associated with advanced power electronic systems. These systems require high-purity materials capable of withstanding high voltages. However, opportunities abound with the increasing adoption of industrial robots and automation technologies. These robots, which rely on sophisticated power electronic devices for improved efficiency and precision, are becoming more prevalent in factories worldwide, driving further demand.

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Market Segmentation and Geographic Outlook

The power electronics market is segmented by type (power discrete, power modules, and power IC), material (silicon, sapphire, silicon carbide, gallium nitride, and others), voltage (low, medium, and high voltage), and application (automotive, consumer electronics, ICT, industrial, energy, aerospace, and others). The market also considers end users, including commercial and military sectors.

Geographically, Asia-Pacific holds the largest market share and is expected to maintain its dominance due to the presence of major electronics manufacturers and rapid semiconductor industry investments in countries like China, Japan, South Korea, and India. Notably, India's Semicon India program, which received an investment of USD 20.5 billion, is poised to enhance the region's semiconductor capabilities, further driving the power electronics market.

North America is also seeing steady growth, particularly in the military sector, where power electronics are critical to modern defense technologies such as radars, avionics, UAVs, and weapon systems.

Competitive Landscape

Leading players in the power electronics market include Fuji Electric Co Ltd., Infineon Technologies, Microsemi Corporation, ABB Ltd., Mitsubishi Electric Corporation, Renesas Electronics, Rockwell Automation Inc., STMicroelectronics N.V., Texas Instruments Incorporated, and Toshiba Corporation. These companies are investing heavily in product innovations to maintain their market leadership. For example, Renesas Electronics launched the RZ/T2M Motor Control MPU, a product designed to control industrial robots at high speeds with precision. Infineon Technologies also introduced the StrongIRFET transistor to improve the performance of various power electronics applications.

Conclusion

The power electronics market is on an upward trajectory, fueled by the growing adoption of electric vehicles, renewable energy, and aerospace technologies. While challenges remain, particularly in terms of cost and system integration, opportunities in industrial automation and robotics provide substantial growth potential. As the market evolves, companies are focusing on product innovation to cater to emerging demands, driving further expansion.

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

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