Power Electronics Market Overview

The global power electronics market was valued at USD 38.12 billion in 2023 and is anticipated to reach USD 53.66 billion by 2030, exhibiting a CAGR of 5.2% from 2024 to 2030. The increasing adoption of renewable energy sources, such as solar and wind power, is significantly driving the demand for power electronics systems.

Power electronic devices play a vital role in converting and controlling electrical energy generated from renewable sources into usable forms for various applications, including industrial, automotive, aerospace, and defense sectors. The ongoing electrification of transportation and industrial operations further enhances the demand for these devices. The growing global electricity consumption has accelerated the need for alternative power sources like solar and wind energy, where power electronics are essential for efficient energy conversion.

Additionally, the rapid adoption of electric vehicles (EVs) is contributing to reduced CO₂ emissions and supporting the shift toward sustainable mobility. The integration of renewable energy systems, including solar cells and wind turbines, continues to strengthen global environmental sustainability efforts.

Rising consumer awareness regarding energy efficiency is another major factor propelling market growth. The demand for energy-efficient and multifunctional products is encouraging the development of innovative power management circuits designed to optimize performance while minimizing energy consumption. For example, in July 2023, Nordic Semiconductor launched its power management integrated circuit, nPM1300, to help developers create optimized solutions for low-power devices.

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Key Market Trends & Insights

• Asia Pacific led the global market with a 40.5% revenue share in 2023.
• The U.S. dominated the North American regional market with a 60.9% share in 2023.
• Based on material, the silicon (Si) segment accounted for the largest revenue share at 88.9% in 2023.
• Based on device, the IC segment dominated the market in 2023.
• Based on application, the power segment led the market in 2023.

Market Size & Forecast

• 2023 Market Size: USD 38.12 Billion
• 2030 Projected Market Size: USD 53.66 Billion
• CAGR (2024–2030): 5.2%
• Leading Region (2023): Asia Pacific

Key Power Electronics Company Insights

Prominent companies operating in the global power electronics market include Vishay Intertechnologies, Inc.; Renesas Electronics Corporation; Semiconductor Components Industries, LLC; Texas Instruments Incorporated, among others.

• Vishay Intertechnologies, Inc. offers a range of cost-effective power capacitors designed for harmonic management, filtering, and voltage stabilization. These products deliver reliable performance even in harsh environments such as wind turbines, solar plants, traction systems, and industrial drives.
• Renesas Electronics Corporation provides a comprehensive portfolio of power electronics solutions supporting the transition toward a cleaner and more sustainable future. Their technologies facilitate advancements in renewable energy, smart grids, EVs, and industrial automation.

Leading Market Players:

• Semiconductor Components Industries, LLC
• ABB
• Infineon Technologies AG
• Texas Instruments Incorporated
• ROHM Co., Ltd
• STMicroelectronics N.V.
• Renesas Electronics Corporation
• Vishay Intertechnologies, Inc.
• Toshiba Corporation
• Mitsubishi Electric Corporation

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Conclusion

The global power electronics market is poised for steady growth, driven by the rapid expansion of renewable energy infrastructure, increasing EV adoption, and rising consumer demand for energy-efficient technologies. With major contributions from Asia Pacific and continuous innovation by leading companies, the industry is expected to play a pivotal role in enabling a more sustainable and electrified global economy by 2030.