Power Electronics Market Overview

The global power electronics market was valued at USD 38.12 billion in 2023 and is expected to reach USD 53.66 billion by 2030, expanding at a CAGR of 5.2% from 2024 to 2030. Market growth is largely driven by the increasing adoption of renewable energy sources such as solar and wind power, which has significantly boosted demand for advanced power electronics systems capable of efficient energy conversion and control.

Power electronics devices play a critical role in converting and regulating electrical energy generated from renewable sources into usable forms for a wide range of applications, including industrial equipment, automotive systems, aerospace, defense, and consumer electronics. The accelerating electrification of transportation and industrial operations is further supporting demand for these devices. Rising global electricity consumption has increased investments in alternative energy sources such as wind farms and solar installations, where power electronics are essential for efficient energy generation and grid integration. In addition, the rapid adoption of electric vehicles contributes to reduced CO₂ emissions and supports the transition toward environmentally friendly mobility, reinforcing the importance of power electronics in sustainable energy ecosystems.

Growing consumer awareness regarding energy efficiency and power consumption is also shaping market expansion. There is increasing demand for electronic products that offer multitasking capabilities while maintaining low power consumption. This trend has driven continuous innovation in power management circuits, enabling enhanced device performance without compromising energy efficiency. For example, in July 2023, Nordic Semiconductor introduced its power management integrated circuit, nPM1300, designed to help developers optimize power management solutions for low-power applications, highlighting the industry’s focus on efficiency-driven innovation.

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Key Market Trends & Insights

• Asia Pacific dominated the global power electronics market with a revenue share of 40.5% in 2023.
• The U.S. led the regional market, accounting for a revenue share of 60.9% in 2023.
• Based on material, the silicon (Si) segment held the largest revenue share of 88.9% in 2023.
• By device type, the integrated circuits (IC) segment dominated the market in 2023.
• By application, the power segment accounted for the largest market share 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%
• Largest Market (2023): Asia Pacific

Key Power Electronics Company Insights

The global power electronics market is moderately consolidated, with several established players competing through product innovation, technological advancements, and strategic collaborations. Key companies such as Vishay Intertechnologies, Inc., Renesas Electronics Corporation, Semiconductor Components Industries, LLC, and Texas Instruments Incorporated play a significant role in shaping market dynamics.

Vishay Intertechnologies, Inc. offers a broad portfolio of cost-effective power capacitors designed for harmonic management, voltage stabilization, and filtering applications. These products are widely used in demanding environments, including wind turbines, solar power plants, traction systems, and industrial drives. Renesas Electronics Corporation provides comprehensive power electronics solutions that support the transition to cleaner and more sustainable energy systems, covering applications such as renewable energy integration, smart grids, electric vehicles, and industrial and building automation.

Key Power Electronics Companies

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

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Conclusion

The power electronics market is poised for steady growth through 2030, driven by the global shift toward renewable energy, rising electrification of transportation and industry, and increasing demand for energy-efficient electronic devices. Continuous innovation in power management technologies, combined with supportive environmental initiatives and expanding electric vehicle adoption, is expected to further strengthen market expansion. As energy efficiency and sustainability remain key priorities worldwide, power electronics will continue to play a central role in enabling reliable, efficient, and eco-friendly energy systems.