Power Electronics Software Market Overview

The global power electronics software market was valued at USD 3.56 billion in 2024 and is projected to reach USD 8.27 billion by 2033, expanding at a CAGR of 9.8% from 2025 to 2033. This strong growth is driven by the increasing need for efficient power management across electric vehicles, renewable energy systems, and industrial automation. Advancements in simulation, control, and embedded design software are further supporting market expansion by enabling precise system development and optimization.

The market landscape is shaped by the growing complexity and integration of power electronic systems across multiple industries. As applications become more sophisticated, there is a rising demand for highly accurate design, simulation, and validation tools. Advanced software platforms allow engineers to optimize efficiency, reliability, and overall system performance while reducing development cycles. The growing adoption of embedded control systems, combined with requirements for real-time simulation and hardware-in-the-loop testing, is accelerating the use of power electronics software in automotive, industrial automation, aerospace, and renewable energy sectors.

The ongoing global shift toward electrification and sustainable energy solutions is another major growth catalyst. The rapid expansion of electric vehicles and renewable energy infrastructure requires software solutions capable of handling complex power management tasks, including battery optimization, inverter design, and converter control. In addition, stringent regulatory standards related to energy efficiency and emissions are compelling manufacturers to implement advanced power electronics systems. These systems rely heavily on comprehensive software tools to ensure regulatory compliance while improving performance and reliability.

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Key Market Trends & Insights

• North America dominated the global power electronics software market, accounting for a revenue share of 30.4% in 2024.
• The U.S. led the North America market and held the largest revenue share in 2024.
• By technology, the Model-Based Design (MBD) segment dominated the market with a revenue share of 36.3% in 2024.
• By application, the industrial segment held the largest revenue share in 2024.
• By type, design software accounted for the highest market share in 2024.

Market Size & Forecast

• 2024 Market Size: USD 3.56 Billion
• 2033 Projected Market Size: USD 8.27 Billion
• CAGR (2025–2033): 9.8%
• North America: Largest market in 2024
• Asia Pacific: Fastest-growing market

Key Power Electronics Software Company Insights

The power electronics software market is moderately concentrated, with several global players driving innovation through continuous advancements in modeling, simulation, and testing technologies. Companies are focusing on expanding software capabilities to support increasingly complex power systems and shorten development timelines.

• The MathWorks, Inc. offers engineering and scientific software centered on MATLAB and Simulink platforms. Its power electronics solutions enable engineers to design, simulate, and validate power systems and control algorithms efficiently. Products such as Simscape Electrical support detailed modeling of semiconductors, motors, and converters, allowing system-level testing and hardware-in-the-loop validation.
• Keysight Technologies is a leading provider of electronic measurement solutions, offering integrated hardware and software platforms for the design, testing, and validation of power electronic systems. Its tools enable accurate characterization of power devices, converters, and control systems under real-world conditions, ensuring regulatory compliance and enhanced system reliability.

Key Power Electronics Software Companies

The following companies are key participants in the global power electronics software market and play a significant role in shaping industry trends:

• The MathWorks, Inc.
• Keysight Technologies
• Cadence Design Systems, Inc.
• Synopsys, Inc.
• Altair Engineering Inc.
• NATIONAL INSTRUMENTS CORP.
• Renesas Electronics Corporation
• Infineon Technologies AG
• dSPACE GmbH
• Siemens

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Conclusion

The global power electronics software market is set for strong and sustained growth through 2033, supported by accelerating electrification, expanding renewable energy deployment, and increasing automation across industries. The rising complexity of power electronic systems and the need for precise design, simulation, and validation tools are driving widespread adoption of advanced software platforms. With continued regulatory pressure on energy efficiency and emissions, along with rapid technological innovation, power electronics software will remain a critical enabler of next-generation electric and energy-efficient systems worldwide.