Power Electronics Market is Expected to grow at a Significant Rate Owing to Rising Demand for Renewable Energy Technologies

 
Power Electronics Market Size

Power electronics deal with the control and conversion of electric power. Power electronics are integral to a wide range of technologies such as renewable energy generation, motor drives, power supplies, and transportation systems. The rising emphasis on clean energy generation through renewable sources such as solar and wind power has significantly propelled the demand for power electronics worldwide. Power electronic components like converters, inverters, and controllers facilitate efficient energy transmission and utilization from renewable sources. Moreover, power electronics help optimize energy usage by allowing customized control and monitoring of motors and electric devices across industries. The rising implementation of smart grids and growing adoption of electric vehicles have augmented the need for sophisticated power electronic systems with higher efficiency and power density.

The Global Power Electronics Market is estimated to be valued at US$ 71.13 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Power Electronics market are ABB, Analog Devices, Inc., Efficient Power Conversion Corporation, Euclid Techlabs, Fuji Electric Co., Ltd., Infineon Technologies AG, Littelfuse, Inc., Microchip Technology Inc., Mitsubishi Electric Corporation, Navitas Semiconductor, NXP Semiconductors, ON Semiconductor, Qorvo, Inc., Renesas Electronics Corporation, and ROHM CO., LTD. These players are focusing on developing innovative and more efficient power electronic components to capitalize on the growing demand from renewable energy and electric vehicle applications.

The rising installation of renewable energy projects worldwide presents significant opportunities for Power Electronics Market Size. Countries worldwide have announced ambitious clean energy targets which will require massive investments in solar panels, wind turbines, and energy storage technologies that utilize advanced power converters. Power electronic product designers can cater to evolving renewable energy infrastructure requirements by developing modular and scalable solutions.

The power electronics market players are expanding their geographic footprints to tap the growing demand from emerging economies. Manufacturers are boosting local production capacities through partnerships and acquisitions in high growth markets like China, India, Brazil, and the Middle East. Additionally, favorable government policies supporting clean energy adoption in developing nations will facilitate global market expansion for power electronics over the coming years.

Market Drivers:

1. Increasing Investments in Renewable Energy Generation: Massive investments committed by governments worldwide to establish new solar and wind power projects are driving the demand for efficient power electronic converters and inverters that operate across variable voltage and frequency conditions.

2. Surging Electric Vehicle Sales: The proliferation of electric vehicles has augmented the need for high-power onboard chargers, DC fast charging systems, and other power electronic circuits that can sustainably convert and supply electric power without energy losses.

Market Restraints:

1. Higher Component Costs: Advanced wide bandgap semiconductors utilized in next-generation power devices are relatively more expensive than conventional silicon parts. This increases the overall costs for power electronic systems.

2. Design Complexity: Designing power electronic circuits suited for high-frequency renewable energy and transportation applications remains challenging owing to issues like complex control algorithms, thermal management, and electromagnetic interference.

Extensive R&D is required to resolve these design barriers.
Segment Analysis

The Power Electronics Market Size and Trends is segmented into device type, vertical and geography. The device type segment is further divided into power module, power IC and power discrete. Among these, the power module sub segment dominates the market owing to its increasing use in industrial motor drives, consumer appliances, UPS systems, and hybrid/electric vehicles. Power modules help in saving design space and offer high power handling capabilities in a compact form factor.

Global Analysis

Regionally, Asia Pacific holds the major share in the power electronics market and is expected to continue its dominance during the forecast period. This is attributed to rapid industrialization and urbanization in countries like China and India. Further, government support for clean energy generation such as wind and solar energy in these countries is also fueling the regional market growth. North America is expected to grow at a significant rate on account of ongoing grid modernization projects and increasing electric vehicle sales in the US and Canada.

Get More Insights on- Power Electronics Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)


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