Power Electronics Market Research Report - Forecast till 2030

Power Electronics Market Research Report: By Component (Diodes, Thyristor (Silicon Controlled Rectifier (SCR), MCT (MOS-Controlled Thyristor), Gate Turn-Off Transistor (GTO)), MOSFET, AC/DC Converter, Static Switches, Others), Wafer Type (Silicon, Gallium Nitride (GaN), SiC, Others), Wafer Material (P-Type, N-Type), Wafer Size (300mm, 150mm, 200mm, 450mm and Above), Application (Consumer Electronics, Automotive, IT & Telecommunications, Aerospace & Defense, Industrial, Transportation, Energy & Utilities, Others) - Forecast till 2027

ID: MRFR/SEM/0563-CR | November 2020 | Region: Global | 174 Pages         

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Power Electronics Market

Power Electronics Market will exhibit a CAGR of 4.9% in the forecast period of 2022 to 2030 and is expected to reach USD 42 billion by 2030.

By Type Gallium Nitride SiC Silicon Others
By Component Thyristor Gate Turn-Off Transistor MCT Silicon Controlled rectifier AC/DC Converter Static Switches MOSFET Others
By Size 450mm 200mm 300mm 150mm More than that
By Application Defense and Aerospace Telecommunications and IT Utilities and Energy Automotive Transportation Industrial Consumer Electronics Others
By Material N-Type P-Type
Key Players
Companies Profiled   Alpha & Omega Semiconductor (AOS) Europe    AMS AG    Analog Devices Inc    Dialog Semiconductor    Diodes Incorporated    Semiconductor Component Industries LLC    Infineon Technologies AG    Renesas Electronics Corporation    Maxim Integrated    Microchip Technology Inc.    STMicroelectronics    Texas Instruments    Toshiba Electronic Devices & Storage Corporation    Vishay Intertechnology Inc.    Allegro Semiconductors
Market Driving Forces   High demand for higher power density   Automotive industry to push market growth.
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Power Electronics Market Size and Overview

The global Size of the power electronics market is predicted to reach a CAGR of 4.9% and a value of USD 42 Billion in the forecast period by 2030 driven by the increasing Power Electronics Market Growth is the growing demand for renewable energy.

Power electronics are used for hybrid and commercial vehicles to optimize costs and save power consumption and other related costs. The features also accelerate the mileage and power density. All these features further improve the battery performance. The growth factors drive the Power Electronics Market to emerge at the global level.

The environmentally friendly feature is the important reason behind its usage. The awareness among the public to use eco-friendly and economic products is accelerating the market’s demand. The power electronic devices are fitted in various devices for applications like efficient engine systems, defensive aid systems, flight controlling and many others. These applications are attracting potential customers. 

The rise in portable energy usage helps reduce power consumption, and energy is acting as a driving factor for power electronic companies. The increase in mileage rate and enhancing longer battery life are emerging in its usage. The use of power electronics for defense purposes such as unmanned aerial vehicles, flight control, and military radars is elevating the sales rate of the market.

The emerging trends of electronic devices in the military and aerospace sectors create wide opportunities for the market. It improves the intelligence and surveillance process. The power electronics also solves the problem of weight, costs, power stability, size, etc. These factors are helping the Power Electronics Market reach its estimated value in the forecast period.

  • On Oct. 25, 2022, HELLA announced that it is entering the high-voltage power electronics market with a German premium manufacturer with high-voltage voltage converters. HELLA will equip ten different vehicle series from the German automaker, and the production is set to start by mid-2025. 

  • HELLA has commissioned a series of development of a voltage converter in the high-voltage range to be rolled out to the manufacturer's full e-vehicle platform into a plug-in hybrid. HELLA is successfully transferring these core competencies to high-voltage power electronics, positioning it as a leading supplier in the electromobility field and opening up new growth avenues

COVID-19 Analysis

Due to the emergence of COVID-19 disease, several automotive and assembly plants remained shut. It began from China and simultaneously, the shutdown among various economies across the world. It caused a recession and halted the demand and manufacturing of the components. However, in the upcoming years, when the pandemic situation gets solved, the power devices industry will regain its growth.

  • On Aug. 12, 2020, II-VI Incorporated (the US - IIVI), a leader in compound semiconductors, announced the acquisition of all major stocks of Ascatron AB, a provider of silicon carbide (SiC) and epitaxial wafers & devices for power electronics platform. 

  • II-VI also announced that it would acquire all the outstanding interests of INNOViON Corporation, a leader in ion implantation technology for silicon and compound semiconductor devices. Scheduled to close by the year-end, both transactions complement the technology licensed by General Electric to manufacture SiC devices and modules for power electronics. 

Power Electronics Market Dynamics

Market Drivers

The major driver for the increasing Power Electronics Market Growth is the growing demand for renewable energy. Also, the rising trend of using portable energy that helps to reduce power consumption, energy, and increase mileage and battery life among electronic vehicles. Also, the rising use of power in electronics for defense purposes such as flight control, unmanned aerial vehicle, military radars are driving the Power Electronics Market exponentially.

  • On Oct. 18, 2022, Damon Motors announced a partnership with SINBON, a leading global provider of integrated design & production services for electronic components. SINBON will provide premium engineering service during the designing and manufacturing of electrical assembly used in Damon's line of motorcycles. Together SINBON and Damon will produce the lightest weight yet high-power electric vehicle electronics. SINBON will play a key role in helping Damon deliver its first HyperSports to the road and future Motorcycle models. 


One of the main factors that will hinder the Power Electronics Market growth is the complicated process of integration for electronic devices. This will help to improve the market product durability. But, for complex integration, it is very important to have advanced technology. This factor will increase the overall costs and will slow the growth of the power electronics industry.


The growing trends of using electronic devices in the defense and aerospace sector will open new opportunities for the Power Electronics Market. It will help to improve the intelligence and surveillance process. Along with that, it will further solve the problem of power stability, weight, costs, size, etc. simultaneously. Hence, the power electronics for wind turbines market will escalate at a significant rate during the forecast period.

Market Challenges

However, the major concerns regarding grid capacity for the integration of power devices can be challenging for the Power Electronics Market. Also, the increased production costs will hinder the overall growth in the forthcoming years.

Cumulative Insights

It is estimated that the Power Electronics Market Size will have positive growth. The estimated Compound Annual Growth Rate (CAGR) of the market is 11%. As per MRFR analysis, the market value will further reach up to USD 65 Billion during the forecast period 2020-2026. Various drivers and opportunities will lead the market to a new level.

Value Chain Analysis

With the increase in the demand for electronic vehicles, the value of the power devices will rise simultaneously. Along with that, its positive factors such as portable devices, use of renewable energy will further influence the market to use sustainable solutions. Hence, the demand for eco-friendly solutions will promote overall market growth.

Power Electronics Market Segmentations

The Power electronics market is segmented into wafer materials, application, wafer size, component, and wafer type. On the basis of wafer size, the power device industry is further divided into

On the basis of wafer materials, the Power Electronics Market market is again classified into N-Type and P-Type.

Based upon components, the power electronics industry is bifurcated into Thyristor, Static Switches, Diodes, MOSFET, AC/DC Converter, and others. The Thyristor is further divided into Gate Turn-Off Transistor (GTO), MCT (MOS-Controlled Thyristor), and Silicon Controlled Rectifier (SCR).

Based upon application, the power electronics industry is divided into Defense and Aerospace, Telecommunications and IT, Utilities and Energy, Automotive, Transportation, Industrial, Consumer Electronics, and others.

Based upon wafer type, the power electronics industry is sub-segmented into Gallium Nitride, SiC, Silicon, and others.

  • On Nov. 02, 2022, HG Semiconductor Limited announced that it has recently started manufacturing its own 6-inch gallium nitride (GaN) power electronics epitaxial Wafer. The successful manufacturing of the Wafer that is happening rapidly is expected to pave the way for the company's quick industrialization, mass production, and commercialization of its third-generation GaN conductors. 

Power Electronics Market Regional Insights

On the basis of geography, the Power Electronics Market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. According to the MRFR analysis, it is evaluated that the Asia-Pacific region will hold the largest Power Electronics Market Share in the forecast period. It is estimated that this region will have record an estimated CAGR of 10%. It is mainly due to the growing demand of electronics devices. The market will record huge revenue with the increased use of renewable energy. There are several positive government policies towards promoting renewable options such as solar panels, windmills, etc.

Also, the adoption of electronic vehicles due to the growing awareness about the environment to reduce carbon emissions is escalating the market. Countries like Japan, China, India, Korea, etc. are moving forward to improve to use renewable energy extensively. These countries are focusing to increase the sales of electric vehicles by 25% by the year 2030.

However, the region is also having a significant development of data centers. For example, the Government of India is focusing upon enhancing the policies for the development of the electronics market in India in the forecast period. Also, the Chinese government announced an increase in the renewable power budget up to USD 13 billion. All the above factors will further escalate the Power Electronics Market demand for products such as converters, wind turbines, PV modules, generators, battery systems, etc.

  • On Oct. 31, 2022, Navitas Semiconductor (NVTS), a pure-play industry leader in advanced power semiconductors, announced that it is participating in the 2022 China Power Electronics & Energy Conversion (CPEEC) Congress and the 25th China Power Supply Society (CPSS) Conference & Exhibition. CPSSC promotes academic and technical exchange in power electronics, energy conversion, and power technology, promoting technical innovation and related industries. CPSSC is Asia's most prestigious power electronics event, running from Nov. 04 to 07, 2022.

  • On Oct. 12, 2022, Chipmakers Wolfspeed, STMicroelectronics, SK Siltron, and Onsemi announced their efforts to bolster the SiC supply chain, to meet the growing demand for power electronics grows over the next five years. SiC chips have been witnessing significant demand mainly due to their growing consumption in fast-charging, battery-powered electric vehicles. 

These chipmakers are increasing their SiC production capacity and opening new plants to respond to the situation. Besides, government financial incentives like the CHIPS+ Act encourage companies to invest in power semiconductors in industrial and automotive applications.

Competitive Landscape and Market Share Insights

There are several key players in the global power electronic devices and applications industry. These power electronics companies use different strategies such as acquisitions, market analysis, partnerships, collaborations, new ventures, product launches, and many more. The list of the major power electronics companies is listed below-

  • AMS AG

  • Alpha and Omega Semiconductor (AOS)

  • Toshiba Electronic Devices and Storage Corporation

  • Dialog Semiconductor

  • Renesas Electronics Corporation

  • Texas Instruments

  • Microchip Technology Inc.

  • Infineon Technologies AG

  • Diodes Incorporated

  • STMicroelectronics

  • Maxim Integrated

  • Vishay Intertechnology Inc.

  • Analog Devices Inc.

  • Semiconductor Component Industries LLC

Power Electronics Market Research Developments

In April 2022, Concerning the future, National Renewable Energy Laboratory (NREL) researchers are transforming clean energy mobility, which is beyond light-duty electric vehicles (EVs), by the implementation of advanced power electronics systems. It can control electricity flow for propelling large and advanced electric machines. The machines are used in planes, trains, and heavy-duty transportation. With the support of the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) programs, NREL is focusing on new research projects in grid storage, sustainable aviation, and energy-efficient computing.

Report Insights

The overview of the Power Electronics Market Report is as follows-

  • Market Overview

  • COVID-19 Analysis

  • Dynamics of the Market

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development

Report Score and Segmentation

  • Study Period- 2020-2026

  • Base Year-2020

  • Forecast Period- 2020-2026

  • Historical Period-2019-2020

The report score is to provide information about the impact of electronics in the industry. It highlights the strengths and potential of the market in the upcoming years. The report also covers information about restraints, challenges. Apart from that, it provides substantial information about the key players and their recent developments. The information provided in this report is collected from both primary and secondary sources.

Power Electronics Market Segmentation

Wafer Type Outlook (Revenue, USD Billion, 2022 - 2030)

  • Gallium Nitride

  • SiC

  • Silicon

  • Others

Component Outlook (Revenue, USD Billion, 2022 - 2030)

  • Thyristor

  • Gate Turn-Off Transistor (GTO)

  • MCT (MOS-Controlled Thyristor)

  • Silicon Controlled rectifier (SCR)

  • AC/DC Converter

  • Static Switches


  • Others

Wafer Size Outlook (Revenue, USD Billion, 2022 - 2030)

  • 450mm

  • 200mm

  • 300mm

  • 150mm

  • More than that

Application Outlook (Revenue, USD Billion, 2022 - 2030)

  • Defense and Aerospace

  • Telecommunications and IT

  • Utilities and Energy

  • Automotive

  • Transportation

  • Industrial

  • Consumer Electronics

  • Others

Wafer Material Outlook (Revenue, USD Billion, 2022 - 2030)

  • N-Type

  • P-Type

Region Insights

  • North America

  • Europe

  • Asia-Pacific

  • Rest of the World

Report Scope:

Report Attribute/Metric Details
  Market Size   USD 42 Billion
  CAGR   4.9% (2022-2030)
  Base Year   2020
  Forecast Period   2022-2030
  Historical Data   2019
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Wafer Type, Wafer Material, Wafer Size, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Alpha & Omega Semiconductor (AOS) Europe, AMS AG, Analog Devices Inc, Dialog Semiconductor, Diodes Incorporated, Semiconductor Component Industries LLC, Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated, Microchip Technology Inc., STMicroelectronics, Texas Instruments, Toshiba Electronic Devices & Storage Corporation, Vishay Intertechnology Inc., and Allegro Semiconductors
  Key Market Opportunities   Power electronics devices are used in electric and hybrid vehicles to optimize overall system cost, increase power savings, extend mileage, mitigate power losses, increase power density, and improve battery performance.
  Key Market Drivers

  • High demand for higher power density.
  • Automotive industry to push market growth.

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    Frequently Asked Questions (FAQ) :

    The global power electronics market is expected to record a substantial market valuation of up to USD 42 Billion by 2030.

    The global power electronics market is projected to register a moderate 4.9% CAGR in the forecast period.

    The major market players operating in the global power electronics market are Qualcomm, Inc., Renesas Electronics Corp., Vishay Intertechnology, Inc, and Mitsubishi Electric Corp. among others.

    The silicon material segment is slated to expand as the fastest-growing segment.

    The increasing deployment of smart grid applications and focus on renewable power resources are expected to drive the power electronics market during the forecast period.