Power Electronics Market by Type (Power Discrete, Power Module, and Power IC), by Material (Silicon (Si), Silicon Carbide, Gallium Nitride, Sapphire, and Others), by Voltage (Low Voltage, Medium Voltage, and High Voltage), by Application (Automotive & Transportation, Consumer Electronics, ICT, Industrial, Energy, Aerospace and Others), and by End User (Commercial and Military)- Global Opportunity Analysis and Industry Forecast, 2023 – 2030

Power Electronics Market

Industry:  Semiconductor & Electronics | Publish Date: Sep 2023 | No of Pages:  N/A | No. Tables:  N/A | No. Figures:  N/A

Market Definition

The global Power Electronics Market size was valued at USD 36.9 billion in 2022 and is predicted to reach USD 74.3 billion by 2030 with a CAGR of 9.2% from 2023-2030. Power electronics are circuits that controls and alter the flow of electrical energy. It is capable of regulating the energy flow that enables efficient utilization of the available power. The most important component of power electronic system is a switching power converter, which is made up of high-frequency semiconductor devices that can be turned on or off.

This action controls the voltage and current flowing through the devices, resulting in a regulated power output as it can handle powers ranging from a few watts to several megawatts. As a result, traditionally used hydraulic and mechanical actuators are getting replaced by electric motors as this can be precisely controlled by power electronic interfaces. 

Market Dynamics and Trends

The increasing demand for electric vehicles and the rising emphasis on renewable energy in power generation that rely on power electronics for their operation is driving the growth of the market. According to the International Energy Agency (IEA), electric car sales more than doubled in the United States in 2021, surpassing half a million units. The IEA also reports that renewable energy is growing faster than all other energy forms, with almost 29% of electricity coming from renewable energy sources at present. The use of renewable energy in power generation and transportation can help reduce greenhouse gas emissions and improve energy security.

Also, the increasing use of power electronics in aerospace industry for a vast range of applications in such as drive controls, landing gear, flight control, navigation, cabin lighting and communications is further fueling the growth of the market. For instance, in January 2023, Microchip launched an all-in-one hybrid power drive module solution designed for electric aviation applications. The three-phase power module reduces power solution size and weight for electric aircraft. This new power electronic product is an innovative solution for energy conversion systems powering aircraft electrification which will contribute to enhanced efficiency along with reduced carbon emissions in the aircraft. 

However, high cost and complex integration process for advanced power electronic systems as it involves high quality materials with increased purity and thickness to withstand high voltage are the factors restraining the power electronics market. 

On the contrary growing adoption of industrial robots and automation in factories across the globe are expected to create ample growth opportunities for the power electronics market in the coming years. These industrial robots are outfitted with advanced power electronic devices that enables them to perform previously impossible tasks efficiently and precisely.


Market Segmentations and Scope of the Study

The power electronics market is segmented on the basis of type, material, voltage, application, end user and geography. On the basis of Type, the market is divided into power discrete, power module and power IC. On the basis of material, the market is classified into silicon (Si), sapphire, silicon carbide (Sic), gallium nitride (GaN) and others. 

On the basis of voltage, the market is divided into low voltage, medium voltage and high voltage. On the basis of application, the market is categorized into automotive & transportation, consumer electronics, ICT, industrial, energy, aerospace and others. On the basis of end user, the market is classified into commercial and military. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.


Geographical Analysis

Asia-Pacific holds the major share of power electronics market at present and is expected to continue its dominance during the forecast period. This is attributed to the factors such as presence of various prominent manufacturers that requires power electronics in production of their products such as automotive, consumer electronics and information & communications technology industry. Countries such as China, Japan, South Korea, and Taiwan are known for their robust electronics manufacturing industries. For instance, China is the world's largest automotive market and a major producer of consumer electronics. These industries require substantial integration of power electronics components for various applications

Also, the rapidly increasing investment in the semiconductor industry by countries such as India, China and South Korea further boosts the power electronics market in this region. For instance, in December 2021, the Government of India initiated Semicon India program with an outlay of 20.5 billion US dollar.   The primary aim of this program is to fortify India's prowess in semiconductor design and research, thereby establishing a durable foundation for semiconductor manufacturing capabilities, and thus subsequently fostering the growth of the power electronics industry.

On the other hand, North America is expected to show a steady rise in the power electronics market due to rising government expenditure in military expedition that in turn increases the dependency on power electronics. Power electronics are used in modern military technology such as radars, avionics, weapon systems, unmanned aerial vehicle (UAV), payloads and missile controls. For instance, in 2021, United States has spent 106,225 US dollar in research development test & evaluation (RDT&E) of military equipment’s. 

Also, the high demand of IGBT (Insulated Gate Bipolar Transistor) power modules as it is used in various industries such as electric vehicle industry, energy & power industry is further driving the power electronics market in the region. With the rapid expansion of the electric vehicle (EV) industry, IGBT power modules are extensively used in EV drivetrains, motor control systems, and battery management systems. For instance, in August 2022, Renesas Electronics Corporation unveiled new-generation IGBTs for electric vehicle inverters, which is expected to significantly improve performance and safety. 


Competitive Landscape

The power electronics industry comprises of various market players such as Fuji Electric Co Ltd., Infineon Technologies Ag, Microsemi Corporation, ABB Ltd, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Rockwell Automation Inc., STMicroelectronics N.V., Texas Instruments Incorporated and Toshiba Corporation. These market players are launching various products across several regions to maintain their dominance in the global market. 

For instance, in June 2022, Renesas Electronics Corporation launched RZ/T2M Motor Control MPU (microprocessor unit). RZ/T2M is capable of controlling industrial robots at extremely high speed with high precision. It is also expected to contribute to the development and widespread adoption of sophisticated industrial robots that can work safely alongside humans. With the launch of this power electric product Renesas will be able to enhance its product portfolio and presence in the market. 

Moreover, in March 2021, Infineon Technologies launched its new generation transistor called StrongIRFET. This innovative transistor technology is expected to drive significant advancements in the power electronics market, revolutionizing the efficiency and performance of various applications such as SMPS, motor drives, battery-powered tools, UPS, and light electric vehicles

Key Benefits

  • The report provides quantitative analysis and estimations of the power electronics market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

  • The study comprises a deep dive analysis of the power electronics market including the current and future trends to depict prevalent investment pockets in the market.

  • Information related to key drivers, restraints, and opportunities and their impact on the global market is provided in the report. 

  • Competitive analysis of the players, along with their market share is provided in the report.

  • SWOT analysis and Porters Five Forces model is elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Power Electronics Market Key Segments

By Type 

  • Power Discrete

  • Power Module

  • Power IC

By Material

  • Silicon (Si)

  • Sapphire

  • Silicon Carbide

  • Gallium Nitride

  • Others

By Voltage 

  • Low Voltage 

  • Medium Voltage

  • High Voltage 

By Application

  • Automotive & Transportation

  • Consumer Electronics

  • ICT

  • Industrial

  • Energy

  • Aerospace

  • Others

By End User

  • Commercial

  • Military

By Region

  • North America    

    • US

    • Canada

    • Mexico

  • Europe    

    • UK

    • Germany

    • France

    • Spain

    • Italy

    • Netherlands

    • Denmark

    • Finland

    • Norway

    • Sweden

    • Russia

    • Rest of Europe

  • Asia-Pacific    

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Indonesia

    • Taiwan

    • Thailand

    • Singapore

    • Rest of Asia-Pacific

  • RoW    

    • Latin America

    • Middle East

    • Africa

Report Scope and Segmentation



Market Size in 2022

USD 36.9 Billion

Revenue Forecast in 2030

USD 74.3 Billion

Revenue Growth Rate

CAGR of 9.2% from 2023 to 2030

Analysis Period


Base Year Considered


Forecast Period


Market Size Estimation

Billion (USD)

Growth Factors

The increasing demand for electric vehicles fuels the growth of the market.

Increasing use of power electronics in aerospace industry drives the power electrics product demand globally.

Countries Covered


Companies Profiled


Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.



  • Fuji Electric Co Ltd.

  • Infineon Technologies

  • Microsemi Corporation

  • ABB Ltd

  • Mitsubishi Electric Corporation

  • Renesas Electronics Corporation

  • Rockwell Automation Inc.

  • Stmicroelectronics N.V.

  • Texas Instruments Incorporated

  • Toshiba Corporation

Frequently Asked Questions
What are the top three players operating in the Power electronics market?

The top three market players operating in the Power electronics market are Infineon Technologies, Texas Instruments Incorporated and STMicroelectronics.

Which region is dominating the global Power electronics market?

Asia Pacific contributes to the dominant share of the global Power electronics market.

What is the current status and competitive position of the US power electronics industry?

The US power electronics industry is a significant player in the global market, with several key companies operating in the country. The industry is driven by factors such as technological advancements, government initiatives to promote clean energy, and the presence of major manufacturers and suppliers. The competitive position of the US power electronics industry is influenced by factors like market share, product portfolio, research and development capabilities, and customer base.

What are the major challenges faced by the power electronics industry?

The major challenges faced by the power electronics industry include high costs, complex design requirements, the need for skilled workforce and technical expertise, and the impact of economic fluctuations.

What are the major applications of power electronics?

The major applications of power electronics include automotive, consumer electronics, industrial, power and energy, and others.