Global Power Electronics Market Size To Grow USD 47.37 Billion by 2032 | CAGR of 4.8%

Global Power Electronics Market worth $47.37 billion by 2032

According to a research report published by Spherical Insights & Consulting, The Global Power Electronics Market size is to grow from USD 29.64 billion in 2022 to USD 47.37 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.

Browse key industry insights spread across 212 pages with 126 Market data tables and figures & charts from the report on "Global Power Electronics Market Size, Share, and COVID-19 Impact Analysis, By Offering (Power Discrete, Power Module, and Power IC), By Material (Silicon, Silicon Carbide, and Gallium Nitride), By Voltage (Low Voltage, Medium Voltage, and High Voltage), By Vertical (Consumer Electronics, Industrial, Automotive & Transportation, ICT, Aerospace & Defense, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/power-electronics-market

Power electronics is a field of study and technology that deals with the conversion, control, and management of electrical power. It involves the design and application of electronic devices and systems for efficient and precise control of electrical energy. Power electronics plays a crucial role in various applications such as renewable energy systems, electric vehicles, industrial motor drives, and consumer electronics. Key components include power semiconductor devices like transistors and diodes, along with converters, inverters, and control circuits. By efficiently manipulating power flow and voltage levels, power electronics enables energy conversion, regulation, and optimization, thereby enhancing the overall efficiency and performance of electrical systems.

The gallium nitride segment is expected to grow at a CAGR of around 5.0% during the forecast period

Based on material type, the global power electronics market is segmented into silicon, silicon carbide, and gallium nitride. The gallium nitride (GaN) segment is anticipated to experience significant growth during the forecast period. GaN is a wide-bandgap semiconductor material that offers superior performance compared to traditional silicon-based power electronics. Its high breakdown voltage, low resistance, and fast switching capabilities make it ideal for various applications, including power supplies, RF amplifiers, and electric vehicles. The increasing demand for high-power density, energy-efficient solutions is driving the adoption of GaN-based power electronics. As a result, the GaN segment is expected to witness substantial growth as industries seek advanced semiconductor materials for improved power conversion and management.

The industrial segment held the largest market share with more than 24.7% market share

Based on industry vertical, the global power electronics market is segmented into consumer electronics, industrial, automotive & transportation, ICT, aerospace & defense, and others. The industrial segment held the largest market share in 2022, due to the widespread use of power electronics devices and systems in industrial applications such as motor drives, power supplies, robotics, and process control. The industrial sector demands reliable and efficient power electronics solutions to enhance productivity, reduce energy consumption, and optimize manufacturing processes. With the continuous growth of industrial automation and the need for energy-efficient solutions, the industrial segment remains a significant driver of the power electronics market.

Asia-Pacific is predicted to grow at a significant CAGR during the forecasted period

Based on region, Asia-Pacific is predicted to be a significant growth region for the power electronics market due to several factors. The region has a large and rapidly growing population, with increasing urbanization and industrialization driving the demand for energy-efficient systems and infrastructure. Furthermore, the region is home to several emerging economies that are investing heavily in renewable energy and electric transportation, creating opportunities for the power electronics market. Additionally, the presence of several key players in the power electronics industry in the region is contributing to the growth, with increasing research and development activities and partnerships driving innovation and market expansion.

Some of the major players in the global power electronics market include Infineon Technologies, ON Semiconductor, STMicroelectronics, Mitsubishi Electric, Vishay Intertechnology, Fuji Electric, NXP Semiconductors, Renesas Electronics, Texas Instruments, Toshiba, ABB Ltd., GaN Systems, Littelfuse, Maxim Integrated, Microchip, Rohm, Semikron, Transphorm, UnitedSiC, Wolfspeed, A Cree Company, Euclid Techlabs, GeneSiC, EPC, Analog Devices, and Hitachi.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global power electronics market based on the below-mentioned segments:

Power Electronics Market, By Offering

• Power Discrete
• Power Module
• Power IC

Power Electronics Market, By Material

• Silicon
• Silicon Carbide
• Gallium Nitride

Power Electronics Market, By Voltage

• Low Voltage
• Medium Voltage
• High Voltage

Power Electronics Market, By Vertical

• Consumer Electronics
• Industrial
• Automotive & Transportation
• ICT
• Aerospace & Defense
• Others

Power Electronics Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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