Power Electronics Market to Generate Revenue Worth $56,269 Million by 2030

The global power electronics market is projected to generate $56,269 million revenue by 2030, advancing at a CAGR of 4.3% during 2021–2030. This can be ascribed to the widespread application of these components in different verticals, such as consumer electronics, industrial, automotive & transportation, ICT, and aerospace & defense; and the rising consumer spending. Moreover, the mounting trend of smart homes and rapid urbanization propel the market growth.

GaN-Based Power Electronics To Show Fastest Growth

Based on material, the market is categorized into silicon, silicon carbide, and gallium nitride. Among them, the gallium nitride (GaN) category will register the fastest growth in the market during the forecast period, with a CAGR of 4.7%. This can be ascribed to the high demand for these variants from numerous verticals, such as transportation, ICT, industrial, and energy and power. Moreover, the rising need for power discrete devices, such as diodes, rectifiers, and MOSFETs, where such material is typically used; and the rampant industrialization are driving revenue generation in this category.

Based on offering, the market is divided into power discrete, power modules, and power ICs. Of these, the power discrete category was the highest revenue contributor to the market in 2021, and it is further expected to maintain its position over this decade. This is because these devices are extensively used in automotive electronics systems and in industries such as aerospace & defense and healthcare & medical devices. In this regard, the rapid deployment of EVs is increasing their usage.

Based on vertical, the market is categorized into consumer electronics, industrial, automotive & transportation, ICT, aerospace & defense, and others. Among them, the consumer electronics category was the prime revenue contributor in the market in 2021, and it is further expected to maintain its dominance during the forecast period. This is due to the high consumer spending over daily-use electronic products, mounting number of local manufacturers of these devices, and rapid adoption of new technologies. Essentially, the surging usage of laptops, smartphones, TVs, and computers is the major factor contributing to the market advance.

Geographically, APAC accounted for the biggest revenue share in 2021 in the market, and it is further expected to maintain its dominance during the forecast period. This can be ascribed to the existence of a large number of market players, growing population of emerging economies, and increasing production in the growing end-use industries in the region.

Moreover, North America held a significant revenue share in 2021 in the market. This was due to the increasing need for high-performance materials for numerous applications, such as drives, UPS, and power management. Moreover, the growing automobile sector and increasing R&D to develop eco-friendly products result in the market expansion.

Some of the major players in the power electronics market are Infineon Technologies AG, ON Semiconductor, NXP Semiconductors N.V., Texas Instrumentation Inc., Toshiba Corporation, and ABB Ltd.