The Power Electronics Market is expected to rise at a robust Compound Annual expansion Rate (CAGR) of 5.7% over the forecast period, from its valuation of USD 46.2 billion in 2023 to USD 61.0 billion by 2028.

The market has experienced substantial expansion. This data is taken from an extensive MarketsandMarketsTM analysis. The consistent growth of the market is a sign of the growing significance and integration of power electronics in many sectors. Power electronics, an essential part of electronic systems, are responsible for power conversion, control, and management, which supports the market's steady expansion. The anticipated compound annual growth rate (CAGR) highlights the continuous need for effective power management solutions, propelling progress in the worldwide power electronics market.

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In order to achieve increased energy efficiency, power electronics are essential in changing electrical energy patterns, especially as we move towards renewable energy sources. Moreover, power electronics are about to become much more important in the world of electric vehicles, where they will likely play a more prominent role in energy management. Processing and managing the flow of electrical energy is the main responsibility of vehicle power electronics, particularly in the case of hybrid and plug-in electric vehicles. This highlights the vital role power electronics play in driving forward the development of electric mobility and the sustainability of energy sources, underscoring their pivotal role in the revolutionary changes occurring in the transportation and energy sectors.

By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period.

In the field of power electronics, power modules are becoming more and more popular because of their integrated design, small form factor, easy installation procedures, enhanced reliability, improved power density, enhanced cost-effectiveness, and wide range of application possibilities. This trend is especially beneficial in situations when weight and size restrictions are significant. Power modules are a great help to industries like consumer electronics, industrial automation, and electric vehicles since they overcome the limitations caused by weight and size concerns. Power modules are a favoured option in a variety of applications requiring small, potent solutions because of their integrated and efficient design, which enhances performance and versatility.

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By Material: Silicon-based devices to account for the largest market share during the forecast period.

With the biggest market share, silicon controls the production landscape of power electronics. Silicon is widely used and widely used as a semiconductor material, particularly in the manufacturing of power electronic devices designed for low- and medium-voltage applications. Silicon is the preferred material for power semiconductor devices, encompassing discrete components, modules, and integrated circuits (ICs). These silicon-based devices are essential for power amplification, power rectification, and power factor correction. Interestingly, silicon is widely used in the production of transistors and diodes intended for high-frequency switching applications. This highlights the widespread impact of silicon in the field of power electronics, demonstrating its adaptable and crucial function in facilitating a range of functions throughout the sector.

By Vertical: The consumer electronics is projected to register a larger market share during the forecast period.

Consumer electronics is a key player in the power electronics sector because almost all electronic devices need an AC/DC power source and effective power management to operate at their best. Power electrical components are essential to many different types of consumer electronics, from entertainment systems like televisions and game consoles to home appliances like refrigerators, air conditioners, and washing machines. Furthermore, power electronics are essential to the ever-expanding world of smart devices, which includes wearables, smartphones, tablets, Internet of Things (IoT) devices, linked appliances, routers, modems, adapters/chargers, consumer drones, and other battery-powered personal gadgets.

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By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.

The power electronics industry is expanding at the quickest rate in the Asia Pacific region thanks to significant expenditures in consumer electronics, infrastructure, and smart grid projects. Leading companies in this sector, with headquarters in Japan, such Mitsubishi Electric Corporation and Fuji Electric Co., Ltd., are essential to the growth of technology. The swift uptake of electric vehicles in prominent markets such as China and Japan is a major factor driving the market's quick expansion. Due to significant expenditures in the creation and production of power electronic wafers, China, in particular, is seeing heightened market growth. This is indicative of a calculated strategy to lessen reliance on foreign producers.

Key Players

The major players in the power electronics companies include Infineon Technologies AG (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric Corporation (Japan), Vishay Intertechnology, Inc. (US), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), Texas Instruments Incorporated (US), TOSHIBA CORPORATION (Japan).

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