Power Electronics Market Report 2024 (Global Edition)

Global Power Electronics Market Report 2024 Market Size Split by Device type (Power Discrete , Diode , Transistors , Thyristor , Power Module , Intelligent Power Module , Standard and Power Inte...

Power Electronics Market Report Description

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Competitive Landscape of the Power Electronics Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge materials, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Power Electronics Industry News 

In August 2023, the third-generation Small IPMs will be launched, Contributing to Reducing Mounted Equipment Power Consumption. They are used for applications, including inverters and servo systems. Inverters and servo systems control machine operation by controlling voltage and frequency through power semiconductor switching (turning electricity on and off), but power semiconductors generate power loss and electromagnetic noise during switching. This product can reduce both the power loss and the electromagnetic noise generated during switching. 

(Source:  https://www.fujielectric.com/about/news/detail/20230804130042321.html )

In February 2024, Introducing SoM1-SOC: The Most Powerful SoM Based on PolarFire SoC FPGA. This innovative system-on-module uses the Microchip PolarFire SoC FPGA, which combines a low-power FPGA with a 64-bit, Linux-capable RISC-V processor. This module offers a high level of security, performance, and efficiency for embedded systems development.

(Source:  https://www.microchip.com/en-us/about/media-center/blog/2024/som1-soc-the-most-powerful-som-based-on-polarfire-soc-fpga/)

Top Companies Market Share in Power Electronics Industry: (In no particular order of Rank)

• 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)
• ABB (Switzerland) Littelfuse Inc. (US)
• Analog Devices Inc. (US)
• Microchip Technology Inc. (US)
• ROHM CO. LTD. (Japan)
• Semikron (Germany)
• Transphorm Inc. (US)
• Qorvo Inc (US)
• WOLFSPEED INC. (US)
• Euclid Techlabs (US)
• Navitas Semiconductor (US)
• Efficient Power Conversion Corporation (US). 
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Power Electronics Market

Which Region will dominate the Power Electronics Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. This region's commanding position can be attributed to several factors, including robust technological infrastructure, widespread industrialization, and significant investments in renewable energy initiatives and electric vehicle adoption. Additionally, the region's strong presence in key industries such as automotive, aerospace, and telecommunications further fueled the demand for power electronics solutions for applications ranging from electric vehicle propulsion systems to grid modernization projects.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an increase in Power Management. This surge is particularly notable in response to the region's expanding manufacturing base, burgeoning electronics industry, and increasing emphasis on renewable energy integration. Additionally, the growing prevalence of electric vehicles and the development of smart grid infrastructure further contribute to the escalating demand for advanced power management solutions in the Asia Pacific region.

The current report Scope analyzes Power Electronics Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Power Electronics Market

According to Cognitive Market Research, the global Power Electronics Market size was estimated at USD 46512.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 18604.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. In North America, Power discrete components held the largest market share throughout the forecast period. These discrete components, including diodes, transistors, and thyristors, play a crucial role in various power electronics applications due to their reliability, efficiency, and versatility. Industries such as automotive, consumer electronics, and industrial automation heavily rely on power discrete components for tasks such as voltage regulation, switching, and power amplification. Additionally, the demand for power discrete components is bolstered by the increasing adoption of electric vehicles, renewable energy systems, and smart grid infrastructure globally.

• According to Cognitive Market Research, the US had a major share in the Power Electronics Market with a market size of USD 14679.25 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. This growth is attributed to various factors such as technological advancements, the increasing adoption of power electronics solutions across industries, and government initiatives aimed at promoting energy efficiency and renewable energy integration.
• The Canada Power Electronics Market had a market share of USD 2232.59 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Canada's focus on sustainability and commitment to reducing greenhouse gas emissions contribute to the demand for power electronics solutions across various sectors, including automotive, industrial, and renewable energy.
• The Mexico Power Electronics Market is projected to grow at a CAGR of 4.7% during the forecast period, reaching a market size of USD 1693.04 million in 2024.

Europe Power Electronics Market

According to Cognitive Market Research, with a market value of USD 46512.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 13953.66 million. Power discrete components held the largest market share throughout the forecast period. These discrete components, including diodes, transistors, and thyristors, play a crucial role in various power electronics applications due to their reliability, efficiency, and versatility. Industries such as automotive, consumer electronics, and industrial automation heavily rely on power discrete components for tasks such as voltage regulation, switching, and power amplification. Additionally, the demand for power discrete components is bolstered by the increasing adoption of electric vehicles, renewable energy systems, and smart grid infrastructure globally.

• The United Kingdom Power Electronics Market had a market share of USD 2344.21 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. The UK's commitment to reducing carbon emissions and transitioning towards clean energy sources is driving demand for power electronics solutions across industries such as transportation, manufacturing, and utilities.
• The France Power Electronics Market is projected to grow at a CAGR of 3.7% during the forecast period, reaching a market size of USD 1283.74 million in 2024.
• According to Cognitive Market Research, the Germany Power Electronics Market size was valued at USD 2762.82 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. This growth is driven by factors such as the country's strong emphasis on industrial automation, renewable energy integration, and electric vehicle adoption. 
• The Italy Power Electronics Market is projected to grow at a CAGR of 3.9% during the forecast period, reaching a market size of USD 1200.01 million in 2024.
• The Russia Power Electronics Market is projected to grow at a CAGR of 3.5% during the forecast period, reaching a market size of USD 2162.82 million in 2024.
• The Spanish power Electronics Market is projected to grow at a CAGR of 3.6% during the forecast period, reaching a market size of USD 1144.20 million in 2024.
• The Luxembourg Power Electronics Market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 432.56 million in 2024.
• The Portugal Power Electronics Market is projected to grow at a CAGR of 4.3% during the forecast period, reaching a market size of USD 293.03 million in 2024.
• The Greece Power Electronics Market is projected to grow at a CAGR of 4.8% during the forecast period, reaching a market size of USD 167.44 million in 2024.
• The rest of Europe's Power Electronics Market is projected to grow at a CAGR of 3.2% during the forecast period, reaching a market size of USD 2162.82 million in 2024.

Asia Pacific Power Electronics Market

According to Cognitive Market Research, the global Power Electronics Market size was estimated at USD 46512.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 10697.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031. The Asia Pacific region is experiencing growth in Power management. Power management solutions hold a prominent market share due to their critical role in optimizing energy usage and enhancing system efficiency across various industries. With the increasing demand for energy-efficient technologies and the proliferation of electronic devices, power management solutions have become indispensable in regulating voltage levels, managing power consumption, and maximizing battery life. Industries such as automotive, telecommunications, consumer electronics, and industrial automation rely heavily on power management solutions to improve performance, reduce operating costs, and meet stringent regulatory requirements.

• According to Cognitive Market Research, the China Power Electronics Market size was valued at USD 4814.01 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. The country's robust manufacturing sector, coupled with government initiatives promoting renewable energy adoption and electric vehicle production, fuels the demand for power electronics solutions.
• The Japan Power Electronics Market is projected to grow at a CAGR of 6.5% during the forecast period, reaching a market size of USD 1476.30 million in 2024.
• The India Power Electronics Market had a market share of USD 1283.74 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. This rapid growth is fueled by several factors, including India's burgeoning manufacturing sector, increasing demand for energy-efficient solutions, and government initiatives promoting renewable energy and electric vehicle adoption.
• The South Korea Power Electronics Market is projected to grow at a CAGR of 7.1% during the forecast period, reaching a market size of USD 1069.78 million in 2024.
• The Australian power Electronics Market is projected to grow at a CAGR of 7.7% during the forecast period, reaching a market size of USD 556.29 million in 2024.
• The South East Asia Power Electronics Market is projected to grow at a CAGR of 9.0% during the forecast period, reaching a market size of USD 738.15 million in 2024.
• The Rest of the Asia Pacific Power Electronics Market is projected to grow at a CAGR of 7.8% during the forecast period, reaching a market size of USD 759.54 million in 2024.

South America Power Electronics Market

According to Cognitive Market Research, the global Power Electronics Market size was estimated at USD 46512.2 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 2325.61 million in 2024. It will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. Power management in Latin America is experiencing growth due to its critical role in optimizing energy usage and enhancing system efficiency across various industries. With the increasing demand for energy-efficient technologies and the proliferation of electronic devices, power management solutions have become indispensable in regulating voltage levels, managing power consumption, and maximizing battery life. Industries such as automotive, telecommunications, consumer electronics, and industrial automation rely heavily on power management solutions to improve performance, reduce operating costs, and meet stringent regulatory requirements.

• According to Cognitive Market Research, the Brazil Power Electronics Market size was valued at USD 995.36 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Brazil focuses on modernizing its energy infrastructure and improving efficiency; the demand for power electronics solutions rises across industries such as manufacturing, automotive, and telecommunications.
• The Argentina Power Electronics Market had a market share of USD 390.70 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Argentina seeks to enhance energy efficiency and reduce reliance on fossil fuels, and the demand for power electronics solutions rises across industries such as transportation, manufacturing, and utilities.
• The Colombia Power Electronics Market is projected to grow at a CAGR of 5.2% during the forecast period, reaching a market size of USD 206.98 million in 2024.
• The Peru Power Electronics Market is projected to grow at a CAGR of 5.6% during the forecast period, reaching a market size of USD 190.70 million in 2024.
• The Chile Power Electronics Market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 167.44 million in 2024.
• The Rest of the Latin American power Electronics Market is projected to grow at a CAGR of 4.5% during the forecast period, reaching a market size of USD 374.42 million in 2024.

Middle East and Africa Power Electronics Market

According to Cognitive Market Research, the global Power Electronics Market was estimated at USD 46512.2 million, out of which the Middle East and Africa held the major market, accounting for around 2% of the global revenue. The market size of USD 930.24 million in 2024 will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. 

Information and Communication Technology (ICT) commands a prominent market share in the power electronics industry, driven by the increasing digitalization and connectivity trends across various sectors. With the proliferation of smartphones, IoT devices, and cloud computing services, the demand for efficient power management solutions within ICT infrastructure is surging. Power electronics play a vital role in ensuring reliable power supply, voltage regulation, and energy efficiency in data centers, telecommunications networks, and IT equipment.

• According to Cognitive Market Research, the GCC Countries' Power Electronics Market was valued at USD 398.14 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. The GCC's growing population, rising energy demand, and increasing investments in smart grid technologies further contribute to market growth.
• The Egypt Power Electronics Market is projected to grow at a CAGR of 6.0% during the forecast period, reaching a market size of USD 97.68 million in 2024.
• The South Africa Power Electronics Market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 146.98 million in 2024. South Africa strives to enhance energy efficiency and reduce dependence on fossil fuels, and the demand for power electronics solutions rises across industries such as manufacturing, transportation, and utilities.
• The Turkey Power Electronics Market is projected to grow at a CAGR of 5.2% during the forecast period, reaching a market size of USD 80.00 million in 2024.
• The Nigeria Power Electronics Market is projected to grow at a CAGR of 4.8% during the forecast period, reaching a market size of USD 97.68 million in 2024.
• The Rest of the MEA Power Electronics Market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 109.77 million in 2024.

Power Electronics Market Analysis

Power Electronics Device Type Segment Analysis

According to Cognitive Market Research, Power Discrete held the major market share over the forecast period. These discrete components, including diodes, transistors, and thyristors, play a crucial role in various power electronics applications due to their reliability, efficiency, and versatility. Industries such as automotive, consumer electronics, and industrial automation heavily rely on power discrete components for tasks such as voltage regulation, switching, and power amplification.

Diode is the fastest-growing category over the forecast period. This growth can be attributed to their wide-ranging applications in rectification, voltage regulation, and signal conditioning across various industries. Diodes play a critical role in converting alternating current (AC) to direct current (DC), which is essential for powering electronic devices and systems. The increasing demand for energy-efficient solutions, coupled with the expanding adoption of renewable energy sources and electric vehicles, is driving the need for high-performance diodes.

• Power Discrete 
• Diode 
• Transistors 
• Thyristor 
• Power Module 
• Intelligent Power Module 
• Standard and Power Integrated Module 
• Other Modules 
• Power IC 
• Power Management IC 
• Application Specific IC   

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Power Electronics Industry. Request a Free Sample PDF!

Power Electronics Application Segment Analysis

According to Cognitive Market Research, Power Management holds a prominent market share due to its critical role in optimizing energy usage and enhancing system efficiency across various industries. With the increasing demand for energy-efficient technologies and the proliferation of electronic devices, power management solutions have become indispensable in regulating voltage levels, managing power consumption, and maximizing battery life. Industries such as automotive, telecommunications, consumer electronics, and industrial automation rely heavily on power management solutions to improve performance, reduce operating costs, and meet stringent regulatory requirements.

UPS is the fastest-growing category over the forecast period. This acceleration is attributed to the increasing demand for reliable power backup solutions across various sectors. UPS systems offer critical protection against power interruptions, ensuring uninterrupted operation of sensitive equipment and preventing data loss or damage. With the rise of digitalization, e-commerce, and cloud computing, businesses are increasingly reliant on uninterrupted power supply to maintain operational continuity.

• Power Management 
• Drives 
• UPS 
• Rail Traction 
• Transportation 
• Renewables 
• Others   

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Power Electronics market report 2024 Edition by contacting our team.

Power Electronics Vertical Segment Analysis

According to Cognitive Market Research, ICT holds a prominent market share driven by the increasing digitalization and connectivity trends across various sectors. With the proliferation of smartphones, IoT devices, and cloud computing services, the demand for efficient power management solutions within ICT infrastructure is surging. Power electronics play a vital role in ensuring reliable power supply, voltage regulation, and energy efficiency in data centers, telecommunications networks, and IT equipment.

Consumer Electronics is the fastest-growing category over the forecast period. The increasing consumer demand for innovative and energy-efficient electronic devices such as smartphones, laptops, wearables, and home appliances propels this growth. Power electronics components play a crucial role in enhancing the efficiency, performance, and reliability of these devices, driving the adoption of advanced power management solutions

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

Power Electronics Material Segment Analysis

According to Cognitive Market Research, Silicon (SI) holds a prominent market share due to its widespread usage and established manufacturing infrastructure. As one of the most used semiconductor materials, silicon-based power electronics components such as diodes, transistors, and integrated circuits (ICs) continue to dominate various applications. Silicon offers a balance of performance, reliability, and cost-effectiveness, making it an attractive choice for both traditional and emerging power electronics applications.

Silicon Carbide (SIC) is the fastest-growing category over the forecast period. This growth is propelled by the superior performance characteristics of SiC-based semiconductor devices, including higher efficiency, faster switching speeds, and better temperature tolerance compared to traditional silicon-based components. SiC's unique properties make it particularly well-suited for high-power applications such as electric vehicles, renewable energy systems, and industrial automation.

• Silicon (SI) 
• Silicon Carbide (SIC) 
• Gallium Nitride (GAN)

Power Electronics Voltage Segment Analysis

According to Cognitive Market Research, Low Voltage holds a prominent market share. With a focus on energy efficiency, cost-effectiveness, and versatility, low-voltage solutions cater to the needs of consumer electronics, automotive systems, industrial automation, and smart home applications, among others. These systems are essential for tasks such as voltage regulation, signal conditioning, and power management in devices and equipment operating within lower voltage ranges.

Medium Voltage is the fastest-growing category over the forecast period. This growth is propelled by the increasing demand for medium voltage solutions in applications such as renewable energy integration, electric vehicle charging infrastructure, and smart grid systems. As industries and utilities transition towards more sustainable and efficient energy practices, medium voltage power electronics play a crucial role in power distribution, grid stability, and voltage conversion.

• Low Voltage 
• Medium Voltage 
• High Voltage

Power Electronics Current Level Segment Analysis

According to Cognitive Market Research, Up T25A holds a prominent market share due to its unique features, reliability, and widespread adoption across various industries. Known for its high-performance capabilities, efficiency, and durability, Up T25A has become a preferred choice for applications requiring robust power management solutions. Its versatility and compatibility with different systems make it well-suited for a range of applications, from industrial automation to renewable energy projects.

25A T40A is the fastest-growing category over the forecast period. The increasing demand for high-performance and reliable power management solutions across various industries drives this growth. The 25A T40A model offers enhanced capabilities in voltage regulation, current handling, and thermal management, making it ideal for applications requiring efficient power distribution and control.

• Up T25A 
• 25A T40A 
• Above 40A

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

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