Power Electronics Market to Reach US$69.7 Bn by 2030, EVs and Renewables Fuel Expansion | Fairfield Market Research
The Market for Power Electronics is to be Shaped by Accelerating EV Adoption, Renewables Integration, and Industrial Automation. Silicon Carbide Dominates as a Material Segment, Whereas Integrated Circuits Lead Market Share by Device Type.
London, April 08, 2024 (GLOBE NEWSWIRE) -- Global *power electronics market* is estimated to reach *US$69.7 Bn by 2030*, surging at a *CAGR of 7.3% from 2023 to 2030*. This growth is fueled by the rising demand for electric vehicles (EVs) and renewable energy integration, along with the increasing focus on sustainable practices and advanced technologies like Artificial Intelligence (AI) and Internet of Things (IoT).The company provides a brief overview of the key findings of the Fairfield Market Research report on the power electronics market. The report offers a comprehensive analysis of the market, including drivers, restraints, trends, and opportunities. It also provides insights into the market segmentation and regional outlook.
*Get Sample Copy of Report at: **https://www.fairfieldmarketresearch.com/report/power-electronics-market/request-sample*
*REPORT SCOPE*
Report Attributes Details
Base Year 2022
Forecast Year 2023 – 2030
Market Size in 2022 US$42.6 Bn
Estimated Market Size in 2030 US$69.7 Bn
CAGR 7.3%
Growth Drivers · Mounting EV Adoption
· Growing Penetration of Industrial Automation
· Expansion of Renewables
Segmentation · By Material (Silicon Carbide, Silicon/Germanium, Gallium Nitride, Sapphire, Others)
· By Device (Discrete, Module, I.C.)
· By Application (ICT, Consumer Electronics, Power, Industrial, Automotive, Aerospace & Defence, Others)
· By Voltage (Low Voltage (Below 1kV), Medium Voltage (1.1 kV to 2.0 kV), High Voltage (Above 2.0 kV))
· By End-use Sector (Commercial, Military)
Regional Coverage · North America (US, Canada)
· Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
· Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
· Latin America (Brazil, Mexico, Rest of Latin America)
· Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)
"The integration of digitalisation and IoT has the potential to revolutionise the power electronics industry by enabling real-time monitoring, predictive maintenance, and improved efficiency," concludes the analyst.
"The increasing adoption of electric vehicles and the integration of renewable energy sources are creating significant growth opportunities in the power electronics market," says a senior analyst at Fairfield Market Research. "Advancements in wide-bandgap semiconductors and the growing emphasis on sustainable solutions will further propel market growth," adding further.
The widespread adoption of electric vehicles, and the integration of renewable energy sources are expected to be the key drivers of the power electronics market. Industrial automation, and the rise of smart factories are creating a significant demand for power electronic devices for precise control and energy efficiency.
*For More Industry Insights Read: **https://www.fairfieldmarketresearch.com/report/power-electronics-market*
*Key Research Insights*
· Silicon Carbide (SiC) is the dominant material category due to its superior efficiency and power density.
· Integrated Circuits (ICs) hold the largest market share due to their compact size, versatility, and application across various sectors.
· Commercial sector registers the maximum adoption of power electronics.
*Insights into Segmentation Analysis*
*SiC Maintains Dominance in Material Category*
Silicon Carbide (SiC) is expected to maintain dominance due to its superior performance.
Gallium Nitride (GaN) is witnessing the fastest growth due to its efficiency at high frequencies.
*ICs Continue to the Prime Device Segment*
Integrated Circuits (ICs) will continue to lead the market due to their compact design and wide range of applications.
Power modules are the fastest-growing category due to their ease of integration and reliability.
*Automotive Industry Represents the Leading Application Category*
The automotive sector is the leader driven by the demand for power electronics in EVs and hybrid vehicles.
The ICT sector is experiencing the fastest growth due to the rise of 5G technology and data centers.
*Low-Voltage Category Spearheads*
Low voltage (below 1kV) systems will remain dominant due to their versatility and safety features.
The medium voltage category is witnessing the fastest growth due to its application in renewable energy and electric vehicles.
*Commercial Sector Creates Maximum Demand*
The commercial sector is the largest consumer of power electronics due to their extensive use in various applications.
The military sector is experiencing the fastest growth due to the increasing reliance on power electronics for advanced weaponry.
*Key Report Highlights*
· The market will gain from transition to wide-bandgap semiconductors like SiC and GaN for higher efficiency and power density.
· Embracing digitalisation, and IoT integration for real-time monitoring, predictive maintenance, and enhanced control will favour market expansion.
· Growing emphasis on sustainable and eco-friendly power electronic solutions is expected to shape market expansion in long term.
*Insights into Regional Analysis*
*Primacy of Asia Pacific Intact*
Asia Pacific dominates the market due to robust manufacturing, rapid industrialisation, and a booming consumer electronics sector.
Countries like China, Japan, and South Korea are key manufacturing hubs.
*Market Expansion Picks Pace in North America, and Europe*
Expected to witness significant growth due to a strong focus on technological advancements in EVs, renewables, and smart grid systems, North America will be a significant market for power electronics.
Supportive government policies and growing demand for energy-efficient devices are driving the market.
Stringent environmental regulations and rising investments in renewable energy are propelling the market forward in Europe.
Germany, France, and the UK are at the forefront of technological advancements.
*Key Market Companies*
· Infineon Technologies AG
· Mitsubishi Electric Corporation
· Toshiba Corporation
· ABB Ltd
· Schneider Electric SE
· Texas Instruments Incorporated
· NXP Semiconductors N.V.
· Robert Bosch GmbH
· STMicroelectronics International NV
· Cree, Inc. (Wolfspeed)
*Global Power Electronics Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Material Coverage, By Device Coverage, By Application Coverage, By Voltage Coverage, By End User Coverage, By Geographic Coverage and By Company): **https://www.fairfieldmarketresearch.com/report/power-electronics-market*
*About Us*
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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