Power Electronics Market

Power Electronics Market by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Voltage (Low, Medium, High), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace) and Geography - Global Forecast to 2028

Report Code: SE 2434 Nov, 2023, by marketsandmarkets.com

[240 Pages Report] The power electronics market is projected to grow from USD 46.2 billion in 2023 to USD 61.0 billion by 2028; it is expected to grow at a CAGR of 5.7% from 2023 to 2028. Power electronics involves using solid-state electronics to efficiently convert and control electric power from one form to another. These devices play a crucial role across diverse applications in sectors such as automotive and transportation, industrial, renewable energy, consumer electronics, and defense and aerospace.

Power Electronics Market

Power Electronics Market

Power Electronics Market Forecast to 2028

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Power Electronics Market Dynamics

Driver: Huge demand for power electronics in consumer, enterprises, and automotive vertical

The increasing emphasis on energy efficiency, technological advancements, the rise of smart systems, and the expanding use of electric vehicles (EVs) and portable devices are propelling a growing consumer demand for power electronics. This trend is expected to persist as consumers pursue more effective, interconnected, and eco-friendly solutions. Consumers are increasingly conscious of their energy consumption and its environmental impact. Various consumer devices, such as household appliances, HVAC systems, lighting, and consumer electronics, derive substantial benefits from the capacity of power electronics to enhance energy efficiency. This technology not only diminishes energy wastage but also enables reductions in electricity costs through efficient power conversion and control mechanisms.

Restraint: Complex design and integration process

The power electronics industry is witnessing a trend where key players are concentrating on consolidating various functions into a single chip, leading to complex designs. This complexity in design necessitates specific skill sets, a robust methodology, and a specialized toolset, consequently elevating the overall cost of the devices. As a result, the high cost is anticipated to impede the transition towards advanced technological devices. In parallel, advancing technologies are driving demand for the integration of more functionalities into System-on-Chips (SoCs), aiming to make devices smaller and more efficient. There is a notable emphasis on reducing power consumption in SoCs across various devices such as CPUs, GPUs, wearables, and mobile devices. Nevertheless, the intricate task of integrating multiple Integrated Circuits (ICs) into a single device, attributed to varying functionalities, operating modes, and voltages, is expected to hinder the growth of the power electronics market in the forecast period.

Opportunity: Growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production

SiC devices have gained attraction due to their distinct advantages over silicon-based devices. These devices operate at considerably higher speeds compared to silicon and possess additional properties and sensing capabilities, catering to the requirements of emerging technologies that demand ultra-high performance. Collaboration among various governments, private organizations, and research institutes is key in advancing SiC technology. Notably, the Solar Energy Technologies Office (SETO) is actively involved in supporting research and development (R&D) projects aimed at enhancing the understanding and utilization of SiC.

Challenge: Material defects and designing and packaging issues in SiC power devices

Increasing demand for compact and portable devices creates significant opportunities; however, a major issue faced by manufacturers is to meet the ever-changing needs of consumers for more compact devices. To cater to the demand for compact, portable, and multifunctional devices, components and systems need to be miniaturized to lower production costs. SiC materials contain micro-sized holes termed micropipes within their crystals. During the production of larger wafers for SiC devices, several defects, including dislocations, prototype inclusions, and stacking faults, may arise. These defects are a result of an imbalance in silicon and carbon precursors and local instability in pressure or temperature, significantly impacting the efficiency and electrical characteristics of the devices.

Power Electronics Market Ecosystem

The prominent players in the power electronics market are Infineon Technologies AG (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric Corporation (Japan), Vishay Intertechnology, Inc. (US). These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks.

Power Electronics Market by Ecosystem

Power IC segment to account for the largest share of the power electronics market in 2022

Low-power integrated circuits (ICs) provide a combination of high efficiency and a compact form factor, making them well-suited for compact applications like wearables, sensors, IoT devices, and various portable devices, including mobile phones and other handheld electronics. Power ICs play a crucial role in tasks such as DC-to-DC conversion, battery charging, and voltage scaling, offering versatile applications across diverse industries. As a result, the power ICs market is anticipated to maintain the largest share throughout the forecast period.

Silicon-based power electronics to dominate power electronics market during the forecast period

Silicon-based power electronics have widespread applications spanning diverse industries and devices. Their versatility allows for customization to perform various functions such as rectification, amplification, and switching in a broad range of electronic systems. The ease of integrating silicon-based devices into existing electronic systems is a valuable feature for manufacturers seeking to incorporate power electronics into a diverse array of products and applications.

Consumer electronics vertical to register the highest share for power electronics market in 2022

The consumer electronics segment is composed to command the largest market share throughout the forecast period. The increasing utilization of consumer electronic devices, particularly smartphones, tablets, and smart wearables, especially in developing nations, is expected to be a significant factor propelling the power electronics market. Additionally, the growing integration of power electronics in household appliances is anticipated to make a substantial contribution to the market size of the consumer electronics segment.

The Asia Pacific region is projected to grow at the highest CAGR during the forecast period.

The Asia Pacific region is projected to take the lead in the power electronics market, exhibiting the highest CAGR throughout the forecast period. The market's expansion in Asia Pacific can be attributed to the substantial presence of consumer electronics, Information and Communication Technology (ICT), industrial, and automotive sectors in countries like China, Japan, and South Korea. The growing demand for power generation and governmental initiatives in various Asia Pacific nations to encourage renewable energy infrastructure development play a important role in fueling the overall market. The increasing population in developing countries, particularly China and India, leading to a surge in the deployment of communication infrastructure, is anticipated to further stimulate market growth for power electronics in the region. The Asia Pacific market benefits from the presence of well-established power electronics players like Renesas Electronics Corporation, Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., and TOSHIBA CORPORATION, contributing significantly to regional market expansion. Additionally, the emergence of Chinese players such as BYO, Huawei, CRRC, and Sungrow is reinforcing China's domestic market for power electronics. These factors collectively are driven to fuel the growth of the power electronics market in the Asia Pacific region.

Power Electronics Market by Region

Power Electronics Market by Region

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Key Market 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). These companies have used organic and inorganic growth strategies, such as product launches, acquisitions, and partnerships, to strengthen their position in the market.

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Scope of the Report

Report Metric


Market Size Availability for Years


Base Year


Forecast Period


Forecast Units

Value (USD)

Segments Covered

By Device Type, By Material, By Voltage, By Current Level, By Wafer Size, By Application, By Vertical

Geographies Covered

North America, Europe, Asia Pacific, and RoW

Companies Covered

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)

Power Electronics Market Highlights

This research report categorizes the Power Electronics Market based on device type, material, voltage, current level, wafer size, application, vertical, and region.



By Device Type

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

By Material

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

By Voltage

  • Introduction
  • Low Voltage
  • Medium Voltage
  • High Voltage

By Current Level

  • Introduction
  • Up To 25A
  • 25A To 40A
  • Above 40A

By Wafer Size

  • Introduction
  • 200 mm and Less Than 200 mm
  • Above 200 mm

By Application

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

By Vertical

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

By Region

  • Introduction
  • North America
    • Impact of Recession
    • US
    • Canada
    • Mexico
  • Europe
    • Impact of Recession
    • UK
    • Germany
    • France
    • Italy
    • Rest of the Europe
  • Asia Pacific
    • Impact of Recession
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • ROW
    • Impact of Recession
    • Middle East & Africa
      • GCC
      • Rest of MEA
    • South America

Recent Developments

  • In September 2023, STMicroelectronics introduced a new category of IGBTs featuring an enhanced breakdown-voltage capacity of 1350V and a maximum operating temperature of 175°C. These elevated specifications guarantee amplified design margins, resilient performance, and prolonged reliability across all operational scenarios.
  • In July 2023, Infineon Technologies AG expands its range of PQFN 2x2 mm² products, introducing top-tier OptiMOS power MOSFETs. Compact discrete power MOSFETs are essential for conserving space, reducing costs, and facilitating the design of user-friendly applications.
  • In June 2023, Mitsubishi Electric Corporation has introduced an innovative structure for a silicon carbide metal-oxide-semiconductor field-effect transistor (SiC-MOSFET) incorporating a Schottky barrier diode (SBD).
  • In March 2023, ON Semiconductor has introduced a novel series of highly efficient 1200 V insulated-gate bipolar transistors (IGBTs) designed to reduce conduction and switching losses, setting a new standard in performance within the industry.
  • In November 2022, Vishay Intertechnology, Inc. has presented seven new power modules, encompassing MOSFETs and diodes, built for on-board charger applications.

Frequently Asked Questions (FAQs):

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1 Introduction 
    1.1. Study Objectives  
    1.2. Market Definition and Scope 
    1.2.1. Inclusions and Exclusions 
    1.3. Study Scope 
           1.3.1. Markets Covered 
           1.3.2. Geographic Segmentation 
           1.3.3. Years Considered for the Study
    1.4. Currency 
    1.5. Limitations 
    1.6. Stakeholders 
    1.7. Summary of Changes 
    1.8. Recession Impact on Power Electronics Market 
2 Research Methodology 
    2.1. Research Data 
           2.1.1. Secondary Data
           Major Secondary Sources
           Key Data from Secondary Sources
           2.1.2. Primary Data
           Primary Interviews with Experts
           Key Data from Primary Sources
           Key Industry Insights
           Breakdown of Primaries
    2.2. Market Size Estimation 
           2.2.1. Bottom-Up Approach 
           Approach for Capturing Market Share by Bottom-Up Analysis (Demand Side)
           2.2.2.  Top-Down Approach
           Approach for Capturing Market Share by Top-Down Analysis (Supply Side)
    2.3. Market Breakdown and Data Triangulation 
    2.4. Research Assumptions 
    2.5. Risk Assessment 
    2.6. Research Limitations 
    2.7. Recession Assumptions 
3 Executive Summary 
4 Premium Insights 
5 Market Overview 
    5.1. Introduction 
    5.2. Market Dynamics 
           5.2.1. Drivers
           5.2.2. Restraints
           5.2.3. Opportunities
           5.2.4. Challenges
    5.3. Trends/Disruptions Impacting Customer’s Business 
    5.4. Pricing Analysis 
           5.4.1. Average Selling Price Trends of Key Players, By Device Type
           5.4.2. Average Selling Price Trend, By Region
    5.5. Key Conferences and Events (2023-2024) 
    5.6. Value Chain Analysis 
    5.7. Ecosystem Analysis 
    5.8. Technology Analysis 
    5.9. Patent Analysis 
    5.10. Case Study Analysis 
    5.11. Trade Analysis 
    5.12. Tariff and Regulatory Landscape 
           5.12.1. Regulatory Bodies, Government Agencies, and Other Organizations
    5.13. Porters Five Force Analysis 
           5.13.1. Threat from New Entrants
           5.13.2. Threat of Substitutes
           5.13.3. Bargaining Power of Suppliers
           5.13.4. Bargaining Power of Buyers
           5.13.5. Intensity of Competitive Rivalry
    5.14. Key Stakeholders and Buying Criteria 
           5.14.1. Key Stakeholders in Buying Process
           5.14.2. Buying Criteria
6 Power Electronics Market, By Device Type 
    6.1. Introduction 
    6.2. Power Discrete 
           6.2.1. Diode
           6.2.2. Transistors
           6.2.3. Thyristor
    6.3. Power Module 
           6.3.1. Intelligent Power Module
           6.3.2. Standard and Power Integrated Module
           MOSFET Module
           IGBT Module
           6.3.3. Other Modules
    6.4. Power IC 
           6.4.1. Power Management IC
           6.4.2. Application Specific IC
7 Power Electronics Market, By Material 
    7.1. Introduction 
    7.2. Silicon (SI) 
    7.3. Silicon Carbide (SIC) 
    7.4. Gallium Nitride (GAN) 
8 Power Electronics Market, By Voltage 
    8.1. Introduction 
    8.2. Low Voltage 
    8.3. Medium Voltage 
    8.4. High Voltage 
9 Power Electronics Market, By Wafer Size 
    9.1. Introduction 
    9.2. 200 mm and Less Than 200 mm 
    9.3. Above 200 mm 
10 Power Electronics Market, By Current Level 
     10.1. Introduction 
     10.2. Up To 25A 
     10.3. 25A To 40A 
     10.4. Above 40 
11 Power Electronics Market, By Application 
     11.1. Introduction 
     11.2. Power Management 
     11.3. Drives 
     11.4. UPS 
     11.5. Rail Traction 
     11.6. Transportation 
     11.7. Renewables 
     11.8. Others 
12 Power Electronics Market, By Vertical 
     12.1. Introduction 
     12.2. ICT 
     12.3. Consumer Electronics 
     12.4. Industrial 
     12.5. Automotive & Transportation 
     12.6. Aerospace & Defense 
     12.7. Others 
13 Power Electronics Market, By Region 
     13.1. Introduction 
     13.2. North America 
             13.2.1. Impact of Recession
             13.2.2. US
             13.2.3. Canada
             13.2.4. Mexico
     13.3. Europe 
             13.3.1. Impact of Recession
             13.3.2. UK
             13.3.3. Germany
             13.3.4. France
             13.3.5. Italy
             13.3.6. Rest of the Europe
     13.4. Asia Pacific 
             13.4.1. Impact of Recession
             13.4.2. China
             13.4.3. Japan
             13.4.4. India
             13.4.5. South Korea
             13.4.6. Rest of Asia Pacific
     13.5. Rest of World (RoW) 
             13.5.1. Impact of Recession
             13.5.2. Middle East & Africa (MEA)
              Rest of MEA
             13.5.3. South America
14 Competitive Landscape  
     14.1. Key Player Strategies/Right to Win 
     14.2. Revenue Analysis 
     14.3. Market Share Analysis 
     14.4. Company Evaluation Matrix 
             14.4.1. Stars
             14.4.2. Emerging Leaders
             14.4.3. Pervasive Players
             14.4.4. Participants
             14.4.5. Company Footprint
     14.5. Startups/SME Evaluation Matrix 
             14.5.1. Progressive Companies
             14.5.2. Responsive Companies
             14.5.3. Dynamic Companies
             14.5.4. Starting Blocks
             14.5.5. Competitive Benchmarking of Key Startups/SMEs
     14.6. Competitive Situation and Trends 
15 Company Profiles 
     15.1. Introduction 
     15.2. Key Players 
             15.2.1. Infineon Technologies
             15.2.2. ON Semiconductor
             15.2.3. STMicroelectronics
             15.2.4. Mitsubishi Electric
             15.2.5. Fuji Electric
             15.2.6. Vishay Intertechnology
             15.2.7. Toshiba Group
             15.2.8. NXP Semiconductors
             15.2.9. Renesas Electronics
             15.2.10. Texas Instruments
     15.3. Other Key Players 
             15.3.1. ABB
             15.3.2. GaN Systems
             15.3.3. Littelfuse
             15.3.4. Maxim Integrated
             15.3.5. Microchip
             15.3.6. ROHM
             15.3.7. SEMIKRON
             15.3.8. Transphorm
             15.3.9. UnitedSiC
             15.3.10. Wolfspeed
             15.3.11. Euclid TechLabs
             15.3.12. GeneSiC
             15.3.13. EPC
             15.3.14. Hitachi
             15.3.15. Analog Devices
16 Appendix 
     16.1. Discussion Guide 
     16.2. Knowledge Store: MarketsandMarkets’ Subscription Portal 
     16.3. Available Customization 
     16.4. Related Reports 
     16.5. Author Details 

The study involved four major activities in estimating the size of the power electronics market. Exhaustive secondary research has been conducted to collect information on the market, the peer markets, and the parent market. Both top-down and bottom-up approaches have been employed to estimate the total market size. Market breakdown and data triangulation methods have also been used to estimate the market for segments and subsegments.

Secondary Research

Revenues of companies offering power electronics have been obtained from the secondary data available through paid and unpaid sources. The revenues have also been derived by analyzing the product portfolio of key companies, and these companies have been rated according to the performance and quality of their products.

Various secondary sources have been referred to in the secondary research process for identifying and collecting information important for this study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; IoT technologies journals and certified publications; articles by recognized authors; gold-standard and silver-standard websites; directories; and databases.

Secondary research has been conducted mainly to obtain critical information about the market’s value chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, geographic markets, and key developments from both demand- and technology-oriented perspectives. Secondary data has been collected and analyzed to determine the overall market size, further validated by primary research.

Primary Research

Extensive primary research has been conducted after understanding and analyzing the current scenario of the power electronics market through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand and supply sides across 4 major regions: North America, Europe, Asia Pacific, and RoW. Approximately 25% of the primary interviews have been conducted with the demand side, while 75% have been conducted with the supply side. Primary data has been collected mainly through telephonic interviews, which consist of 80% of the total primary interviews. questionnaires and e-mails have also been used to collect data.

After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primary. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. The breakdown of primary respondents is as follows:

Power Electronics Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up procedure has been employed to arrive at the overall size of the power electronics market.

  • Identifying the entities in the power electronics market influencing the entire market along with related component players
  • Analyzing major manufacturers of power electronics, studying their portfolios, and understanding different types of products based on their features and functions
  • Analyzing trends pertaining to the usage of power electronics offerings
  • Tracking the ongoing and upcoming developments in the market, such as investments made, R&D activities, product launches, collaborations, and partnerships, and forecasting the market size based on these developments and other critical parameters
  • Carrying out multiple discussions with key opinion leaders to understand the different types of power electronics, applications, and recent trends in the market, thereby analyzing the breakup of the scope of work carried out by major manufacturing companies
  • Arriving at the market estimates by analyzing segmental revenues of these companies generated by power electronics offerings, and then combining the same to get the market estimate by different segments
  • Verifying and cross-checking the estimate at every level by discussing with key opinion leaders, such as Chief Experience Officers (CXOs), directors, and operations managers, and finally with the domain experts at MarketsandMarkets
  • Studying various paid and unpaid sources of information, such as annual reports, press releases, white papers, Factiva, and databases

Power Electronics Market Size, and Bottom-up Approach

The top-down approach has been used to estimate and validate the total size of the power electronics market.

  • Focusing initially on the investments and expenditures being made in the ecosystems of various applications
  • Calculating the market size considering revenues generated by major players through the cost of the power electronics.
  • Segmenting each application of power electronics in each region and deriving the global market size based on region.
  • Acquiring and analyzing information related to revenues generated by players through their key offerings.
  • Conducting multiple on-field discussions with key opinion leaders involved in the development of various power electronics offerings.
  • Estimating the geographic split using secondary sources based on various factors, such as the number of players in a specific country and region and the types of power electronics used in consumer electronics, industrial, automotive and transportation, aerospace & defense.

Power Electronics Market Size, and Top-Down Approach

Data Triangulation

After arriving at the overall size of the power electronics market through the process explained, the total market has been split into several segments and subsegments. Market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from the demand and supply sides. The market has also been validated using the top-down and bottom-up approaches.

Market Definition

Power electronics is the application of solid-state electronics, in which electric power is converted from one form to another and controlled effectively and efficiently. This conversion is performed using semiconductor devices such as diodes, thyristors, MOSFETs, and IGBTs. Currently, most electrical and electromechanical devices are integrated with power circuits wherein such semiconductor devices are utilized. Power electronics has a wide range of applications in the automotive and transportation, industrial, renewable energy, and consumer electronics sectors.

Key Stakeholders

  • Raw material and wafer suppliers
  • Component and device players
  • System integrators
  • Original equipment manufacturers (OEMs)
  • Integrated device manufacturers (IDMs)
  • Original design manufacturers (ODMs)
  • Assembling, testing, and packaging vendors
  • Technology, service, and solution providers
  • Suppliers and distributors
  • Government and other regulatory bodies
  • Research institutes and organizations
  • Market research and consulting firms

Report Objectives

  • To describe and forecast the power electronics market, in terms of value, based on device type, material, voltage, and vertical.
  • To describe and forecast the market size for the device type of power electronics market, in terms of value and volume
  • To provide a qualitative overview of power electronics based on wafer size, current level, and application
  • To describe and forecast the market size, in terms of value, with respect to four major regions: North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
  • To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the market’s growth
  • To provide a detailed overview of the value chain of the power electronics ecosystem
  • To strategically analyze the ecosystem, Porter’s five forces, technology analysis, tariffs and regulations, patent analysis, trade analysis, key conferences and events, and case studies pertaining to the market under study
  • To analyze the manufacturers of power electronics, their strategies, and new production plans to analyze the power electronics ecosystem/supply chain, which consists of suppliers of materials and components and product manufacturers
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the market for various stakeholders by identifying high-growth segments of the market
  • To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape of the market
  • To analyze competitive developments, such as acquisitions, product launches and developments, expansions, and partnerships in the market

Available customizations:

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  • Detailed analysis and profiling of additional market players based on various blocks of the supply chain
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