Power Electronics Market

Power Electronics Companies - Infineon Technologies AG (Germany) and ON Semiconductor (US) are the Key Players

The Power Electronics Market is projected to reach 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. The primary market drivers for power electronics are projected to be the expanded implementation of renewable energy sources, the swift advancement of electric vehicles (EVs), and the rising utilization of power electronics in consumer devices. Additionally, the increased production of wide bandgap semiconductors is expected to offer huge opportunities for the growth of the market.

Major 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),
  • 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), 
  • Euclid Techlabs (US), 
  • Navitas Semiconductor (US),  
  • Efficient Power Conversion Corporation (US). 

Product launches and developments have been the most dominating strategy adopted by the key players from 2020 to 2023 to help them broaden their customer base.  

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

Infineon Technologies AG

Infineon Technologies AG, is a key player in the semiconductor solutions market. The company is dedicated to providing intelligent and efficient solutions for energy generation, transmission, and consumption to foster sustainability in the energy market. Operating through four major segments—Automotive, Industrial Power Control, Power & Sensor Systems, and Connected Secure Systems—Infineon offers a range of power electronics products crucial for enhancing energy efficiency across the entire energy conversion chain. The company’s diverse product offerings include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors. Infineon’s extensive portfolio covers various power electronics products such as MOSFETs, IGBTs, linear voltage regulators, DC-DC converters, diodes and thyristors, and intelligent power modules. These products find applications in switched-mode power supplies (SMPS), computing, motor control and drives, consumer electronics, mobile devices, lighting solutions, and automobiles. Infineon employs both Silicon and Gallium-based products to optimize the performance and efficiency of power electronics. The company caters to the automotive, industrial, communications, consumer, and security electronics sectors. Overall, Infineon Technologies AG plays a significant role in advancing the capabilities of power electronics across diverse industries.

ON Semiconductor

ON Semiconductor is a prominent player in the power electronics market, providing a comprehensive range of energy-efficient devices for power and signal management, logic, standard, and customized applications. The company operates through three major business segments: Power Solutions Group (PSG), Advanced Solutions Group (ASG), and Intelligent Sensing Group (ISG). As a leading semiconductor solutions provider, ON Semiconductor offers a broad portfolio encompassing energy-efficient power management, analog, sensors, logic, timing, connectivity, discrete, SOC (System on Chip), and custom devices. Within the Power Solutions Group (PSG), the company provides a diverse array of discrete, module, and integrated semiconductor products with functionalities spanning power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference.

The Advanced Solutions Group (ASG) specializes in designing and developing analog, mixed-signal, and advanced logic application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs). Additionally, ASG focuses on delivering power solutions across various end-user markets such as automotive, consumer electronics, computing, industrial, communications, medical, and aerospace & defense.


STMicroelectronics stands as a leading provider of semiconductor solutions, operating across three key segments. The first segment, Automotive and Discrete Group, encompasses Automotive ICs, Discrete, and Power Transistor products. The second segment, Analog, and Sensor Group, includes a diverse range of products such as low-power, high-end analog ICs, smart power products, power conversion products, MEMS products, and imaging products. The third segment, Microcontroller and Digital ICs Group, features microcontrollers, memories, and ASICs. STMicroelectronics engages in the design, development, manufacturing, and marketing of a broad spectrum of products, spanning discrete and general-purpose components, ASICs, full-custom and semi-custom devices, and application-specific standard products (ASSPs) for analog, digital, and mixed-signal applications. The company’s power electronics product portfolio encompasses various offerings like power modules, IGBTs, power MOSFETs, wide bandgap transistors, power management devices, silicon carbide diodes, automotive-grade diodes, Schottky barrier diodes, and field-effect rectifiers. The core product offerings from STMicroelectronics address the demands of sectors such as automotive, industrial, and consumer electronics. The company's diverse range of semiconductor solutions positions it as a key player in the power electronics market, serving a wide array of applications and industries.

Mitsubishi Electric Corporation

Mitsubishi Electric Corporation is a global leader in the production, promotion, and distribution of various electric and electronic equipment. The company’s operations are organized into six major segments: Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices, Home Appliances, and Others. Within the Electronic Devices segment, Mitsubishi Electric provides a diverse array of power electronics products, including power modules, high-power devices, high-frequency devices, LCD modules, and driver ICs. Notably, the company has recently developed a surface-mount package IPM and MISOP, equipped with the latest generation silicon chip, designed to reduce energy loss and facilitate downsizing in inverter systems. Moreover, under the Electronic Devices segment, Mitsubishi Electric offers optical and high-frequency devices featuring ultra-wideband digitally controlled amplifiers designed for 5G mobile communication system base stations. The company’s power electronics offerings span various applications, including motion control, home appliances, renewable energy, power transmission, power supply, and automotive, among others. Mitsubishi Electric’s commitment to innovation and diverse product portfolio solidifies its position as a key player in the power electronics market.

Vishay Intertechnology, Inc.

Vishay Intertechnology Inc. is a prominent global manufacturer and supplier of semiconductors and passive components, operating through six major business segments categorized by product functionality: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. The company’s power electronics products fall under the Metal Oxide Semiconductor Field-Effect Transistors (MOSFETs), Diodes, and Optoelectronic Components segments. These semiconductor products play crucial roles in various functions such as switching, amplifying, rectifying, routing, and transmitting electrical signals, as well as power conversion and management. Vishay’s semiconductor components find applications in a diverse array of functions, including power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation. The discrete semiconductors and passive components manufactured by Vishay are integral to a wide range of electronic products across numerous sectors, including industrial, computing, automotive, consumer electronics, telecommunications, power supplies, aerospace and defense, and medical applications.

Related Reports:

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

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Power Electronics Market Size,  Share & Growth Report
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SE 2434
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