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Power Electronics Market to Reach USD 67.7 Billion by 2031 Driven by Booming Electric Vehicle and Renewable Energy Sectors


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The global Power Electronics Market Growth is driven by the Increasing demand for electric vehicles and the increasing integration of renewable energy sources into the power grid. SNS Insider’s latest report forecasts the market to reach USD 67.7 billion by 2031, expanding at a healthy CAGR of 6.1% over the forecast period of 2024-2031.

Challenges and Opportunities in Power Electronics

The power electronics industry is witnessing a trend towards miniaturization and integration of functionalities into a single chip. While this enhances efficiency and performance, it also leads to complex designs requiring specialized skillsets and tools. This complexity translates to higher development costs, potentially hindering the adoption of advanced power electronics devices. The advancements in technology are paving the way for integrating more functionalities into System-on-Chips (SoCs), resulting in smaller and more efficient devices. The report also emphasizes the growing need for reduced power consumption in SoCs across various devices. Power electronics encompass a wide range of devices such as Metal-Oxide-Semiconductor Field-Effect Transistors (MOSFETs), Insulated-Gate Bipolar Transistors (IGBTs), diodes, and thyristors. These devices are manufactured using various materials such as silicon, silicon carbide, and gallium nitride, each offering distinct advantages and applications. The report explores the different types of power electronic conversion systems and their applications across diverse sectors such as aerospace, automotive, consumer electronics, and healthcare.

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Top Companies Featured in Power Electronics Market Report:

– STMicroelectronics (Switzerland)
– Infineon Technologies AG (Germany)
– Vishay Intertechnology Inc. (US)
– ON Semiconductor (US)
– Renesas Electronics Corporation
– Texas Instruments Incorporated (US)
– Mitsubishi Electric Corporation (Japan)
– Fuji Electric Co. Ltd. (Japan)
– NXP Semiconductors (Netherlands)

Electric Vehicles and Renewables Drive Market Expansion

The electrification of transportation and the growing focus on clean energy are Drive the demand for power electronics. These devices play a Important role in efficiently converting and controlling electric power, making them essential components in electric vehicles (EVs), solar and wind power systems, and smart grids. As the adoption of EVs and renewable energy accelerates, the demand for power electronics is expected to surge in tandem.

Power Electronics Industry Segmentation as Follows:

By Vertical, The consumer electronics segment is expected to dominate the market throughout the forecast period. The rising demand for smartphones, tablets, and smart wearables, particularly in developing economies, is Drive this segment’s growth. The integration of power electronics into home appliances is projected to significantly impact the market size.

By Material, Silicon remains the dominant material in the power electronics market due to its well-established manufacturing infrastructure and lower costs. Silicon devices offer design flexibility and cater to various applications, making them a popular choice.

Recent Developments

– May 2023, Vishay Intertechnology introduced new silicon carbide Schottky diodes (SiC) featuring a merged pin Schottky (MPS) design for improved efficiency and reliability in switching power supplies.

– May 2023, Toshiba Electronics Europe launched a new 150V N-channel power MOSFET specifically designed for high-performance switching power supplies in communication base stations and industrial applications.

– June 2023, Mitsubishi Electric Corporation unveiled an innovative SiC-MOSFET incorporating a Schottky barrier diode (SBD), offering enhanced performance.

– March 2023, ON Semiconductor introduced a series of highly efficient 1200V IGBTs designed to minimize conduction and switching losses, setting a new industry benchmark.

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Global Disruptions

The Russia-Ukraine war has disrupted the global supply chain for electronic components, impacting the availability of raw materials and finished products. This disruption, integrates with rising energy costs, is putting pressure on power electronics manufacturers. The potential for an economic slowdown result to Reduce consumer spending on electronics, impacting market growth. The report analyses the war’s and economic slowdown’s potential long-term and short-term implications on the power electronics market.

Power Electronics Market Size
Power Electronics Market Size and Growth Report

Regional Analysis

The Asia Pacific region is projected to take the lead in the power electronics market, driven by several compelling factors, Countries such as China, Japan, and South Korea boast robust consumer electronics, Information and Communication Technology (ICT), industrial, and automotive sectors. Growing demand for power generation and government initiatives promoting renewable energy infrastructure development in the region are significant growth drivers. The rising population in developing nations such as China and India are leading to a Increase in communication infrastructure deployment, further stimulating power electronics market growth.

Key Takeaways

  • The burgeoning electric vehicle market and the integration of renewable energy sources are the key drivers propelling market growth.
  • While advancements are leading to miniaturization and efficiency gains, the integration of complex functionalities and rising costs pose challenges.
  • The consumer electronics segment is expected to maintain its dominance due to the rising demand for smartphones, tablets, and smart wearables.
  • The Asia Pacific region is poised to lead the market due to its thriving electronics industry, renewable energy push, and infrastructure development.
  • The Russia-Ukraine war and potential economic slowdowns present challenges such as supply chain disruptions and dampened consumer spending.

Table of Content – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Power Electronics Market Segmentation, By Device Type
9. Power Electronics Market Segmentation, By Material
10. Power Electronics Market Segmentation, By Voltage
11. Power Electronics Market Segmentation, By Current Level
12. Power Electronics Market Segmentation, By Wafer Size
13. Power Electronics Market Segmentation, By Application
14. Power Electronics Market Segmentation, By Vertical
15. Regional Analysis
16. Company Profile
17. Competitive Landscape
18. USE Cases and Best Practices
19. Conclusion


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SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.

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Akash Anand – Head of Business Development & Strategy


Phone: +1-415-230-0044 (US)


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