Power Electronics Market
A report from Meticulous Research reveals that the Power Electronics Market will grow at a CAGR of 4.9% from 2024 to 2031, with an estimated value of $59.7 billion by the end of the period.n
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What Factors are Driving the Power Electronics Market to be Worth Above $59.7 Billion by 2031?
Power Electronics Market- 2024-2031 The power electronics market is on a steady growth trajectory, projected to surpass $59.7 billion by 2031, with a compound annual growth rate (CAGR) of 4.9% between 2024 and 2031. This growth is largely driven by the increasing demand for power electronic devices across industries such as consumer electronics, renewable energy, automotive, and aerospace & defense. The rising focus on energy-efficient solutions, particularly in electric vehicles (EVs) and LED lighting, further fuels the market expansion. Request For Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5852? Key Growth Drivers Several factors contribute to the robust growth of the power electronics market. First, the consumer electronics industry continues to demand advanced power electronic devices for optimal performance and energy efficiency. Additionally, increasing investments in renewable energy technologies and the widespread adoption of power electronics in automotive applications, including electric vehicles, are significant contributors. Moreover, the rising use of power electronics in aerospace & defense applications opens new avenues for growth. Challenges in the Market Despite the strong growth outlook, the power electronics market faces challenges. Complex design and integration processes of power electronics systems can slow market adoption. Furthermore, heat dissipation issues during device switching pose additional challenges, as managing heat effectively is crucial for device longevity and efficiency. Segmentation by Product Type The market is segmented into various product types, including power diodes, transistors, thyristors, circuits, ICs, switches, regulators, modules, drivers, and other related products. Among these, the Power ICs segment is expected to dominate the market by 2024, driven by increasing demand from IoT, automotive, and industrial applications. The need to optimize power consumption, extend battery life, and simplify power management in embedded systems drives this segment. Notably, Nordic Semiconductor s nPM1300 Power Management IC (PMIC) is a recent innovation for battery-operated applications. On the other hand, the Power Modules segment is forecasted to grow at the highest CAGR during the forecast period. This growth is attributed to the rising demand for efficient power conversion and control in electric vehicles and various industrial applications. Segmentation by Application The market can also be categorized based on applications such as power generation, transmission, distribution, and control. The Power Control segment is expected to hold the largest market share in 2024, fueled by the growing need for power electronics to regulate current flow, ensuring stable performance. This segment is also set to witness the highest growth rate as companies focus on launching innovative power control devices. Magnachip Page 1 of 3 Meticulous Research| sales@meticulousresearch.com
Power Electronics Market- 2024-2031 Semiconductor Corporation s PMIC for OLED-equipped IT devices is a notable innovation in this space. Segmentation by End-use Industry When segmented by end-use industries, the market covers consumer electronics, automotive, telecommunications, aerospace & defense, energy, healthcare, and heavy machinery. In 2024, the Consumer Electronics and Home Appliances segment is expected to account for the largest share due to the increasing need for power electronics in computers, mobile devices, and home appliances. However, the Automotive segment is expected to experience the highest CAGR, driven by the adoption of power electronics in electric vehicles for power control, body electronics, infotainment, and safety systems. Partnerships, such as the one between Renault Group and STMicroelectronics, underscore the growing focus on integrating power electronics in automotive applications. Regional Insights Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is projected to account for the largest share, driven by the demand for energy-efficient hybrid electric vehicles and the rising adoption of consumer electronics. Major companies in the region, such as Renesas Electronics Corporation, Mitsubishi Electric, and Murata Manufacturing, contribute to the region's dominance. The Asia-Pacific region is also expected to register the highest CAGR, bolstered by government investments in renewable energy and innovative product launches like Renesas gate driver IC for electric vehicles. Key Market Players Prominent players in the power electronics market include ON Semiconductor Corporation, ABB Ltd., Infineon Technologies AG, Texas Instruments, ROHM Co. Ltd, STMicroelectronics, Renesas Electronics Corporation, Vishay Intertechnology Inc., Toshiba Corporation, Mitsubishi Electric Corporation, Analog Devices Inc., TDK Corporation, Murata Manufacturing, Fuji Electric, and NXP Semiconductors. Buy Now: https://www.meticulousresearch.com/Checkout/55608036? About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Page 2 of 3 Meticulous Research| sales@meticulousresearch.com
Power Electronics Market- 2024-2031 The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 3 of 3 Meticulous Research| sales@meticulousresearch.com
