According to a recent report by Fairfield Market Research, the global power electronics market is estimated to reach US$69.7 billion 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.
"The integration of digitalization and IoT has the potential to revolutionize 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.
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.
- The commercial sector registers the maximum adoption of power electronics.
Insights into Segmentation Analysis
SiC Maintains Dominance in the 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 the transition to wide-bandgap semiconductors like SiC and GaN for higher efficiency and power density.
- Embracing digitalization, and IoT integration for real-time monitoring, predictive maintenance, and enhanced control will favor market expansion.
- Growing emphasis on sustainable and eco-friendly power electronic solutions is expected to shape market expansion in the long term.
Key Market Companies
