Power Electronics Market size to exceed $40 Bn by 2032

Power Electronics Market size is projected to surpass USD 40 billion by 2032, according to a recent research report announced by Global Market Insights Inc.
 

Electrification trends across the automotive sector and the growing consumer preference for electric cars is expected to have a positive impact on the power electronics industry. With increasing focus on the reduction of automotive emissions and pollution, EVs are gaining significant momentum worldwide as a sustainable mobility alternative. Considering the growing efforts towards the development of fuel-efficient vehicles capable of cutting down fuel investments, the demand for power electronics in automotive applications is expected to pick up pace in the upcoming period.
 

The increasing awareness regarding the environmental impacts of conventional automobiles is a key factor driving consumers to switch to EVs.
 

Widespread applications of power modules to positively influence the industry development

Based on product, the module product segment is anticipated to surpass 35% of the power electronics market share by the end of 2032. Power modules have a broad spectrum of applications, right from electric cars, battery chargers, AC-DC inverters & converters to welding equipment, electroplating machinery, appliances, and medical equipment. The extensive use of these devices can further be accredited to their reliability and high energy efficiency as compared to discrete counterparts, such as rectifiers. Modern power modules also feature customized integrated circuits (ICs) to ensure the protection of the module under conditions, including short circuits, temperature, and supply under voltage.
 

Rising advancements in consumer electronics to fuel industry expansion

Consumer electronics applications held more than 15% share of the power electronics market in 2022. Consumer appliances such as air conditioners, vacuum cleaners, refrigerators, microwave ovens, and washing machines rely on power discrete devices for optimization of energy consumption. They allow consumer electronics manufacturers to provide low-noise features in appliances at an affordable pricing model. The increasing disposable incomes and the attraction towards luxury lifestyles are driving the consumer interest in state-of-the-art home appliances. Furthermore, the rapid penetration of IoT, AI, and connected devices is paving the path for next-generation consumer electronic appliances, fostering the demand for power electronics.
 

Browse key industry insights spread across 250 pages with 166 market data tables and 37 figures & charts from the report “Power Electronics Market Size, By Product (Discrete {Thyristors, Rectifiers, Insulated-Gate Bipolar Transistor [IGBT], Bipolar Junction Transistor [BJT], Metal-Oxide-Semiconductor Field-Effect Transistor [MOSFET]}, Module), By Application (Automotive, Consumer Electronics, Information & Communication Technology (ICT), Industrial, Energy), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”. in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-electronics-market
 

Emergence of renewable energy and EV trends to augment North America power electronics market share

North America power electronics industry size is poised to reach over USD 5 billion by the end of 2032 as itis home to robust end-user industries, such as automotive, energy, and consumer electronics. The presence of automotive giants such as Tesla, Volkswagen, and General Electric is fostering the large-scale production of electric vehicles in the region, driving the demand for power electronics. The rapid proliferation of EVs and groundbreaking developments in the field of battery technology will also accelerate the industry expansion across North America. Additionally, the rising number of initiatives promoting the importance of renewable energy systems to curb GHG emissions will further open new growth avenues for power electronics manufacturers.
 

New product launches to accelerate power electronics industry landscape

Fuji Electric Co. Ltd., NXP Semiconductor N.V., Mitsubishi Electric Corporation, ON Semiconductor Corporation, STMicroelectronics N.V., Texas Instruments Incorporated, Infineon Technologies AG, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION are some of the leading companies in the global power electronics market. These firms are launching cutting-edge technologies and advanced products to improve their portfolios and attract a large number of customers.