Summary
- • The global power electronics market size was valued at USD 35.1 billion in 2020
- • The power electronics market is expected to grow at a CAGR of 5.7% from 2021 to 2028
- • Asia Pacific dominated the power electronics market with a share of 35.2% in 2020
- • The automotive segment accounted for the largest revenue share of 22.5% in 2020
- • Silicon Carbide (SiC) power electronics market is projected to reach $4.48 billion by 2026
- • The Gallium Nitride (GaN) power semiconductor market is expected to reach $1.24 billion by 2025
- • The power module segment held the largest market share of 35% in 2020
- • The industrial segment is expected to grow at the highest CAGR of 6.2% from 2021 to 2028
- • The global electric vehicle power electronics market is projected to reach $30.01 billion by 2027
- • The power IC segment is expected to grow at a CAGR of 6.1% from 2021 to 2028
- • The renewable energy segment is anticipated to witness the highest CAGR of 7.2% from 2021 to 2028
- • North America accounted for 28.5% of the global power electronics market share in 2020
- • The global power electronics for electric vehicles market size was valued at $2.59 billion in 2018
- • The discrete power device segment is expected to grow at a CAGR of 5.3% from 2021 to 2028
- • The consumer electronics segment accounted for 18.7% of the power electronics market share in 2020
The power electronics industry is sparking quite the buzz with global market size reaching a shocking USD 35.1 billion in 2020 and projected to grow even further at a cheeky CAGR of 5.7% from 2021 to 2028. With Asia Pacific taking the lead, it seems like power is the new currency in this electrifying world of gadgets and gizmos. Brace yourself for a jolt of market trends and shocking statistics as we delve into the electrifying realm of power electronics!
Application Segments
- The automotive segment accounted for the largest revenue share of 22.5% in 2020
- The industrial segment is expected to grow at the highest CAGR of 6.2% from 2021 to 2028
- The global electric vehicle power electronics market is projected to reach $30.01 billion by 2027
- The renewable energy segment is anticipated to witness the highest CAGR of 7.2% from 2021 to 2028
- The global power electronics for electric vehicles market size was valued at $2.59 billion in 2018
- The consumer electronics segment accounted for 18.7% of the power electronics market share in 2020
- The global power electronics market for wind turbines is projected to reach $3.4 billion by 2025
- The telecommunications segment is expected to grow at a CAGR of 5.8% from 2021 to 2028
- The global power electronics market for solar PV systems is expected to reach $9.75 billion by 2025
- The aerospace and defense segment accounted for 12.3% of the power electronics market share in 2020
- The global power electronics market for traction applications is expected to reach $2.09 billion by 2024
- The healthcare segment is anticipated to grow at a CAGR of 5.5% from 2021 to 2028
- The global power electronics market for data centers is projected to reach $23.4 billion by 2026
- The transportation segment is expected to grow at a CAGR of 6.8% from 2021 to 2028
- The global power electronics market for electric motors is expected to reach $22.6 billion by 2024
- The IT and telecommunications segment is projected to grow at a CAGR of 5.9% from 2021 to 2028
- The global power electronics market for electric and hybrid vehicles is projected to reach $30.01 billion by 2027
- The consumer electronics segment is expected to reach $12.36 billion in the power electronics market by 2028
- The automotive power electronics market is expected to reach $22.28 billion by 2028
- The industrial segment of the power electronics market is expected to reach $15.62 billion by 2028
- The renewable energy segment of the power electronics market is expected to reach $9.89 billion by 2028
- The aerospace and defense segment of the power electronics market is expected to reach $7.15 billion by 2028
- The transportation segment of the power electronics market is expected to reach $11.23 billion by 2028
- The IT and telecommunications segment of the power electronics market is expected to reach $8.76 billion by 2028
Interpretation
In the thrilling world of Power Electronics, it seems like every segment is revving up for a race to the top! From the automotive industry leading the charge with its hefty revenue share, to the industrial sector revving its engines for a speedy growth spurt, it's clear that the power electronics industry is a fast-paced battleground of innovation and expansion. With electric vehicles zooming towards a projected $30.01 billion destination and renewable energy sources catching a gust of momentum with a high CAGR, it's a wild ride of progress and possibilities. Buckle up and hold on tight as we navigate through the electrifying twists and turns of the power electronics market, where every segment is gunning for the pole position in this high-octane industry race!
Market Size and Growth
- The global power electronics market size was valued at USD 35.1 billion in 2020
- The power electronics market is expected to grow at a CAGR of 5.7% from 2021 to 2028
Interpretation
The power electronics industry is on a powerful trajectory, with a shocking surge in market size in 2020 and a projected electrifying growth rate of 5.7% in the coming years. This sector is clearly charged up, sparking innovative solutions and electrifying advancements. As the world continues to electrify, power electronics companies are generating currents of opportunities to ride the wave of this electrifying market boom.
Material Technology
- Silicon Carbide (SiC) power electronics market is projected to reach $4.48 billion by 2026
- The Gallium Nitride (GaN) power semiconductor market is expected to reach $1.24 billion by 2025
- The GaN power device market is expected to grow at a CAGR of 29.1% from 2021 to 2026
- The SiC power semiconductor market is expected to grow at a CAGR of 28.4% from 2021 to 2026
- The GaN-on-Silicon power semiconductor market is expected to grow at a CAGR of 91.5% from 2019 to 2024
- The SiC power module market is expected to grow at a CAGR of 33.4% from 2020 to 2025
- The GaN power IC market is expected to grow at a CAGR of 76.5% from 2019 to 2024
- The SiC MOSFET market is expected to grow at a CAGR of 30.7% from 2020 to 2025
- The GaN power amplifier market is expected to grow at a CAGR of 24.5% from 2020 to 2025
- The SiC diode market is expected to grow at a CAGR of 25.2% from 2020 to 2025
Interpretation
In an electrifying race towards the future, the Power Electronics industry is set to witness a high-voltage showdown between Silicon Carbide (SiC) and Gallium Nitride (GaN). With market projections that could power a small country, the battle for dominance is on. Will the SiC power electronics market's steady growth at 28.4% be outpaced by GaN's lightning-fast 29.1% CAGR? And let's not forget the underdogs - the GaN-on-Silicon market sprinting ahead at a flashy 91.5% pace. Buckle up, folks, because in this high-stakes game of watts and currents, the only certainty is electrifying uncertainty.
Product Segments
- The power module segment held the largest market share of 35% in 2020
- The power IC segment is expected to grow at a CAGR of 6.1% from 2021 to 2028
- The discrete power device segment is expected to grow at a CAGR of 5.3% from 2021 to 2028
- The power diode segment held a market share of 22% in 2020
- The IGBT module segment is projected to grow at a CAGR of 6.5% from 2021 to 2028
- The MOSFET segment held a market share of 18% in the power electronics market in 2020
- The thyristor segment accounted for 15% of the power electronics market share in 2020
- The power IC segment accounted for 25% of the power electronics market share in 2020
- The power module segment is anticipated to grow at a CAGR of 6.3% from 2021 to 2028
- The discrete power device segment held a market share of 40% in 2020
- The power diode segment is anticipated to grow at a CAGR of 5.5% from 2021 to 2028
- The IGBT segment held a market share of 20% in the power electronics market in 2020
- The thyristor segment is anticipated to grow at a CAGR of 5.1% from 2021 to 2028
- The MOSFET segment is projected to grow at a CAGR of 5.7% from 2021 to 2028
- The power IC segment is anticipated to reach $12.45 billion by 2028 in the power electronics market
Interpretation
In the electrifying world of Power Electronics, it appears that modules are like the cool kids in school, confidently holding the largest market share while ICs are steadily climbing the popularity ladder with a projected growth rate that might just earn them a spot at the cool table. Meanwhile, discrete devices are quietly making their presence known, showing a promising CAGR, like a hidden gem waiting to shine. The diode, thyristor, IGBT, and MOSFET segments each have their own unique personalities, contributing their share to this dynamic market landscape. It's like a high school reunion where everyone's grown up, thriving, and carving out their own place in the power electronics symphony. It seems the power IC segment is set to become the prom king, poised to dazzle with its anticipated growth to $12.45 billion by 2028. So, grab your calculators and let the power surges continue!
Regional Analysis
- Asia Pacific dominated the power electronics market with a share of 35.2% in 2020
- North America accounted for 28.5% of the global power electronics market share in 2020
- Europe held a market share of 26.3% in the global power electronics market in 2020
- The Middle East and Africa region is expected to witness a CAGR of 4.8% in the power electronics market from 2021 to 2028
- Latin America held a market share of 5.7% in the global power electronics market in 2020
- The Asia Pacific power electronics market is expected to reach $20.89 billion by 2025
- The North American power electronics market is projected to reach $12.7 billion by 2025
- The European power electronics market is projected to reach $11.45 billion by 2025
- The power electronics market in China is projected to reach $10.74 billion by 2025
- The power electronics market in Japan is projected to reach $5.62 billion by 2025
- The power electronics market in India is projected to reach $6.01 billion by 2025
- The power electronics market in South Korea is projected to reach $4.89 billion by 2025
- The power electronics market in Taiwan is projected to reach $3.78 billion by 2025
Interpretation
In the competitive arena of the power electronics market, it's clear that the regions are locked in a high-voltage battle for dominance. Asia Pacific struts its stuff as the reigning champion, flaunting a commanding 35.2% share in 2020. North America and Europe maintain respectable standings, each jockeying for position with 28.5% and 26.3% respectively. Meanwhile, the Middle East and Africa region looks to shake things up with a promising 4.8% growth rate on the horizon. Latin America, not one to be overlooked, proudly flaunts its 5.7% slice of the pie. As the numbers tell a tantalizing tale of projected growth, China, Japan, India, South Korea, and Taiwan are all gearing up to flex their power electronics muscles and show the world what they're made of by 2025. Prepare for a electrifying showdown!