Power Electronics Market size to grow by USD 10.67 billion by 2028, 54% of market growth is expected in APAC, Technavio

NEW YORK, March 14, 2024 /PRNewswire/ — The Power Electronics Market is set to grow by USD 10.67 billion from 2024 to 2028 progressing at a CAGR of 5.92% during the forecast period. APAC is projected to drive 54% of growth by 2028. Analysts at Technavio detailed regional trends, drivers, and challenges. Japan, China, South Korea, and India are key revenue contributors. Manufacturing-focused policies from Chinese and Indian governments also fuel growth in the region. The market is driven by Increased adoption of renewable energy. 

Technavio has announced its latest market research report titled Global Power Electronics Market 2024-2028

Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2024-2028). 

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Report Coverage


Page number


Base year


Historic period


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 5.92%

Market Growth 2024-2028

USD 10.67 billion

Market structure


YoY growth 2023-2024(%)


Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 54%

Key countries

US, China, Japan, South Korea, and Germany

The innovations to reduce the design time of power electronic systems:

The design phase of power electronic components involves determining performance, efficiency, cost, and weight, often requiring multiple physical prototypes. This leads to long time-to-market for products. Virtual prototyping, using software to simulate conditions, can enhance reliability and speed up design, reducing time-to-market. The introduction of new virtual prototyping packages is expected to drive market growth by boosting innovation and demand for power electronic components.

  • The increased utilization of artificial intelligence and machine learning in the smart grid industry is driving market expansion by enhancing asset management, reducing downtime, optimizing grid operations, enabling predictive maintenance, and facilitating real-time data monitoring.
  • The technological limitations of metal-oxide-semiconductor field-effect transistors (MOSFETs), particularly in high-voltage applications, pose a significant challenge for the power semiconductor market. While silicon-based devices are commonly used, they suffer from reduced efficiency at higher voltages. The adoption of wide bandgap and ultra-wide bandgap materials could address this issue, but their production technology is expensive and not yet widely commercialized, hindering market growth.

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Market Segmentation

The power electronics market analysis includes Product,Material and geography landscape. This study identifies the Rise in adoption of smart grids, Increased use of artificial intelligence (AI) and machine learning (ML), New product launches as one of the prime reasons driving the power electronics market growth during the next few years.

  • The discrete segment of the market, particularly in silicon-based components like rectifiers, thyristors, and transistors, is projected to experience significant growth during the forecast period. This growth is driven by demand from consumer electronics and LED lighting systems, as well as advancements in technology, such as wide bandgap materials like silicon carbide (SiC) and gallium nitride (GaN).
  • The silicon segment is poised to dominate the market due to its widespread use in various industries and applications, including consumer electronics, industrial equipment, and automotive systems. However, as demand for higher efficiency and power density increases, there is a growing interest in novel materials like gallium nitride and silicon carbide. Despite limitations, the demand for silicon is expected to remain strong, driven by its versatility and ongoing advancements in material technology.

Regional Analysis:

The Asia-Pacific (APAC) region is projected to contribute significantly, around 54%, to market growth by 2028. Key countries such as Japan, China, South Korea, and India drive revenue generation, supported by manufacturing-oriented policies. Notable players in APAC include Mitsubishi Electric Corporation, Fuji Electric, Renesas Electronics Corporation, and TOSHIBA ELECTRONIC DEVICES AND STORAGE CORPORATION. Additionally, established distributor networks, organized into associations like CEDA, ELCINA, and Distributors Association of Semiconductors and Components in Japan, further bolster market growth prospects in the region.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters

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Companies Mentioned

  • ABB Ltd.
  • Analog Devices Inc.
  • Arete and Cocchi Technology
  • Danfoss AS
  • Fuji Electric Co. Ltd.
  • General Electric Co.
  • Grayson Automotive Services Ltd.
  • Infineon Technologies AG
  • Magna Power Electronics Inc.
  • Mitsubishi Electric Corp.
  • NXP Semiconductors NV
  • ON Semiconductor Corp.
  • Power Electronics
  • Renesas Electronics Corp.
  • Schneider Electric SE
  • Siemens AG
  • STMicroelectronics International N.V.
  • Texas Instruments Inc.
  • Toshiba Corp.
  • Vitesco Technologies Group AG

Analog Devices Inc.: The company offers a wide range of electronics such as LED Driver IC, battery management, and power control.

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Analyst Review:

The power electronics market, a cornerstone of modern electrical engineering, continues to evolve with advancements in semiconductor devices and electronic components. With its primary focus on power conversion and voltage regulation, this field plays a crucial role in managing energy efficiently across various industries, including renewable energy, electric vehicles, and battery management systems. Power electronics enable critical applications such as solar inverters and wind power converters to harness renewable energy sources effectively, contributing to the global transition towards sustainable power generation.

Innovation in semiconductor materials, such as silicon carbide and gallium nitride, has revolutionized power semiconductor devices, paving the way for more efficient and compact power modules. These advancements have led to the development of highly reliable power electronic systems, equipped with features like power factor correction and active rectifiers, ensuring optimal performance and safety standards across diverse applications.

The market for power electronics is witnessing significant growth driven by the increasing demand for energy-efficient solutions in automotive, industrial, consumer, and aerospace electronics sectors. With rapid technological advancements and stringent quality standards, power electronic manufacturers and suppliers are navigating a competitive landscape, characterized by dynamic market trends and emerging opportunities. As the demand for power electronic innovations continues to rise, stakeholders must adapt to evolving market dynamics and leverage strategic entry strategies to capitalize on the expanding market outlook.

Market Overview:

The power electronics market, driven by advancements in semiconductor devices, plays a pivotal role in power conversion and energy efficiency across various sectors. With a focus on renewable energy and electric vehicles, power electronics enable critical applications like solar inverters and wind power converters, facilitating the transition towards sustainable energy solutions. The demand for efficient power supplies is increasing, reflecting the growing trend towards renewable energy adoption and electric vehicle proliferation. Market trends indicate a rising emphasis on energy efficiency and renewable energy integration, driving innovation in power electronics to meet evolving industry demands. As the market continues to expand, manufacturers are poised to capitalize on opportunities presented by the shift towards sustainable power solutions and the increasing adoption of electric vehicles.

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Key Topics Covered:

1 Executive Summary

2 Landscape

3 Sizing

4 Historic Size

5 Five Forces Analysis

6 Segmentations

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200



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