Power Electronics Market Expected to Reach USD 61.0 Billion by 2028
Power Electronics Market Booming: BonChip Offers Diverse Solutions
Riverside, California, USA – February 21, 2024 – The global power electronics market is surging, driven by the adoption of renewable energy sources and the electrification of vehicles. According to a recent report by MarketsandMarkets, the market was valued at USD 46.2 billion in 2023 and is projected to reach USD 61.0 billion by 2028, registering a CAGR of 5.7%. This growth is fueled by the crucial role power electronics play in:
- Shifting towards renewable energy: Power electronics are essential for integrating and managing renewable energy sources like solar and wind power into the grid, promoting sustainability and energy independence.
- Enhancing energy efficiency: From smart grids to efficient industrial and consumer electronics, power electronics optimize energy consumption, reducing costs and environmental impact.
- Electrifying vehicles: In hybrid and electric vehicles, power electronics manage the flow of electrical energy, contributing to cleaner transportation and reduced emissions.
By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period.
Power modules are becoming highly popular in power electronics owing to their integrated design, compact form factor, simplified installation process, superior thermal performance, heightened reliability, augmented power density, cost-effectiveness, and versatile application capabilities. This is particularly beneficial in situations where constraints on size and weight are major factors to be considered, such as in electric vehicles, industrial automation, and consumer electronics.
By Material: Silicon-based devices to account for the largest market share during the forecast period.
Silicon holds the largest market share in the production of a multitude of power electronics. Widely acknowledged and frequently employed, silicon serves as a semiconductor material, particularly in the manufacturing of power electronic devices tailored for low- and medium-voltage applications. Various power semiconductor devices, spanning discrete components, modules, and integrated circuits (ICs), are crafted using silicon. These silicon-based devices play crucial roles in power rectification, power factor correction, and power amplification. Significantly, silicon is used in the fabrication of diodes and transistors designed for applications involving high-frequency switching.
By Vertical: The consumer electronics is projected to register a larger market share during the forecast period.
Within the power electronics industry, consumer electronics stands as a key sector, given that every electronic device necessitates a power supply (AC/DC) and effective power management for optimal energy utilization. Power electronic devices find application in a myriad of consumer electronic products, including refrigerators, air conditioners, washing machines, televisions, induction cookers, dishwashers, and various smart home/connected devices. The realm of smart devices encompasses smartphones, tablets, wearables, IoT devices, connected appliances, adapters/chargers, routers/modems, gaming consoles, consumer drones, and battery-operated personal devices. The integration of power electronics into consumer electronics serves to minimize power consumption, thereby reducing the overall carbon footprint and enhancing efficiency.
By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.
The Asia Pacific stands out as the swiftest expanding sector in the power electronics market, accelerated by substantial investments in infrastructure, consumer electronics, and smart grid initiatives. Key market players in this region include Mitsubishi Electric Corporation and Fuji Electric Co., Ltd., both based in Japan. The rapid adoption of electric vehicles in China and Japan emerges as a major factor fueling the market's growth. A significant driver of market growth in China is the heightened investment in the development and manufacturing of power electronic wafers, aiming to reduce dependence on overseas manufacturers.
Key Players
The major players in the power electronics companies include Infineon Technologies AG (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric Corporation (Japan), Vishay Intertechnology, Inc. (US), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), Texas Instruments Incorporated (US), TOSHIBA CORPORATION (Japan).
BonChip Electronics, a leading specialty distributor of electronic components, stands ready to support this dynamic market with its diverse product portfolio. We offer a vast selection of power electronics components from renowned manufacturers, including:- DC-DC converters: Convert DC voltage levels for various applications.
- Power inductors: Store and release electrical energy efficiently.
- Power transistors: Control and amplify electrical signals.
- Power modules: Integrate multiple power electronics components for compact solutions.
- And much more!
BonChip is committed to providing:
- Competitive pricing: Get the best value for your power electronics needs.
- Fast delivery: Receive your components quickly and reliably.
- Excellent after-sales service: Our dedicated team is here to support you.
- No minimum order quantity: We cater to businesses of all sizes.
Explore BonChip's extensive power electronics offerings online and discover how we can help you capitalize on this exciting market:
Contact BonChip today for personalized assistance and expert advice:
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Together, let's power the future with innovative and sustainable solutions!
