파워 일렉트로닉스 시장 : 소자별, 소재별, 용도별, 지역별(2024-2031년)

Power Electronics Market Valuation - 2024-2031

The increasing adoption of EVs globally is driving the power electronics market, as these vehicles require various power electronic components. Thus, the increasing demand for electric vehicles (EVs) surged the growth of market size surpassing USD 107.16 Billion in 2024 to reach a valuation of USD 184.81 Billion by 2031.

The rollout of 5G networks requires advanced power electronics for efficient energy management in base stations and other network equipment. Thus, the development of 5G infrastructure enables the market to grow at a CAGR of 7.05% from 2024 to 2031.

Power Electronics Market: Definition/ Overview

Power electronics is a key branch of electrical engineering focused on the control and conversion of electrical power, often at high voltages and currents, to deliver energy in a usable form for various applications. A primary goal of power electronics is to improve energy efficiency across industries by streamlining power conversion processes, which reduces energy waste and enhances utilization. In industrial systems, power electronics are vital for regulating and controlling electrical power, improving the efficiency of machines and automation systems. From motor drives to industrial automation, power electronics optimize power management, boosting operational productivity and precision.

In the automotive sector, power electronics play a crucial role in electric and hybrid vehicles. Components such as inverters, converters, and battery management systems ensure efficient propulsion and energy management, advancing the development of electric mobility solutions.

Power electronics also impact consumer electronics by enabling energy-efficient devices like smartphones, laptops, and home appliances. Power management circuits extend battery life and optimize energy usage, providing consumers with longer-lasting, eco-friendly products. Additionally, power electronics are integral to aerospace, defense, transportation, and the energy sector, contributing to advancements like electric ships, trains, and airplanes, offering greener alternatives to traditional propulsion systems, and promoting sustainability across industries.

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How the Expansion of Renewable Energy Sources and Increasing Adoption of Smart Grid Technology Surge the Growth of Power Electronics Market?

The integration of renewable energy sources into power grids requires advanced power electronics for efficient conversion and distribution. According to the International Energy Agency (IEA), global electric car sales reached 10 million in 2022, a 55% increase from 2021. The IEA projects that EVs will account for 60% of new car sales globally by 2030. The International Renewable Energy Agency (IRENA) reports that renewable energy capacity grew by 295 GW or 9.1% in 2022, reaching a total of 3,372 GW globally. Smart grids rely heavily on power electronics for efficient energy management and distribution. According to the U.S. Department of Energy, as of 2021, electric utilities have installed 103 million smart meters, covering 72% of U.S. residential electricity customers.

The proliferation of smartphones, laptops, and other consumer electronics drives demand for power electronics components. The Consumer Technology Association projects that global spending on consumer technology will reach USD 485 Billion in 2023, a 2.8% increase from 2022. The increasing adoption of automation in manufacturing processes requires advanced power electronics for motor drives and control systems. The International Federation of Robotics reports that in 2021, global robot installations reached 517,385 units, representing a 31% year-on-year growth. According to the Global System for Mobile Communications Association (GSMA), 5G connections are expected to reach 1.5 billion globally by 2025, accounting for 20% of total mobile connections.

How the Semiconductor Shortages and High Initial Investment Costs Impede the Growth of Power Electronics Market?

The ongoing global semiconductor shortage is affecting the production and availability of power electronics components. According to a report by the U.S. Department of Commerce, the median inventory of semiconductor chips fell from 40 days in 2019 to less than 5 days in 2021. As of early 2023, while the situation has improved, many industries still face challenges. The development and implementation of advanced power electronics systems often require significant upfront capital, which can be a barrier for some companies. A report by the International Energy Agency (IEA) states that the capital costs for grid-scale battery storage systems, which heavily rely on power electronics, range from $200 to $900 per kWh. While these costs are declining, they still represent a significant investment.

The increasing complexity of power electronic systems can lead to longer development cycles and integration challenges. According to a survey by Lifecycle Insights, 53% of companies reported that their electronic design projects are becoming more complex, with 33% stating that this complexity is leading to increased development time and costs. As power electronics become more compact and powerful, managing heat dissipation and ensuring long-term reliability become significant challenges. The U.S. Department of Energy reports that in data centers, that heavily rely on power electronics, cooling can account for up to 40% of total energy consumption. This highlights the importance and challenge of thermal management in power electronics applications.

Category-Wise Acumens

How does the Increasing Use of Discrete Devices Surge the Growth of the Power Discrete Segment?

The power discrete segment is experiencing robust growth within the power electronics market, driven by the widespread use of discrete devices like transistors, thyristors, and diodes. These components have long dominated the market due to their essential role in various applications, such as power inverters, motor drives, and electric power grids. Their ability to provide reliable, efficient power management solutions has solidified their position in the market, particularly in industrial settings where lower noise production and reduced power consumption are critical.

At the same time, the market for electronic integrated circuits (ICs) is also poised for significant expansion. With the increasing adoption of RF technology, satellite communication, wireless systems, and electronic warfare, ICs are becoming more integral to the electronics sector. This shift toward ICs presents rich opportunities for growth and innovation in the power electronics market, as industries look for more compact, efficient, and sophisticated solutions.

How the Widespread Range of Devices and Equipment Surge the Growth of Silicon Segment?

The silicon segment remains dominant in the power electronics market, owing to its extensive use across a wide range of devices and equipment. Silicon is considered the most desirable substrate for producing semiconductor wafers, especially in low-power applications. This makes it a critical material for industries such as consumer electronics, automotive, and industrial systems. Its inherent properties allow silicon-based devices to perform essential functions like rectification, amplification, and switching with high efficiency. This versatility enables the use of silicon in a broad spectrum of applications, from managing power in smartphones and laptops to controlling electric vehicles and industrial machinery. Silicon is abundant and relatively inexpensive compared to other materials, making it an economically viable option for manufacturers. Additionally, its well-established supply chain ensures consistent availability, which is crucial for large-scale production in high-demand industries.

The widespread use of silicon is further supported by a large and experienced engineering community proficient in silicon-based design. This ecosystem of knowledge and expertise lowers development costs and accelerates innovation, as manufacturers can quickly implement silicon-based solutions with a high degree of reliability and scalability. These factors combined solidify silicon's status as a foundational material in power electronics, driving the industry's growth and technological advancements.

Country/Region-wise Acumens

How does the Rapid Growth in Consumer Electronics Production and Consumption Accelerate the Growth of the Power Electronics Market in Asia Pacific?

Asia Pacific substantially dominates the power electronics market driven by the region, particularly countries like China, South Korea, and Japan, which is a major hub for consumer electronics manufacturing and consumption, driving demand for power electronics. According to the China Academy of Information and Communications Technology (CAICT), China's smartphone shipments reached 285.8 million units in 2022. Despite a year-on-year decrease, this number still represents a significant portion of global smartphone production, highlighting the region's importance in consumer electronics.

The Asia Pacific region is experiencing rapid growth in EV adoption and production, which requires advanced power electronics for battery management, motor control, and charging infrastructure. China Association of Automobile Manufacturers (CAAM) reports that in 2022, China's new energy vehicle (NEV) sales reached 6.89 million units, representing a 93.4% year-on-year increase and accounting for about 25% of total new car sales in the country. Many countries in the Asia Pacific region are heavily investing in renewable energy sources and smart grid technologies, both of which rely on advanced power electronics. According to the International Renewable Energy Agency (IRENA), Asia accounted for 64% of new renewable energy capacity added globally in 2021. The region's total renewable energy capacity reached 1.17 TW, with China alone accounting for 931 GW.

How does the Rapid Growth in Renewable Energy Integration Foster the Growth of the Power Electronics Market in North America?

North America is anticipated to witness fastest growth in the North America is experiencing significant growth in renewable energy adoption, particularly in wind and solar power, which requires advanced power electronics for grid integration. According to the U.S. Energy Information Administration (EIA), renewable energy sources accounted for about 21% of total U.S. electricity generation in 2022. The EIA projects that renewable sources will provide 44% of U.S. electricity by 2050, with solar and wind expected to grow the most. The increasing adoption of EVs in North America is driving demand for power electronics in-vehicle systems and charging infrastructure.

The U.S. Department of Energy reports that as of 2022, there were approximately 2.1 million EVs on U.S. roads, with sales growing by 65% from 2021 to 2022. The Biden administration has set a goal for 50% of all new vehicle sales to be electric by 2030, which will further drive demand for power electronics. North America is investing heavily in grid modernization and smart grid technologies, which rely on advanced power electronics for efficient energy management and distribution. The U.S. Department of Energy's Grid Modernization Initiative has invested over USD 220 Million in projects from 2016 to 2020. Additionally, the Infrastructure Investment and Jobs Act of 2021 allocates $65 billion for power grid upgrades, including smart grid technologies.

Competitive Landscape

The Power Electronics Market is constantly evolving, with new technologies and applications emerging. Organizations must carefully evaluate their specific needs and requirements when selecting a power electronics vendor.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the power electronics market include:

• NXP Semiconductors
• Toshiba
• Renesas Electronics
• Texas Instruments
• Fuji Electric
• Infineon Technologies
• Vishay Intertechnology
• Mitsubishi Electric
• On Semiconductor
• STMicroelectronics

Latest Developments:

• In August 2021, STMicroelectronics announced the launch of new 45W and 150W MasterGaN devices for high-efficiency power conversion. ST's MasterGaN concept promises to ease the transition from silicon MOSFETs to GaN-wide bandgap power technology.
• In June 2021, Mitsubishi Electric Corporation announced the launch of the T-series 2.0 kV industrial IGBT module, making it the world's first with a 2.0 kV withstand voltage1.
• In February 2022, SL Power Electronics announced the launch of the GB130Q-C family provides a 130W quad output power supply in a 3-by-5-inch open-frame form factor.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL POWER ELECTRONICS MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL POWER ELECTRONICS MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis

5 GLOBAL POWER ELECTRONICS MARKET, BY DEVICE

• 5.1 Introduction
• 5.2 Power Discrete
• 5.3 Power Modules
• 5.4 Power ICs

6 GLOBAL POWER ELECTRONICS MARKET, BY MATERIAL

• 6.1 Introduction
• 6.2 Silicon
• 6.3 Silicon Carbide
• 6.4 Gallium Nitride
• 6.5 Sapphire
• 6.6 Others

7 GLOBAL POWER ELECTRONICS MARKET, BY APPLICATION

• 7.1 Introduction
• 7.2 ICT
• 7.3. Energy & Power
• 7.4 Industrial
• 7.5 Automotive
• 7.6 Others

8 GLOBAL POWER ELECTRONICS MARKET, BY GEOGRAPHY

• 8.1 Overview
• 8.2 North America
  • 8.2.1 U.S.
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 U.K.
  • 8.3.3 France
  • 8.3.4 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 China
  • 8.4.2 Japan
  • 8.4.3 India
  • 8.4.4 Rest of Asia Pacific
• 8.5 Rest of the World
  • 8.5.1 Latin America
  • 8.5.2 Middle East & Africa

9 GLOBAL POWER ELECTRONICS MARKET COMPETITIVE LANDSCAPE

• 9.1 Overview
• 9.2 Company Market Ranking
• 9.3 Key Development Strategies

10 COMPANY PROFILES

• 10.1 NXP Semiconductors
  • 10.1.1 Overview
  • 10.1.2 Financial Performance
  • 10.1.3 Product Outlook
  • 10.1.4 Key Developments
• 10.2 Toshiba
  • 10.2.1 Overview
  • 10.2.2 Financial Performance
  • 10.2.3 Product Outlook
  • 10.2.4 Key Developments
• 10.3 Renesas Electronics
  • 10.3.1 Overview
  • 10.3.2 Financial Performance
  • 10.3.3 Product Outlook
  • 10.3.4 Key Developments
• 10.4 Texas Instruments
  • 10.4.1 Overview
  • 10.4.2 Financial Performance
  • 10.4.3 Product Outlook
  • 10.4.4 Key Developments
• 10.5 Fuji Electric
  • 10.5.1 Overview
  • 10.5.2 Financial Performance
  • 10.5.3 Product Outlook
  • 10.5.4 Key Developments
• 10.6 Infineon Technologies
  • 10.6.1 Overview
  • 10.6.2 Financial Performance
  • 10.6.3 Product Outlook
  • 10.6.4 Key Developments
• 10.7 Vishay Intertechnology
  • 10.7.1 Overview
  • 10.7.2 Financial Performance
  • 10.7.3 Product Outlook
  • 10.7.4 Key Developments
• 10.8 Mitsubishi Electric
  • 10.8.1 Overview
  • 10.8.2 Financial Performance
  • 10.8.3 Product Outlook
  • 10.8.4 Key Developments
• 10.9 On Semiconductor
  • 10.9.1 Overview
  • 10.9.2 Financial Performance
  • 10.9.3 Product Outlook
  • 10.9.4 Key Developments
• 10.10 STMicroelectronics
  • 10.10.1 Overview
  • 10.10.2 Financial Performance
  • 10.10.3 Product Outlook
  • 10.10.4 Key Developments

11 KEY DEVELOPMENTS

• 11.1 Product Launches/Developments
• 11.2 Mergers and Acquisitions
• 11.3 Business Expansions
• 11.4 Partnerships and Collaborations

12 APPENDIX

• 12.1 Related Research