1. Home
  2. > Electronics
  3. > Industrial Electronics Market Trends
Power Electronics Market with COVID-19 Impact Analysis by Device Type, Material, Vertical And Geography - Global Forecast to 2026

Power Electronics Market with COVID-19 Impact Analysis by Device Type, Material, Vertical And Geography - Global Forecast to 2026

  • November 2021
  • 268 pages
  • ID: 4730561
  • Format: PDF
  • MarketsandMarkets


Table of Contents

Search Inside

The power electronics market is expected to grow from USD 37.4 billion in 2021 and is projected to reach USD 46.3 billion by 2026; it is expected to grow at a CAGR of 4.4% during the forecast period. Increased deployment of renewable power sources, the rapid development of EVs, and increased use of power electronics in consumer devices are expected to be the leading market drivers for power electronics. Moreover, the rise in the manufacturing of wide bandgap semiconductors is expected to provide long-term opportunities for market growth.

Market for power modules to have highest CAGR during the forecast period
Power modules are commonly used for power conversion in motor drives, UPS, and AC-DC power supplies.Hence, power modules have major use in renewable energy (wind turbines and solar panels) as well as in electric vehicles.

Power modules improve system performance and energy efficiency by delivering increased power density, enhanced system ruggedness, and reliability across the energy and automotive sectors.High power efficiency requirements from various applications are driving the demand for power modules.

The increase in adoption of EVs, renewable energy generation, charging stations, industrialization, and growing demand for consumer appliances are driving the growth of the segment.

SiC and GaN-based power electronics to have higher growth throughout the forecast period
the markets for SiC- and GaN-based power electronics devices are expected to grow at a significant rate. Increasing market demand from automotive manufacturers in adopting SiC-based devices for electric and hybrid vehicle manufacturing is the main factor contributing to the market demand. SiC-based devices are also used in inverters to increase the efficiency of the inverter system. SiC-based power electronics solutions also have increased reliability, greater efficiency, high operating temperature, compact size, and high voltage capabilities compared to Si-based power electronics. As such, SiC-based power electronics technology is also used in photovoltaics, charging infrastructure, and uninterruptible power supply (UPS). In communications, the rollout of 5G networking is also expected to further boost the growth of SiC in the future. With improvements in manufacturing technology, it is expected that low-cost GaN devices could have high growth in the future.

Market for automotive & transportation vertical to grow at highest CAGR during the forecast period
The advent of electric and hybrid vehicle production has enhanced the demand for power electronics products to a great extent.Power electronics are used in EVs that require high power electric energy to rotate the electric motors.

Power converters that utilize power electronics are also used in hybrid vehicles, especially for energy regeneration and conversion.Components such as MOSFETs and IGBTs are used as power electronic switches in automotive electric and electronic systems for reducing the overall size of electronic units.

Also, increasing concerns regarding environmental pollution and sustainable growth have increased government support in several countries to boost the production of electric vehicles, supported by government incentives.This is also expected to develop and expand the EV charging infrastructure and provide opportunities for the market.

Hence, the market for automotive & transportation is expected to have the fastest growth during the forecast period.

Market in APAC to grow at highest CAGR during the forecast period
APAC is estimated to lead the power electronics market and register the highest CAGR during the forecast period.The market’s growth in APAC is attributed to the large presence of consumer electronics, ICT, industrial, and automotive verticals across China, Japan, and South Korea.

The increasing need for power generation and government initiatives in various countries to promote renewable energy infrastructure are also driving the overall market in APAC.Mitsubishi Electric (Japan) and Fuji Electric (Japan) are some of the key market players in this region.

China is also currently investing in power electronics manufacturing to become more self-reliant while Japan already has established players for power electronics.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the power electronics market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
• By Designation: C-level Executives – 35%, Directors – 40%, and Others – 25%
• By Region: North America –40%, APAC– 30%, Europe – 20%, and RoW – 10%
The report profiles key players in the power electronics market with their respective market ranking analysis. Prominent players profiled in this report are Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).

Research Coverage:
This research report categorizes the power electronics market on the basis of device type, material, voltage, vertical, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the power electronics market and forecasts the same till 2026 (including analysis of COVID-19 impact on the market).

Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the power electronics ecosystem.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:
1. This report segments the power electronics market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches, deals, and expansions.
4. The analysis of the top 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers


Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on