POWER ELECTRONICS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Power Electronics Market Analysis:

The Power Electronics Market is anticipated to experience growth, with a projected increase from USD 30.23 billion in 2023 to USD 37.72 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 4.53% during the forecast period (2023–2028).

This heightened demand for power electronics is attributed to various thriving applications, including electric and hybrid electric vehicles (xEV), factory automation, photovoltaics, wind turbines, UPS, and home appliances.

It is noteworthy that electrical energy consumption is continuously expanding, and more applications are being introduced based on electricity. It is expected that over 60% of all energy consumption will be converted and utilized as electricity, necessitating the production, distribution, and use of electrical energy to be as efficient as possible. Furthermore, emerging climate changes underscore the need to find future sustainable solutions. Under such evolving circumstances, two major technologies that are likely to play essential roles in solving parts of those future problems include the change in electrical power production from conventional, fossil (and short-term) based energy sources to renewable energy sources and usage of highly efficient power electronics in power generation, power transmission/distribution, and end-user application, thus driving the role of power electronics.

The power electronics industry is witnessing a dynamic arena that is constantly being modified by numerous trends, with the factors impacting it being widely disparate, as power electronic devices and systems are found across the entire electricity supply chain, from the generating station, across the grid, and to the items that consume the electricity. All are very different environments and subject to different influences.

Reducing energy consumption is one of the essential trends influencing the power industry, and power electronics have been gaining traction as a key technology to control the flow of electrical energy from the source to the load precisely according to the requirement of the load. Thus, it is responsible for the reliability and stability of the whole power supply infrastructure from the sources, the energy transmission and distribution up to the huge variety of applications in the industry, transportation systems, and home and office appliances.

For instance, advanced power electronics could realize savings of about 50% of the energy losses in converting from mains or battery voltages to that utilized in electronic equipment. Despite the tremendous importance of power electronics, there has been a lack of awareness of the role of power electronics in modern industrial society, even in the well-informed general public.

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