Power Electronics Market Size and Share Growthm

Power Electronics Market Size and Share, Growth Opportunities, Competitive Analysis | 2032

Power Electronics Market is anticipated to register growth
through 2032, owing to the rising penetration of advanced computing devices
such as laptops, tablets, smartphones, and personal computers. Power
electronics are crucial for enhancing device performance and efficient battery
management in portable devices. Besides, the ongoing industrial automation,
owing to several benefits such as high productivity, high quality, increased
flexibility, and lower operating costs, will result in a surge in the implementation
of power electronics.

The key providers in the market are engaging in strategic
initiatives such as mergers and acquisitions, partnerships, R&D
investments, and new product launches to gain a competitive edge in the
industry. To cite an instance, in February 2022, Mitsubishi Electric
Corporation announced that its U.S. subdivision, Mitsubishi Electric Power
Products, has acquired all shares of Computer Protection Technology, Inc.,
based in San Diego, California. With this acquisition, the firm plans to expand
its UPS (uninterruptible power supply) business in North America.

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Overall, the power electronics industry is segmented in
terms of product, discrete, end-use, and region.

Considering the product, the module segment will grow
considerably over 2023-2032 owing to its wide application in motor drives,
inverters, and converters for power management. Improved power handling and
reliability, ease of installation, removal and replacement, simple heat sinking
through the integrated base plate, and simplified circuit implementation,
especially with intelligent power modules, are some of the key attributes that
will propel the product demand.

Based on discrete, the thyristors segment is anticipated to
depict over 2% CAGR through 2032, given the rising adoption of electric
vehicles for combating CO2 emissions. As per the Net Zero Emissions by 2050
Scenario estimates, there will be more than 300 million electric cars in 2030,
accounting for 60% of new car sales. Besides, thyristors are easy to use,
capable of controlling AC power, cost-efficient, and boast the ability to
handle large voltage, energy, and current.

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By end-use, the automotive and transportation segment is
slated to depict 6.5% CAGR over 2023-2032. The increasing power electronics use
among automotive OEMs owing to the rising integration of electrical and
electronic control systems in vehicles would stimulate the market growth.

Regionally, the Europe power electronics market is expected
to exhibit significant growth by 2032 end. The regional market expansion can be
attributed to the rising adoption of robotics and factory automation. In
addition, the presence of leading manufacturers and OEMs in the region that are
focusing on the modernization of their manufacturing facilities by integrating
industrial robots to gain a competitive advantage will add impetus to the
industry outlook in the future.

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