Power Electronics Market To Reach $43.7B By 2031
Market growing at 5.1 percent CAGR, says Allied Market Research
Allied Market Research's recently published a report on the power electronics market reveals that the power electronics industry was $26.6 billion in 2021 and is expected to reach $43.7 billion by 2031, growing at a CAGR of 5.1 percent from 2022 to 2031.
Increase in use of power electronics in several applications and need for power management devices in automotive, consumer electronics, and energy & power industries are driving the growth. However, complex integration process for advanced electronics devices hinders the market growth.
By device type, the power module segment held the largest share in 2021, accounting for more than two-fifths of the global power electronics market, due to unmatched efficiency and durability. However, the power discrete segment is expected to register the highest CAGR of 6.5 percent during the forecast period, owing to their faster switching.
By end user, the energy and power segment held the lion's share in 2021, contributing to nearly one-fifths of the global power electronics market. However, the automotive segment is estimated to manifest the highest CAGR of 7.6 percent from 2022 to 2031, due to rise in demand for electric and hybrid vehicles and growth of electro-mobility and photovoltaic inverters market.
By region, the global power electronics market across Asia-Pacific dominated in 2021, holding around half of the market, due to increase in investment by prime market players in emerging technologies. However, the market across LAMEA (Latin America, Middle East and Africa) is projected to portray the highest CAGR of 6.1 percent during the forecast period.
The full report is titled 'Power Electronics Market by Device Type (Power Discrete, Power Module, Power IC), by Material (Silicon Carbide, Gallium Nitride, Sapphire, Others), by Application (Power Management, UPS, Renewable, Others), by End Use (Telecommunication, Industrial, Automotive, Consumer Electronics, Military and defense, Energy and Power, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031'