Power Electronics Market Top Leading Players with Strategies and Forecast 2030

Report Ocean recently released a comprehensive report on the Power Electronics Market, providing extensive insights into its demand, growth prospects, opportunities, challenges, and restraints. The report offers an in-depth analysis of the industry's structure and potential at both global and regional levels. It covers essential information on research and development activities, new product launches, and product responses from leading global and local companies. The report presents the data in a structured manner, incorporating graphical presentations and diagrammatic examinations of the global market across different regions.

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The global power electronics market size was US$ 38.1 billion in 2021. The global power electronics market is forecast to grow to US$ 58.9 billion by 2030, registering a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2022 to 2030.

Power electronics finds its applications in the electric vehicle segment. Power electronics offer compact and high-efficient solutions to power conversion, which is crucial in electric vehicles. Power electronics transmit electricity from a source to a load in a compact and sturdy manner. This gadget uses diodes and transistors to control the transfer of electric power from one form to another.

COVID-19 Impact Analysis

The COVID-19 pandemic was unfavorable to the power electronics market owing to global supply chain disruptions and trade declines in the market. In addition, the shortage of raw materials, components, and laborers in the manufacturing activities adversely impacted the overall market.

Factors Influencing the Market

The increasing adoption of power electronics technology in the renewable energy sector is driving the growth of the global power electronics market. In addition, the rising penetration of power electronic devices in utility applications, together with rising demand for high power density in electronics, will boost the market growth.

The benefits of the power electronics devices, such as high performance, superior electrical stability, and optimization of energy consumption, will surge its adoption among various verticals.

The beneficial applications of power electronics in the electric vehicle sector will accelerate the growth of the market in the coming years. EVs are gaining rapid traction due to growing pollution and rising fuel prices. The potential scope of the EV segment will also drive the growth of energy-efficient battery-powered portable devices during the forecast period.

The complex integration process may hamper the growth of the global power electronics market.

The growing number of developments and partnerships in the power electronics industry will be beneficial for the market. Toshiba launched "MG800FXF2YMS3," a silicon carbide (SiC) MOSFET module, in 2021.

Regional Analysis

North America is forecast to hold dominance in the global power electronics market. The growth of the market is attributed to the robust development of 5G infrastructure, increasing industrial automation, and rising initiatives to install charging stations in the region.

Asia-Pacific power electronics market is forecast to emerge as the fastest-growing regional market. This growth is attributed to the growing presence of consumer electronics, ICT, industrial, and automotive sectors in emerging countries like Japan, China, and South Korea.

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Rising demand for electricity and government measures to promote renewable energy infrastructure will contribute to the regional market growth. Furthermore, the presence of industry leaders such as Toshiba, Mitsubishi Electric, Huawei, Fuji Electric, BYD, etc., will boost the market growth.

Competitors in the Market

Market Segmentation

The global power electronics market segmentation focuses on Application, End User, Material, Device Type, and Region

By Application

By End-User

By Material

By Device Type

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By Region

The report utilizes several strategic analysis tools, including PESTLE (Political, Economic, Social, Technological, Legal, and Environmental) analysis and SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis.

PESTLE Analysis:

Political factors: Examining trade policies, budgetary and tax policies, political stability, and government regulations that may impact the market.

Economic factors: Analyzing interest rates, employment/unemployment rates, raw material costs, and foreign exchange rates that influence the market.

Social factors: Assessing shifts in attitudes, habits, family demographics, and educational and cultural trends that shape consumer behavior.

Technological factors: Evaluating research and development, automation, and advancements in digital or mobile technologies affecting the market.

Legal factors: Considering labor laws, consumer protection laws, health and safety regulations, and international trade restrictions impacting market operations.

Environmental factors: Understanding climate concerns, recycling practices, carbon footprint management, waste management, and sustainability efforts affecting the market.

SWOT Analysis:

Strengths: Identifying internal factors that give the company a competitive advantage and distinguishing capabilities in the market.

Weaknesses: Assessing internal limitations and areas where the company lags behind competitors or faces challenges.

Opportunities: Examining external factors or market conditions that present potential growth prospects or favorable circumstances for the company.

Threats: Identifying external factors or challenges in the market that may pose risks or obstacles to the company's success.

The PESTLE and SWOT analyses help provide a comprehensive understanding of the market landscape, enabling businesses to make informed decisions and develop effective strategies.

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