Power electronics market to reach $69.7B by 2030
EVs and renewables are driving the expansion, says Fairfield Market Research
UK-based Fairfield Market Research's latest report estimates that the global power electronics market will reach $69.7B by 2030, surging at a CAGR of 7.3 percent from 2023 to 2030.
This growth is fuelled by the rising demand for electric vehicles (EVs) and renewable energy integration, along with the increasing focus on sustainable practices and technologies like Artificial Intelligence (AI) and Internet of Things (IoT).
Industrial automation, and the rise of smart factories are also creating a significant demand for power electronic devices for precise control and energy efficiency, according to Fairfield.
A senior analyst at Fairfield said: "Advancements in wide-bandgap semiconductors and the growing emphasis on sustainable solutions will further propel market growth."
Key insights are that SiC is the dominant material category and is expected to maintain dominance due to its superior performance. GaN is witnessing the fastest growth due to its efficiency at high frequencies.
Power modules are the fastest-growing device category due to their ease of integration and reliability.
Low voltage (below 1kV) systems will remain dominant due to their versatility and safety features, while medium voltage category is witnessing the fastest growth due to its application in renewable energy and electric vehicles.
The report is called: 'Global Power Electronics Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030'
