Europe Power Electronics Market size was USD 13953.66 million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

Power Electronics Market is Segmented by Component (Discrete, Module, and Integrated Power IC), Device Type (MOSFET, IGBT, Thyristor, and Diode), Material (Silicon, Silicon Carbide, and More), End-User Industry (Consumer Electronics, Automotive, ICT and Telecommunication, Industrial, Energy and Power, Aerospace and Defense, and More), and Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa).

In Europe Power Electronics Market, Renewable energy generation, improvements in energy infrastructure, and energy-efficient compact electronics components are some of the primary factors driving the growth of Europe’s power electronics industry.

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Power Electronics Market Size 2025-2029

The power electronics market size is valued to increase USD 11.14 billion, at a CAGR of 5.9% from 2024 to 2029. Increased adoption of renewable energy will drive the power electronics market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 55% growth during the forecast period.
By Product - Discrete segment was valued at USD 21.2 billion in 2023
By Material - Silicon segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 61.80 million
Market Future Opportunities: USD 11143.90 million
CAGR from 2024 to 2029 : 5.9%

Market Summary

The market is experiencing significant growth, driven by the increasing adoption of renewable energy sources and the rise in implementation of smart grids. According to a recent report, The market was valued at USD120.5 billion in 2020 and is projected to reach USD181.5 billion by 2026, growing at a steady rate of 6.5% per annum. This expansion is fueled by the need for efficient energy conversion and management in various industries, including transportation, industrial, consumer electronics, and renewable energy. Despite this progress, challenges persist, particularly in the realm of power electronics components.
For instance, the technological limitations of metal-oxide-semiconductor field-effect transistors (MOSFETs) continue to hinder their widespread adoption. Efforts are underway to address these challenges through advancements in wide bandgap semiconductors, such as gallium nitride (GaN) and silicon carbide (SiC), which offer improved power handling capabilities and efficiency. As the market evolves, it is essential for businesses to stay informed about the latest trends and developments. This includes the increasing integration of power electronics in renewable energy systems, the growing popularity of smart grids, and the ongoing research and innovation in power semiconductor technology. By staying abreast of these advancements, businesses can capitalize on the opportunities presented by this dynamic and ever-evolving market.

What will be the Size of the Power Electronics Market during the forecast period?

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How is the Power Electronics Market Segmented ?

The power electronics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Discrete
  Module


Material

  Silicon
  Silicon carbide
  Gallium nitride


End-user

  Consumer electronics
  Industrial
  Automotive
  Biomedical and healthcare
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Product Insights

The discrete segment is estimated to witness significant growth during the forecast period.

The market continues to evolve, driven by the increasing demand for energy-efficient technologies and the integration of renewable energy sources. Power electronic systems, including ac-dc converters, dc-dc converters, and inverter technology, are at the heart of this transformation. These systems utilize advanced components such as power semiconductors, like insulated gate bipolar transistors (IGBTs) and metal-oxide-semiconductor field-effect transistors (MOSFETs), and high-frequency converters. Thermal management, through heat sinks and cooling systems, is crucial for maintaining power system stability. Key applications include motor drive systems, battery management systems, and electric vehicle chargers. Renewable energy integration necessitates power converters to ensure power quality and meet energy efficiency standards.

Advanced control methods, such as analog power control, digital power control, and soft switching techniques, are employed to optimize power density and improve power factor correction. Harmonic and RFI suppression are essential for maintaining power quality. The market for power electronic components, like resonant converters, IGBT modules, and thyristor control, is projected to reach USD130.5 billion by 2028, growing at a CAGR of 11.2% from 2021 to 2028. This growth is attributed to the increasing demand for power electronic systems in various industries, including transportation, industrial, and consumer electronics. By procuring modules instead of discrete components, engineers can save time and resources, reducing time-to-market.

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The Discrete segment was valued at USD 21.2 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 55% to the growth of

The power electronics market size is projected to grow from USD 39.46 billion in 2024 to USD 71.58 billion by 2035, representing a CAGR of 5.56%, during the forecast period till 2035.

The power electronics market is booming, projected to reach $XX million by 2025 and grow at a CAGR of 4.53% until 2033. Driven by EVs, renewable energy, and high-performance computing, this comprehensive market analysis explores key trends, segments (SiC, GaN, automotive, etc.), leading companies, and regional growth forecasts. Recent developments include: May 2023: Infineon Technologies AG has launched its latest generation of power MOSFETs for automotive applications, the OptiMOS 740 V MOSFET family, in a variety of lead-free and rugged performance packages. The new family combines 300 mm thin wafer technology with innovative packaging to offer significant performance benefits in a small package. This makes this MOSFET ideal for all standard and future 40 V automotive MOSFET applications, such as braking systems, electric power steering, circuit breakers, and new zone architectures., May 2023: Vishay Intertechnology, Inc. has introduced 17 new third-generation 650 V silicon carbide Schottky diodes (SiC). Vishay Semiconductors' devices feature a merged pin Schottky (MPS) design that combines high surge current capability with low forward voltage drop, capacitive charging, and reverse leakage current to improve reliability and efficiency in switching power supply designs., May 2023: Toshiba Electronics Europe launched a new 150V N-channel power MOSFET based upon their latest generation U-MOS X-H Trench process. The TPH9R00CQ5 has explicitly been designed for high-performance switching power supplies, such as communication base stations and other industrial applications.. Key drivers for this market are: Rising Demand for High-energy and Power-efficient Devices in the Electronics Segment, Demand for Green Energy Power Generation Drives. Potential restraints include: Rising Demand for Integrated Circuits. Notable trends are: Rising Demand for High-energy and Power-efficient Devices in the Electronics Segment is Expected to Drive the Market Growth.

The Space Power Electronics Market is booming, projected to reach $320.35 million by 2025 with a 14.68% CAGR. Driven by space exploration, radiation-hardened tech, and electric propulsion, this report analyzes market size, trends, key players (Honeywell, Microchip), and regional insights (North America, Europe, Asia-Pacific). Explore the future of space power! Notable trends are: Satellites are Expected to Dominate the Market During the Forecast Period.

Power Electronics for Electric Vehicles market has been steadily increasing over recent years, and forecasts suggest a substantial growth trajectory in the upcoming period.

The Space Power Electronics Market Report is Segmented by Component (Power Integrated Circuits, Power Discrete Devices, Power Modules, and More), Voltage Range (less Than 28 V, and More), Platform (Satellites, Launch Vehicles, and More), Application (Communication, and More), End-User (Commercial, and More), and Geography (North America, Europe, and More). The Market Forecasts are Provided in Terms of Value (USD).

The global power electronics market, valued at $32.02 billion in 2025, is projected to experience robust growth, driven by the increasing demand for renewable energy sources, electric vehicles (EVs), and advancements in power management technologies. The Compound Annual Growth Rate (CAGR) of 5.92% from 2025 to 2033 indicates a significant expansion, with the market expected to surpass $50 billion by 2033. Key drivers include the burgeoning adoption of EVs and hybrid electric vehicles (HEVs), the rising integration of renewable energy sources like solar and wind power into the grid, and the increasing need for efficient energy management in industrial applications. Furthermore, technological advancements leading to smaller, lighter, and more efficient power electronic components are fueling market expansion. The discrete component segment currently dominates the market, but the module segment is anticipated to witness faster growth due to its inherent advantages in terms of size, cost-effectiveness, and ease of integration. Geographic expansion is also noteworthy, with Asia-Pacific expected to lead market growth due to rapid industrialization and increasing energy consumption in countries like China and India. North America and Europe are also vital markets, driven by government initiatives supporting renewable energy and EV adoption. Competition within the power electronics market is fierce, with major players such as Infineon Technologies, Texas Instruments, and STMicroelectronics vying for market share through strategic partnerships, acquisitions, and technological innovation. The market landscape is characterized by both established players and emerging companies, leading to a dynamic competitive environment. While the market faces challenges such as supply chain disruptions and fluctuating raw material prices, the long-term outlook remains optimistic due to the sustained global focus on energy efficiency and decarbonization efforts. The market segmentation by product type (discrete and module) and geographical region provides crucial insights for stakeholders seeking to capitalize on this expanding sector. This robust growth trajectory is further substantiated by continued investment in research and development aimed at improving efficiency, power density, and reducing costs associated with power electronic systems.

The global Space Power Electronics Market size is projected to rise from USD 342.9 million in 2024 to USD 1.68 billion by 2034, representing a CAGR above 17.2% for the 2025–2034 forecast period. Dominant industry players include Airbus SE, AlphaCore Inc., Analog Devices, Inc., API Technologies Corp., BAE Systems plc, Cobham Limited, Crane Co., EPC Space LLC, GaN Systems Inc., GomSpace Group AB, HEICO Corporation, Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductors N.V., Onsemi, Renesas Electronics Corporation, RUAG Group, Solid State Devices, Inc., STMicroelectronics N.V., Terma Group, Texas Instruments Incorporated, TT Electronics plc, Vicor Corporation, Vishay Intertechnology, Inc., Wolfspeed, Inc..

The automotive power electronics market is experiencing robust growth, driven by the increasing electrification of vehicles and the stringent emission regulations globally. The market, currently valued at approximately $XX million (assuming a reasonable market size based on industry reports and the provided CAGR), is projected to witness a compound annual growth rate (CAGR) exceeding 4% from 2025 to 2033. This expansion is fueled by several key factors. The rise of electric vehicles (EVs) and hybrid electric vehicles (HEVs) significantly boosts demand for power electronics components like inverters, converters, and onboard chargers. Furthermore, the integration of advanced driver-assistance systems (ADAS) and autonomous driving technologies requires sophisticated power management solutions, further contributing to market growth. The adoption of higher-voltage architectures in vehicles also plays a crucial role, driving demand for more efficient and powerful components. Segmentation reveals strong growth in power ICs and modules within body electronics, safety and security, and powertrain applications. Passenger cars currently dominate the vehicle type segment, but commercial vehicles are showing significant growth potential as electrification expands into this sector. Key players like Infineon, Texas Instruments, and Renesas are heavily investing in research and development to enhance power electronics technology, while facing competition from other established players in the automotive semiconductor market. Geographical analysis indicates a strong presence across North America, Europe, and Asia Pacific, with significant regional variations influenced by government policies and the rate of EV adoption. While North America and Europe currently hold larger market shares, the Asia Pacific region is poised for rapid growth, driven by the increasing production and sales of EVs in countries like China and India. However, challenges remain. The high cost of power electronics components and the complexity of integrating them into vehicles can act as restraints. Supply chain disruptions and the dependence on raw materials also pose potential risks. Nevertheless, the long-term outlook for the automotive power electronics market remains positive, driven by continuous innovation and the unstoppable trend towards vehicle electrification and automation. Recent developments include: In September 2021, Infineon Technologies AG and Panasonic Corporation signed an agreement for the joint development and production of the second generation (Gen2) of their proven gallium nitride (GaN) technology, offering higher efficiency and power density levels., In June 2021, STMicroelectronics launched STi2GaN solutions for auto applications. STi2GaN family combines a monolithic power stage, drivers and protections in GaN technology, and System-in-Package (SiP) solutions for application-specific ICs with additional processing and control circuitry., In June 2021, NXP Semiconductors N.V. and TSMC announced the release of NXP's S32G2 vehicle network processors and the S32R294 radar processor into volume production on TSMC's advanced 16 nanometers (nm) FinFET process technology. This marks the migration of NXP's S32 family of processors to increasingly advanced process nodes as automobiles evolve into powerful computing platforms.. Notable trends are: The Passenger Vehicle Segment Anticipated To Hold Largest Market Share.

The global Power Electronics for Electric Vehicles market is booming, projected to reach $10.94 billion by 2033 with a 4.5% CAGR. Discover key trends, leading companies (Infineon, Mitsubishi, ON Semi), and regional market share in this in-depth analysis.

The global electric vehicle power electronics market is booming, projected to reach $98.5 billion by 2033 with a CAGR of 18%. Learn about key drivers, trends, restraints, and leading companies shaping this rapidly expanding sector. Explore market segments including inverters, converters, and chargers across major regions like North America, Europe, and Asia Pacific.

According to Cognitive Market Research, the global Power Electronics Market size is USD 46512.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 18604.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 13953.66 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 10697.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
The Latin America market will account for more than 5% of global revenue and have a market size of USD 2325.61 million in 2024. It will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 930.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The diode held the highest Power Electronics Market revenue share in 2024.

Market Dynamics of Power Electronics Market

Key Drivers for Power Electronics Market

Rising Demand for Energy Efficiency to Increase the Demand Globally: The rising demand for energy efficiency is poised to significantly increase the global demand for power electronics solutions across various sectors. As businesses and consumers alike prioritize sustainability and cost-effectiveness, there is a growing recognition of the pivotal role played by power electronics in optimizing energy usage and reducing wastage. This heightened awareness is driving investments in technologies that enhance the efficiency of power conversion, distribution, and utilization processes. Industries ranging from automotive and manufacturing to telecommunications and renewable energy are actively seeking innovative power electronics solutions to minimize energy losses, improve system performance, and meet stringent regulatory requirements. Additionally, government initiatives aimed at promoting energy conservation and reducing greenhouse gas emissions are further incentivizing the adoption of energy-efficient technologies.

Increasing Adoption of Renewable Energy Sources to Propel Market Growth: The increasing adoption of renewable energy sources is set to propel significant growth in the global power electronics market. As the world transitions towards sustainable energy solutions to mitigate climate change and reduce dependence on fossil fuels, there is a growing need for efficient power electronics systems to facilitate the integration and utilization of renewable energy resources. Solar, wind, hydroelectric, and other renewable energy technologies rely on power electronics for tasks such as energy conversion, grid connectivity, and energy storage management. This surge in demand for power electronics is driven by the expanding deployment of renewable energy installations worldwide, coupled with advancements in technology that enhance the efficiency and reliability of power conversion processes. Governments and regulatory bodies are also incentivizing the adoption of renewable energy through subsidies, tax credits, and renewable energy targets, further boosting the demand for power electronics solutions.

Key Restraints for Power Electronics Market

Complexity and Reliability Concerns to Limit the Sales: Complexity and reliability concerns pose significant challenges that could limit the sales potential of power electronics solutions. The intricate nature of power electronics systems, coupled with the demand for high performance and efficiency, often leads to complex designs and integration challenges. Manufacturers and end-users alike face the daunting task of ensuring the reliability, durability, and consistent performance of these systems under diverse operating conditions. Issues such as thermal management, switching losses, and voltage/current ratings must be carefully addressed to prevent system failures and ensure long-term reliability. Moreover, the rapid pace of technological advancements introduces additional complexities as newer generations of power electronics devices strive to meet increasingly stringent performance requirements. These challenges can result in higher development costs, longer time-to-market, an...

Europe Module-Level Power Electronics (MLPE) Sales Market size was USD 414.36 million in 2024 and will expand at a CAGR of 12.8% from 2024 to 2031.

EV Power Electronics Market Outlook

According to our latest research, the global EV Power Electronics market size reached USD 7.9 billion in 2024. The market is witnessing robust expansion, driven by the accelerating adoption of electric vehicles (EVs) worldwide. With a projected compound annual growth rate (CAGR) of 18.2% from 2025 to 2033, the market is expected to surge to USD 38.6 billion by 2033. This impressive growth is primarily fueled by technological advancements in power electronics, supportive government policies, and the increasing demand for energy-efficient mobility solutions.

The rapid growth of the EV Power Electronics market is underpinned by the global shift towards sustainable transportation and the electrification of the automotive sector. Governments across major economies are implementing stringent emission regulations, offering incentives for EV adoption, and investing in charging infrastructure. These factors collectively drive the integration of advanced power electronic components such as inverters, converters, and battery management systems in electric vehicles. The continuous innovation in semiconductor materials, including silicon carbide (SiC) and gallium nitride (GaN), is further enhancing the efficiency and performance of EV power electronics, making electric vehicles more competitive with their internal combustion counterparts.

Another significant growth factor is the rapid evolution of battery technologies and the falling costs of lithium-ion batteries, which directly influence the demand for sophisticated power electronics. As battery capacities increase and charging times decrease, the need for efficient power management systems becomes paramount. Power electronics are crucial in optimizing energy conversion, managing thermal loads, and ensuring the safety and longevity of EV batteries. The proliferation of fast-charging networks and the emergence of vehicle-to-grid (V2G) technologies are also bolstering the market, as they require highly reliable and efficient power electronic systems to manage complex energy flows.

The expansion of the EV Power Electronics market is further propelled by the growing consumer preference for electric vehicles, driven by heightened environmental awareness and the rising cost of fossil fuels. Automakers are increasingly investing in the development of new EV models across all vehicle segments, from passenger cars to commercial vehicles and two-wheelers. This diversification is creating substantial opportunities for power electronics manufacturers to cater to a broader array of applications and performance requirements. Moreover, collaborations between automotive OEMs and technology providers are accelerating the deployment of next-generation power electronics solutions, fostering innovation and competitive differentiation in the market.

Regionally, Asia Pacific dominates the EV Power Electronics market, accounting for the largest share in 2024, followed by Europe and North America. The region’s leadership is attributed to the presence of major automotive manufacturing hubs, aggressive government policies supporting EV adoption, and significant investments in research and development. China, in particular, is a global leader in EV production and sales, driving demand for advanced power electronics. Europe is experiencing rapid growth, fueled by ambitious carbon neutrality targets and the expansion of charging infrastructure, while North America is witnessing increased investments from both established automakers and new entrants. The market landscape in Latin America and the Middle East & Africa is evolving, with growing awareness and gradual adoption of EV technologies.

Component Analysis

The Component segment of the EV Power Electronics market comprises inverters, converters, on-board chargers, battery management systems (BMS), and other auxiliary components. Inverters represent a critical component, responsible for converting direct current (DC) from the battery into alternating current (AC) required by the electric traction motor. The demand for high-efficiency inverters is surging as automakers strive to enhance vehicle performance, extend driving range, and reduce energy losses. The adoption of advanced semiconductor materials such as SiC and GaN in inverter design is enabling higher switching frequencies, improved thermal management, and compact form factors, which are essential for next-generation EV archite

The global automotive power electronics market is booming, reaching $5107 million in 2025 and growing at a CAGR of 2.4% through 2033. Driven by EV adoption and ADAS, key segments include power ICs, modules, and discrete components. Explore market trends, leading companies, and regional analysis in this comprehensive report.