The global power electronics market size is expected to reach $36.64 billion by 2027 from $23.25 billion in 2019, growing at a CAGR of 5.7% from 2020 to 2027.

Power module is a set of power components integrated in power semiconductor devices. Power devices can attain extremely low resistance and high-frequency switching. These properties are exploited in high-efficiency power supplies, electric vehicles (EVs), hybrid electric vehicles (HEVs), photovoltaic inverters, and RF switching. These devices are applicable in power supplies for server, IT equipment, high-efficiency & stable power supplies, and EV & HEV devices. This is attributed to the fact that these devices facilitate control and conversion of electrical power effectively and efficiently.

The prominent factors that drive the power electronics market growth include increase in demand for power electronics component across various industry verticals, increase in adoption of SiC power devices, surge in need for power management devices, and rise in adoption of power electronics components in electric vehicles. Moreover, surge in demand for SiC-based photovoltaic cells in the developing countries, including China, Brazil, and India, fuels the growth of the global market. However, complex integration process of advanced electronics devices restrains the growth of the market, globally. This is attributed to the fact that their complex design requires robust methodology, skillsets, and different toolset for integration, which incur additional costs. This high cost of devices restrains their adoption among users, thereby hampering the market growth. Moreover, rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal-oxide-semiconductor field-effect transistor (MOSFET) are anticipated to provide lucrative opportunities for expansion of the power electronics market.

The global power electronics market is segmented into device type, material, application, end user, and region. Depending on device type, the market is classified into power discrete, power module, and power IC. By material, it is categorized into silicon carbide, gallium nitride, sapphire, and other. The applications covered in the study include power management, UPS, renewable, and others. On the basis of industry vertical, the market is divided into telecommunication, industrial, automotive, renewable, consumer & enterprise, military & defense, energy & power, and others.

Region wise, the power electronics market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America accounted for the highest share, owing to the expansion of the electronics market and rise in sales of EVs.

The key players operating in the market includes ABB Group, Fuji Electric Co, LTD, Infineon Technologies AG, Microsemi Corporation, Mitsubishi, Renesas Electronics Corporation, Rockwell Automation, STMicroelectronics, Texas Instruments Incorporated, and Toshiba Corporation are provided in this report.

KEY BENEFITS FOR STAKEHOLDERS
- This study presents the analytical depiction of the global power electronics industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global power electronics market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global power electronics market growth scenario.
- Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.

KEY MARKET SEGMENTS

BY DEVICE TYPE
- Power Discrete
o Diode
o Transistors
o Thyristor
- Power Module
o Intelligent Power Module
o Power Integrated Module
- Power IC
o Power Management IC
o Application Specific IC
BY MATERIAL
- Silicon Carbide
- Gallium Nitride
- Sapphire
- Other

BY APPLICATION
- Power Management
- UPS
- Renewable
- Other

BY END USER
- Telecommunication
- Industrial
- Automotive
- Consumer Electronics
- Military & Defense
- Energy & Power
- Others
BY REGION
- North America
o U.S.
o Canada
o Mexico
- Europe
o UK
o Germany
o France
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa
KEY PLAYERS
- ABB Group
- Fuji Electric Co, LTD
- Infineon Technologies AG
- Microsemi Corporation
- Mitsubishi
- Renesas Electronics Corporation
- Rockwell Automation
- STMicroelectronics
- Texas Instruments Incorporated
- Toshiba Corporation