The power electronics market is expected to grow from US$ 43.37 billion in 2022 and is expected to reach US$ 65.36 billion by 2030; it is estimated to record a CAGR of 5.3% from 2022 to 2030.

Power electronics plays an important role in various aspects of the information & communication technology (ICT) industry. Power electronics circuits convert the alternating current (AC) from the grid to the direct current (DC) needed for various ICT devices. This is achieved using diode rectifiers, thyristors, and switching transistors in various configurations. Additionally, power electronics converters adjust the DC voltage to specific levels required by different components within an ICT system. This is vital for efficient operation and prevents damage to sensitive electronics. Boost converters, buck converters, and buck-boost converters are employed for DC-DC conversion. Power electronics advancements continue to drive innovation and improve efficiency in various ICT applications. As the demand for faster, more reliable, and sustainable ICT infrastructure increases, the role of power electronics will become even more crucial in the coming years.

Global power electronics market size is segmented by material into silicon (SI), silicon carbide (SIC), gallium nitride (GAN), and others. The silicon (SI) segment is projected to grow during the forecast period. Silicon-based power electronics have numerous applications in a wide range of industries and gadgets. Their adaptability enables them to be customized to perform a variety of functions, including rectification, amplification, and switching in a wide range of electronic systems. The ease with which silicon-based devices can be integrated into existing electronic systems is an important aspect for manufacturers seeking to incorporate power electronics into several products and applications. These factors are anticipated to drive the power electronics market growth.

Asia Pacific is anticipated to lead the market, with the greatest CAGR throughout the forecast period. The significant presence of consumer electronics can be linked to the market's expansion in Asia Pacific. In countries such as Japan, China, and South Korea, the information and communication technology (ICT), industrial, and automotive industries in South Korea, the market is gaining traction.

Renewable energy infrastructure development is a critical factor driving the overall market. Moreover, the expanding population in developing countries, particularly China and India, which is increasing the deployment of communication infrastructure, is expected to fuel the market expansion for power electronics in the region during the forecast period. The presence of well-established power electronics market players such as Renesas Electronics Corporation, Fuji Electric Co., and Toshiba Corporation in Asia Pacific increases the market growth. Furthermore, the development of Chinese firms such as BYO, Huawei, CRRC, and Sungrow is strengthening the domestic power electronics sector in China.

Infineon Technologies AG, Semiconductor Components Industries, L.L.C. (On Semiconductor), STMicroelectronics NV, Mitsubishi Electric Corp, Fuji Electric Co Ltd, ROHM Co Ltd, Renesas Electronics Corp, Littelfuse, Inc, Toshiba Electronic Devices & Storage Corp, and Vishay Intertechnology Inc are among the key market players profiled in this market study. Several other essential power electronics market players were analyzed for a holistic view of the market and its ecosystem.

The overall power electronics market size has been derived using both primary and secondary sources. To begin the power electronics market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the power electronics market. The process also serves the purpose of obtaining an overview and market forecast of the power electronics market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the power electronics market.