Power electronics are at the heart of power conversion technology. Power conversion refers to the use of electronic devices to convert voltage and current from one class and waveform to another. Power electronics are very efficient at energy conversion, often with an efficiency of more than 95%.
According to the conclusions of market research and analysis, the power electronics industry is undergoing rapid development and change. The size of China's power electronics market reached US$11.16 billion in 2023 and is expected to grow to US$24.10 billion by 2030, with a compound annual growth rate (CAGR) of 11.7%. Globally, the power electronics market size was valued at USD 52.7 billion in 2022 and is expected to grow from USD 61.94 billion in 2023 to USD 153.3 billion by 2030, registering a CAGR of 13.8% during the forecast period.
In terms of product type and technology, MOSFETs and IGBTs are the two largest market segments. In 2023, the MOSFET market size will be US$4.3 billion, accounting for 38%, of which silicon carbide-based MOSFETs will grow rapidly, driven by the demand for new energy vehicles, charging piles, UPS, etc.
1. Global power electronics market share forecast
Market size: According to the latest report of the QYesearch research team, "Global Power Electronics Market Report 2024-2030", the global power electronics market is expected to reach $65.45 billion in 2030, with a compound annual growth rate (CAGR) of 6.9% in the next few years. This forecast is based on the growth of global electricity demand, the optimization of the power mix, and the widespread use of power electronics.
Market growth drivers: The growth of the global power electronics market is mainly driven by the rapid development of new energy vehicles, charging piles, smart grids, and other fields. In addition, with the in-depth application of digitalization, networking, intelligence and other technologies, the intelligent level of power electronic equipment will continue to improve, further promoting the expansion of the market scale.
Major Producers: Global power electronics manufacturers include Infineon, ON Semiconductor, STMicroelectronics, Vincotech, Nexperia, and others. These companies have strong strength in technological innovation, market expansion and brand building, and will continue to occupy an important position in the global power electronics market.
Figure: Global Power Electronics Market Share (2022)
2. Forecast of China's power electronics market share
Market size: The future development trend and prospect forecast of China's power electronics industry market are quite optimistic. With the steady growth of power demand and the continuous innovation of power technology, the market scale of the power electronics industry continues to expand. According to the report released by the China Research Institute of Puhua Industry Research Institute, the operating income of China's power electronic component manufacturing industry will increase to 295.8 billion yuan in 2022, a year-on-year increase of 5.62%. In the next few years, the market size of China's power electronics industry is expected to reach tens of billions of US dollars, and the compound annual growth rate will also remain at a high level.
Market growth drivers: The growth of China's power electronics market is mainly driven by the rapid development of new energy vehicles, charging piles, UPS and other fields. In addition, policy support is also one of the important factors for the growth of the market. The government has introduced a series of policies and measures, such as increasing R&D investment, promoting industrial upgrading, and optimizing the market environment, which has provided a strong guarantee for the development of the power electronics industry.
Market competition pattern: China's power electronics industry is highly competitive, and the market concentration is low. Major listed companies in the industry include Datang Power Generation, Huadian International, Huaneng International, etc. These companies continue to increase investment in technology research and development, market expansion and brand building to enhance their competitiveness.
Whether it is the global or Chinese market, the power electronics industry will usher in a broader space for development.
