Market Highlights
The global power electronics market spans across North America, Europe, Asia-Pacific, the rest of the world.
The growing trend of renewable energy resources and portable energy systems is largely impacting the growth of the global power electronics market during the forecast period. However, complexities in designing and integrating technically advanced devices are expected to impact market growth. Power electronics devices are also used in electric and hybrid vehicles to optimize overall system cost, maximize power savings, extend mileage, minimize power losses, increase power density, and improve battery efficiency. This has created opportunities for manufacturers of power electronic components.
The geographic analysis of the power electronics market has been done for North America, Europe, Asia-Pacific, the rest of the world. Asia-Pacific has dominated the power electronics market in 2019 and is expected to reach USD 24.22 billion in 2026, with the highest CAGR of 7.78%. The regions of North America and Europe are also expected to witness significant growth over the forecast period.
In North America, the US accounted for the largest market share in 2018. Advancements in technology and the increasing demand for consumer electronics such as mobile phones, computers, and others are some of the major factors, which are driving the growth of the power electronics market in the region. Europe is expected to register steady growth in the power electronics market during the forecast period owing to the rising adoption of smartphones, increasing availability of smart devices, and other IoT-based systems. The region, by country, has been segmented into the UK, Germany, France, and the rest of Europe. Asia-Pacific dominates the power electronics market based on the region due to growing markets of consumer electronics and wearable products in China, India, Japan, South Korea, Singapore, Taiwan, and other countries in the region.
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Additionally, growing investments by key market players operating in this region significantly contribute towards the market growth. Furthermore, the increasing ownership of smartphones, personal electronics, and smart wearables in the region stimulates market growth. The rest of the world held the fourth position in terms of market share in 2019. The market growth in this region is currently stagnant due to the presence of emerging economies and relatively low infrastructure support. However, the market is expected to experience a growing trend in the future due to the increasing investment to boost the telecom infrastructure and IoT connectivity. The region has been segmented into the Middle East & Africa and South America.
