Power Electronics Market Size | Industry Trends & Forecast 2025

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Code: MTA10457

Publication Date: Nov 2025

What is the size of Power Electronics Market?

According to 6Wresearch internal database and industry insights, the Global Power Electronics Market was valued at USD 45 Billion in 2024 and is expected to reach USD 81 Billion by 2031, growing at a compound annual growth rate of 5.57% during the forecast period (2025-2031).

The main drivers of this growth are the rising adoption of electric vehicles, increasing demand for energy-efficient solutions, rapid industrial automation, and the growing use of renewable power sources like solar and wind energy in power conversion systems.

Growth Factors for Power Electronics Industry

Increasing integration of power electronics in electric vehicles and hybrid systems.
Expansion of renewable energy installations requiring efficient power conversion.
Rising adoption of wide bandgap semiconductors like SiC and GaN for enhanced performance.
Growth of smart grids and industrial automation across sectors.
Continuous R&D investments leading to smaller, more efficient power modules.

Power Electronics Market Trends

The trends observed in the power electronics market indicate increasing attention for energy efficiency, miniaturisation and the increasing digitalisation of power systems. Manufacturers are focusing on the development of silicon carbide (SiC) and gallium nitride (GaN) semiconductors for the purpose of high-speed switching and reduced losses. There is a transition to integrated power modules and more intelligent control systems that make energy use more efficient throughout electric vehicles (EVs), renewable energy grids, and industrial applications.

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Emerging Developments in the Power Electronics Market

Emerging developments in the power electronics market indicate an increase in investment around GaN-based devices, expansion of fast charging infrastructure for EVs, and new applications for power management ICs. Manufacturers are introducing new smart converters and hybrid inverters for solar energy applications. Further, automation and AI-enabled power systems become essential for identifying efficiency problems in data centres and smart factories.