The Power Electronics Market would expand from USD 37.4 billion in 2021 to USD 46.3 billion by 2026, expanding at a CAGR of 4.4%. The power electronics market saw certain challenges in 2020 and 2021 as a result of COVID-19. Existing semiconductor technologies like MOSFETs and IGBTs have improved as a result of the employment of SiC and GaN. Renewable energy systems, namely wind and solar energy systems, continue to utilise power electronics-based power converters.

In 2021, the power IC sector will hold the biggest market share for power electronics.

Low power ICs provide the high efficiency and small form factor required for small applications like as wearables, hearables, sensors, Internet of Things devices, and a variety of portable electronics. Additionally, power ICs are utilised for voltage scaling, battery charging, and DC-to-DC conversion, which have numerous applications in a variety of sectors. Therefore, it is anticipated that throughout the forecast period, the market for power ICs would account for the greatest part of the market.

During the anticipated term, silicon-based power electronics will rule the power electronics market.

The preferred substrate for the vast majority of semiconductor wafers right now is silicon. Low-power and non-wide bandgap applications can both be accommodated by silicon-based power electronics. Silicon has the largest market share since it is a material that is frequently utilised to make a lot of power electronics.

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In terms of market share for power electronics, the consumer electronics sector will lead in 2021.

Since the invention of transistors, consumer technology has dominated the power electronics business. Therefore, it is anticipated that during the projection period, the consumer electronics category will hold the greatest market share. The market for power electronics is anticipated to be driven by the rising usage of consumer electronics like smartphones, tablets, and smart wearables, especially in emerging nations. The market size of the consumer electronics segment is also anticipated to be influenced by the growing use of power electronics in home appliances. GaN-based power electronics are being adopted by OEMs with operations in China and South Korea, including Oppo, Xiaomi, Vivo, Meizu, Samsung, and Huawei, for high power inline chargers for phones and accessories fast chargers. 

During the forecast period, the automobile industry, which is globally integrated, is expected to be most affected. The demand for power electronics in the automobile sector has been significantly impacted by factory closures, supply chain interruptions, and a lack of buyer trust. The slowdown in electronics output brought on by the fall in the automotive industry has also had an impact on the consumer electronics sector.

According to estimates, the APAC market would have the most share during the projection period.

During the projected period, APAC is anticipated to dominate the power electronics market and post the highest CAGR. The substantial presence of consumer electronics, ICT, industrial, and automotive sectors throughout China, Japan, and South Korea is credited with driving the market's expansion in APAC. The overall market in APAC is also being driven by the rising demand for power generation and government initiatives in various nations to support renewable energy infrastructure. The market expansion for power electronics is anticipated to be aided by the rising population in developing nations like China and India, which would result in a greater deployment of communication infrastructure. The expansion of the regional market is aided by the existence of several reputable power electronics companies, including Renesas Electronics, Mitsubishi Electric, Fuji Electric, ROHM, and Toshiba. Chinese newcomers like BYD, Huawei, CRRC, and Sungrow are assisting China in developing its domestic power electronics business. These elements are anticipated to support the expansion of the APAC power electronics industry.

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Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).

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