Power Electronics Market Faces Growth and Shifts in 2024, Yole Group Reports

The power electronics market is projected to grow from $26.2 billion in 2024 to $43.3 billion by 2030, with an 8.7% compound annual growth rate, according to Yole Group’s 2024 report, *Status of the Power Electronics Industry*. Despite long-term growth driven by demand in electric mobility, renewables, and industrial electrification, the industry faced challenges in 2024, including overcapacity, high inventory levels, and declining average selling prices due to cost pressures and competition from low-cost Chinese manufacturers.

The competitive landscape is shifting, with Infineon Technologies, STMicroelectronics, and onsemi maintaining their positions as market leaders in discrete and module segments. Silicon-based devices dominate in volume, but silicon carbide (SiC) and gallium nitride (GaN) technologies are growing rapidly, driven by demand for high-efficiency power systems in electric vehicles and renewable energy applications.

Chinese manufacturers are gaining ground, with four companies CRMicro, Silan, BYD, and CRRC are entering the global Top 20 in 2024. Their rise is supported by st...