Europe Power Electronics Market

Europe Power Electronics Market Size (2024-2029):

The europe power electronics market is estimated to be USD 12.09 billion in 2024 and is projected to reach USD 15.64 billion by 2029, at a CAGR of 5.29% from 2024 to 2029.

Market Scenario

Power electronics is an application of solid-state electronics for the controlling and conversion of electric power. This is a pivotal technology to save energy and high functionalizing in the usage of electricity. These power electronics applications have a high voltage tendency and decrease current to reduce the loss of conduction. Mercury-arc valves are the first high power electronic devices. The primary component for the high voltage power electronics is the power semiconductor device for switching operations.

The European Commission has committed a commitment to achieve 20% and 27% of the overall energy consumption with the help of renewable sources by 2020 and 2030, respectively. The growth of the power electronics business in the European region is attributed to the initiative taken by European countries to increase the production of renewable energy.

Market Drivers

The qualities of these power electronic devices like ensuring the power getting delivered effectively to offer high security, reliability, and flexibility to the power system which is has a crucial role in converting existing electrical grids into next-generation networks is the primary driver for the growth of the Europe Power Electronics Market. And the growing concerns regarding the environmental and grid capacity issues are further bolstering the demand for renewable energy sources, thus boosting the power electronics market growth in this area.

Market Restraints

However, the current leakage at high temperature and high infrastructure deployment cost is the hindering factor for the growth of the target market in Europe.

Market Opportunities

The proactive government initiatives to establish high voltage direct current (HVDC) and smart grid utilizing power devices for power conversation are estimated to create lucrative opportunities for local market growth.

Market Segmentation

Europe Power Electronics Market Analysis By End-Use 

• Automotive
• Aerospace and Defence
• IT 
• Consumer Electronics 
• Energy and Power

Europe Power Electronics Market Analysis By Type

• Power Module
• Power Discrete 
• Power IC

Europe Power Electronics Market Analysis By Material Type

• Sapphire
• Gallium Nitride 
• Silicon
• Silicon Carbide

Geographical Analysis

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

In the regional analysis of the Europe Power Electronics Market, Germany, UK, and France are the major contributors to the market's revenue. The growth of the power electronics market in these countries is due to the presence of the most excellent electricity grid systems and the significant engineering developments of these power electronics technologies.

Market Key Players

The Key Players of the Europe Power Electronics Market include Infineon Technologies (Germany), Texas Instruments (US), Mitsubishi Electric (Japan), Fuji Electric (Japan), On Semiconductor (US), STMicroelectronics (Switzerland), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Intertechnology (US), Maxim Integrated Products (US), SEMIKRON (Germany), ABB (Switzerland), Hitachi (Japan), Analog Devices (US), ROHM Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip Technology (US), and Danfoss (Denmark)., and Others.

Market Recent Developments

• STMicroelectronics, the world's leading semiconductor supplier spanning multiple electronic applications, has introduced an ultra-low-power microcontroller (MCU), STM32L5 x2 series, featuring security as a high priority to provide better protection for IoT-connected applications. 
• Infineon Technologies AG, a German semiconductor manufacturer, has announced that they have received all necessary regulatory approvals for acquiring Cypress Semiconductor Corporation, where the transaction is about to end within five business days.