North America Power Electronics Market

North America Power Electronics Market Size (2024-2032):

The size of the North America power electronics market was worth USD 12.96 billion in 2023. The North America market is anticipated to grow at a CAGR of 5.52% from 2024 to 2032 and be worth USD 21.02 billion by 2032 from USD 13.68 billion in 2024.

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 energy. 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 growth of the target market in the North American region is attributed to the need for the improvement of power infrastructure and concerns related to the use of renewable power supplies are increasing globally. Also, growing investments on the advancements in renewable energy sources like solar & wind, which is further fuelling the growth of the North America Power Electronics Market. 

Market Drivers

The growing trend regarding enhancing the existing power infrastructure and existing power supply resources getting utilized increasingly due to the increasing consumption of power in the developed regions is the primary driver of the North America Power Electronics Market.

Also, governments of various developed nations investing in renewable energy sources, such as solar & wind and working towards formulating better feed-in-tariff policies to provide photovoltaic projects with the convenience of grid connections are boosting the growth of the North America Power Electronics Market.

Market Restraints

The high production cost of these products is a significant challenge that is restraining the growth of the power electronics market.

Market Segmentation

North America Power Electronics Market Analysis By End-Use 

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

North America Power Electronics Market Analysis By Type

• Power Module
• Power Discrete 
• Power IC

North America Power Electronics Market Analysis By Material Type

• Sapphire
• Gallium Nitride 
• Silicon
• Silicon Carbide

Geographical Analysis

• US
• Canada
• Rest of North America

In the regional analysis of the North America Power Electronics Market, the US and Canada are the countries that are majorly contributing to the market's revenue. The growth of the power electronics market in these countries is attributing to the growing investments on the advancements in renewable energy sources like solar & wind and working towards formulating better feed-in-tariff policies for providing photovoltaic projects with the grid connections convenience.

Market Key Players:

The Key Players of the North America Power Electronics Market includes Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), 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

• Littelfuse, Inc., a global manufacturer of leading technologies in circuit protection, power control, and sensing, has announced the rise of its DCN Series of high voltage direct current (DC) contactors which enables the design engineers to incorporate high voltage relay switching into a range of high current and high voltage applications. 
• TE Connectivity has announced that they are going to integrated with Analog Devices (ADI) MeasureWare, a plug-and-play suite of hardware measurement kits and software studio tools that are designed to help fulfill the growing need for precision measurement.