At 4.6% CAGR, Europe Power Electronics Market is Projected to be Worth US$ 13,236.50 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe power electronics market was valued at US$ 9,217.70 million in 2022 and is expected to reach US$ 13,236.50 million by 2030, registering a CAGR of 4.6% from 2022 to 2030. Increasing demand for AI-based power electronics and growing adoption of consumer electronic devices and appliances among consumers are among the critical factors attributed to drive the Europe power electronics market growth.

Technological giants worldwide are highly focused on research and development of new technologies. Artificial intelligence (AI) is positioned as one of the major next-gen software technologies in the power electronics market. Artificial intelligence (AI) is transforming the way power electronics operate, especially in controlling the power quality cycle. Incorporating AI into power electronics helps businesses to streamline operations and automate tasks. For instance, in November 2020, Eneryield AB created an AI-based predictive method to control a wide range of power electronics.

AI-based power electronics are integrated with special machine-learning algorithms that allow huge amounts of data to be used to forecast the power quality over several cycles. AI allows power electronics to handle complex tasks such as signal measurement, power disturbance, and real-time monitoring. Further, power electronics use machine learning language-based components such as active power filters for monitoring the ongoing voltage and current signal attempts for predicting the power disturbance within a short time. The machine learning algorithm provides appropriate time for power electronics to pre-process the monitored signal, compute the prediction, and provide the prediction to the compensation device-which can then inject the opposite harmonics and interharmonics signal to mitigate the disturbance actively. Significant benefits offered by AI-based power electronics encourage manufacturers to integrate AI in power electronics.

In addition, AI-based power electronics help both manufacturers and consumers to control the electricity supply in the devices. Increasing demand for AI-based power electronics encourages companies to partner with each other to use and develop advanced solutions. For instance, in December 2023, Unipower AB announced a collaboration with Eneryield AB to develop AI-based power electronics for power grid applications. This collaboration helps Unipower AB use Eneryield AB's machine learning-based surveillance module in the power grids. The machine learning-based surveillance module helps Unipower AB predict faults in power grids, which can lead to better grid stability and supply security. Thus, the increasing demand for AI-based power electronics is anticipated to create lucrative opportunities for the power electronics market players during the forecast period.

On the flip side, complexities associated with product design and integration process hampers the growth of Europe power electronics market.

Based on type, the Europe power electronics market is categorized into power discrete, power module, and power IC. The power module segment held 44.0% market share in 2022, amassing US$ 4,060.35 million. It is projected to garner US$ 6,167.07 million by 2030 to register 5.4% CAGR during 2022-2030.

In terms of material, the Europe power electronics market is segmented into Silicon (SI), Silicon Carbide (SIC), Gallium Nitride (GAN), and others. The Silicon (SI) devices segment held 82.3% share of Europe power electronics market in 2022, amassing US$ 7,586.95 million. It is anticipated to garner US$ 10,950.42 million by 2030 to expand at 4.7% CAGR during 2022-2030.

By industry vertical, the Europe power electronics market is divided into ICT, automotive & transportation, consumer electronics, industrial, energy & power, and others. The consumer electronics segment held 27.1% share of Europe power electronics market in 2022, amassing US$ 2,496.59 million. It is projected to garner US$ 3,799.30 million by 2030 to expand at 5.4% CAGR from 2022 to 2030.

Based on country, the Europe power electronics market is categorized into the Germany, France, Italy, the UK, Russia and the rest of Europe. Our regional analysis states that the UK captured 27.5% share of Europe power electronics market in 2022. It was assessed at US$ 2,535.79 million in 2022 and is likely to hit US$ 4,167.08 million by 2030, registering a CAGR of 6.4% during 2022-2030.

Key players operating in the Europe power electronics market are Vishay Intertechnology Inc; Toshiba Electronic Devices & Storage Corp; Littelfuse, Inc; Renesas Electronics Corp; ROHM Co Lt; Fuji Electric Co Ltd; Mitsubishi Electric Corp; STMicroelectronics NV; Semiconductor Components Industries, L.L.C. (On Semiconductor); and Infineon Technologies AG., among others.

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