At 5.2% CAGR, North America Power Electronics Market is Projected to be Worth US$ 18,908.48 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America power electronics market was valued at US$ 12,644.52 million in 2022 and is expected to reach US$ 18,908.48 million by 2030, registering a CAGR of 5.2% from 2022 to 2030. Increasing integration of SiC-based power electronics in electric vehicles and rising demand for power-efficient and high-energy devices are among the critical factors attributed to drive the North America power electronics market growth.

Conventional power electronics rely on silicon semiconductor technologies that typically have an efficiency of 85-95%, which causes a loss of approximately 10% of the electrical energy in the form of heat. The electrical field strength of silicon carbide (SIC) devices is approximately ten times stronger (2.8MV/cm vs. 0.3MV/cm) than silicon semiconductors. The SiC substrate can have a thinner layer structure, thermal design, and high-power densities, with high frequency switching that helps in reducing power dissipation in electric cars. The SiC-based power electronics devices have three times greater thermal conductivity and can function at higher temperatures, which increases its demand in electric vehicles for controlling heat. The demand for electric vehicles is growing across the globe. For instance, according to the International Energy Agency (IEA), electric vehicle sales increased by 10 million in 2022; approximately 14% of all new cars sold across the globe were electric, as compared to 2020. The increasing sales of electric cars globally is a key factor boosting the adoption of power electronics among automotive manufacturers. These devices are used to control heat and manage electricity in the charging and discharging of electric vehicles. SiC-based power electronics provide users with reliable and efficient energy management, which fuels the North America power electronics market.

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

Based on type, the North America power electronics market is categorized into power discrete, power module, and power IC. The power module segment held 44.2% market share in 2022, amassing US$ 5,594.93 million. It is projected to garner US$ 8,853.99 million by 2030 to register 5.9% CAGR during 2022-2030.

In terms of material, the North America power electronics market is segmented into Silicon (SI), Silicon Carbide (SIC), Gallium Nitride (GAN), and others. The Silicon (SI) devices segment held 77.6% share of North America power electronics market in 2022, amassing US$ 9,807.52 million. It is anticipated to garner US$ 14,804.87 million by 2030 to expand at 5.3% CAGR during 2022-2030.

By industry vertical, the North America power electronics market is divided into ICT, automotive & transportation, consumer electronics, industrial, energy & power, and others. The consumer electronics segment held 26.1% share of North America power electronics market in 2022, amassing US$ 3,300.67 million. It is projected to garner US$ 5,240.03 million by 2030 to expand at 5.9% CAGR from 2022 to 2030.

Based on country, the North America power electronics market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 78.0% share of North America power electronics market in 2022. It was assessed at US$ 9,866.52 million in 2022 and is likely to hit US$ 15,037.50 million by 2030, registering a CAGR of 5.4% during 2022-2030.

Key players operating in the North America 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.

• In July 2022, onsemi, a leader in intelligent power and sensing technologies, and Magna, a mobility technology company and one of the world's largest automotive suppliers, announced a long-term supply agreement (LTSA) for Magna to integrate onsemi's EliteSiC intelligent power solutions into its eDrive systems.
  
  

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