Power electronics—used to convert and manage electricity in devices ranging from mobile phones to pumps and motors—will grow to a market worth $23 billion for discrete components in 2024, up from $13 billion today, according to Lux Research.
Silicon-based devices will remain the technology of choice, with an 87 percent share, but silicon carbide (SiC) and gallium nitride (GaN) will be the fastest-growing technologies, with a 30 percent and 32 percent market share, respectively, in 2024.
Lux Research evaluated the $23 billion market for discrete power electronics, assessing market drivers and diverse technologies. The report includes the following findings:
- Tablet computers fuel growth. Consumer electronics and IT will account for 48 percent of the market in 2024, or about $11 billion. Consumer electronics make up most of this segment, expanding from $7 billion in 2014 to $10 billion in 2024, driven by growth of low-power tablet computers as well as ongoing popularity of mobile phones.
- Transportation drives SiC and GaN. The transportation market, worth nearly $1.2 billion in 2024, will be the big driver for both SiC and GaN. Transportation uses will account for 65 percent of the total market for SiC and 41 percent of the total market for GaN.
- SiC adoption is limited by price; GaN is limited by availability. Notwithstanding their high growth rates, SiC and GaN remain a small total share of the market. High costs will make SiC transistors less viable in many applications, while GaN’s adoption will be held back by delayed product roll-outs and capacity expansions.
The report, “Sizing-up the $23 Billion Discrete Power Electronics Market in 2024,” is part of the Lux Research Energy Electronics Intelligence service.