The Digital Power Electronics Market size is expected to reach US$42.8 billion by 2027, growing at a CAGR of 5.1% from 2022 to 2027. The growing focus on renewable power sources, increasing consumption of consumer electronics, expansion of the automotive industry and increasing demand from the aerospace and defense sectors are significantly boosting the Digital Power Electronic industry during the forecast period. In August 2021, STMicroelectronics introduced its new 45W and 150W MasterGaN devices for high-efficiency power conversion. However, high raw material prices and complex manufacturing processes are hampering the market growth. Moreover, with the growing emphasis on increasing productivity and declining operational time, a significant rise in the adoption of process automation technologies is being witnessed, which boosts the demand for digital power electronics in the manufacturing and industrial sector. In FY 2021, according to IBEF, the Department of Heavy Industries in India announced the Samarth Udyog Bharat 4.0 initiative for accelerating the deployment of process automation technologies to expand the manufacturing sector in the country by the end of 2025.

North America generated approximately 27% of the global revenues in the Digital Power Electronics industry in 2021. The rising demand for electric vehicles across the countries in the region and the presence of major manufacturers are propelling the market growth in this region. In June 2021, ON Semiconductor announced its new full silicon carbide MOSFET module solutions for charging electric vehicles with its 1200V MOSFET 2-PACK modules. Such developments drive the growth of the Digital Power Electronics market in the North American region.

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Digital Power Electronics Market Growth Driver:

Increasing demand from the Aerospace and Defense sectors:

The Aerospace and Defense industries are heavily investing in the development of compact, lightweight and cost-effective equipment which drives up the demand for Digital Power Electronics. Digital power electronics products are used in a wide variety of applications, including power drive controls, landing gear, defensive aids systems (DAS), engine systems and controls, flight control, navigation, avionics and communications. Signal processing for modern military radars, avionics, weapon systems, unmanned aerial vehicle (UAV) payloads and missile controls uses processing power that generates a lot of heat. Efficient digital power electronics help to reduce heat and improve performance. In January 2020, Solid State Devices Inc. launched the SFC35N120 1200-volt silicon carbide power MOSFETs for high-reliability aerospace and defense power electronics applications such as PFC boost converters and high-voltage DC-DC converters. These developments would positively influence the Digital Power Electronics industry outlook during the forecast period.

The Major Players in this Market

Major players in Digital Power Electronics Market include ABB Group, Fuji Electric Co, Infineon Technologies AG, Lattice Semiconductor, Mitsubishi Electric and Renesas Electronics Corporation. In April 2021, ROHM Co. Ltd. developed four new 600V IGBT Intelligent Power Modules (IPMs), the BM6437x series, that deliver low noise and low loss - ideal for power conversion in inverters.

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