Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Power Modules Market size was valued at USD 7.19 billion in 2024 and is likely to cross USD 35.62 billion by 2037, expanding at more than 13.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of power modules is estimated at USD 7.99 billion.
Additionally, the global power module market is anticipated to gain an incremental $ opportunity of USD 336.5 million in the year 2020 as compared to the previous year. Moreover, the market is also anticipated to gain an absolute $ opportunity of USD 5095.1 million through0ut the forecast period. The growth of the global power modules market is thriving on the back of the rising focus on IoT, growing demand for communication infrastructure, new innovations in power packaging, increasing product launches by several key players globally, rising demand for power modules in consumer electronics sector along with the increasing demand for electric vehicles and hybrid-electric vehicles among others. Additionally, factors such as the growth of silicon-carbide (SiC) and gallium nitride (GaN), is also expected to create new application opportunities for the market.
