IMARC Group has recently released a new research study titled “South Korea Power Electronics Market Size, Share, Trends and Forecast by Device, Material, Application, Voltage, End Use Industry, and Region, 2025-2033” This report offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

South Korea Power Electronics Market Overview

The South Korea power electronics market size was valued at USD 628.2 Million in 2024 and is projected to reach USD 974.5 Million by 2033, growing at a CAGR of 5% during the forecast period of 2025–2033. This growth is driven by rising demand for electric vehicles, government support for renewable energy, expanding semiconductor production, investments in smart grids, upgrades in industrial automation, and increasing needs for efficient power management and energy-saving solutions.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

South Korea Power Electronics Market Key Takeaways

• Current Market Size: USD 628.2 Million (2024)
• CAGR: 5%
• Forecast Period: 2025-2033
• The market growth is supported by the increasing production of electric vehicles and government initiatives for renewable energy adoption.
• Expansion in semiconductor manufacturing and strong investments in smart grid technologies are boosting market demand.
• Upgrades in industrial automation and rising demand for advanced power management solutions strengthen market growth.
• Hydrogen vehicles, particularly fuel cell electric SUVs with high driving ranges, are driving the need for advanced power electronics components.
• Voltage source converter HVDC systems adoption is modernizing grids, offering opportunities for next-generation power modules and digital tools.

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Market Growth Factors

South Korea’s power electronics market growth is propelled by its strong push towards electric vehicle adoption and renewable energy initiatives. Rising demand for electric vehicles fuels the need for efficient power conversion technologies and energy management systems. The government’s support of renewable power sources further strengthens market opportunities, encouraging investments in smart grids and industrial automation. These trends contribute to a projected CAGR of 5% between 2025 and 2033, aiming for a market value of USD 974.5 Million by 2033.

Hydrogen fuel cell vehicles are a significant growth driver for the market. South Korea’s focus on hydrogen mobility, exemplified by Hyundai Motor’s launch of the second-generation NEXO fuel cell electric SUV with a 700 km+ range, increases the demand for advanced power semiconductors, converters, and thermal management components. This fosters innovation in smaller, lighter, and safer power electronics systems that handle high power loads crucial for hydrogen stack energy management, boosting the market’s regional leadership in next-generation mobility solutions.

Grid modernization efforts further support market expansion. Adoption of voltage source converter HVDC technology, as seen in projects like Hitachi Energy and KEPCO’s December 2024 deployment on Jeju Island, improves power flow stability and efficiency for renewable energy integration and seasonal demand surges. This modernization creates demand for advanced power modules, cooling solutions, and digital monitoring tools, aligning with South Korea’s national goals of cleaner, more resilient energy infrastructure, and expanding export potential for the power electronics sector.

Market Segmentation

Device Insights:

• Power Discrete
• Diode: Includes discrete diode devices for power electronics applications.
• Transistors: Comprises power transistors used in switching and amplification.
• Thyristor: Covers thyristor devices for controlling high voltages and currents.
• Power Modules
• Intelligent Power Module: Integrated modules combining power devices and driver ICs.
• Power Integrated Module: Modules integrating multiple power functionalities.
• Power ICs
• Power Management Integrated Circuit: ICs dedicated to power regulation and management.
• Application-Specific Integrated Circuit: Custom ICs tailored for specific power electronic applications.

Material Insights:

• Silicon: Conventional silicon materials used in power electronics.
• Sapphire: Sapphire substrates for specific applications.
• Silicon Carbide: Advanced wide bandgap semiconductor material enhancing efficiency.
• Gallium Nitride: Emerging semiconductor material for high performance power devices.
• Others: Includes other materials used in power electronics manufacturing.

Application Insights:

• Power Management: Systems managing power flow, stability, and efficiency.
• UPS: Uninterruptible Power Supply applications.
• Renewable: Power electronics used in renewable energy systems.
• Others: Other applications not classified under the above segments.

Voltage Insights:

• Low Voltage: Power electronics devices operating at low voltage levels.
• Medium Voltage: Devices designed for medium voltage applications.
• High Voltage: High voltage power electronics equipment.

End Use Industry Insights:

• Automotive: Power electronics used in vehicles and transportation systems.
• Military and Aerospace: Applications for defense and aerospace sectors.
• Energy and Power: Uses in energy generation, transmission, and distribution.
• IT and Telecommunication: Power electronics in IT infrastructure and telecom equipment.
• Consumer Electronics: Applications in household and personal electronic devices.
• Others: Other industries deploying power electronics technologies.

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Regional Insights

The report identifies the Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others as key regional markets. Among these, the Seoul Capital Area is the dominant region. Specific market shares or CAGR by region are not provided in the source. The focus on regional markets assists in understanding market dynamics and growth opportunities across South Korea.

Recent Developments & News

In June 2025, LS Electric signed a Memorandum of Understanding (MOU) with Spain’s Power Electronics to expand its energy storage system business globally. LS Electric plans to integrate Power Electronics’ power conversion systems into its energy storage system (ESS) products for North America and Asia. Conversely, Power Electronics will adopt LS Electric’s power solutions, including distribution transformers, for forthcoming renewable energy projects. This collaboration aims to strengthen South Korea’s position in the global power electronics market.

Key Players

• Hyundai Motor
• Hitachi Energy
• KEPCO
• LS Electric
• Power Electronics (Spain)

Customization Note:

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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