Summary

The power electronics software market is expected to grow from USD 3.33 billion in 2025 to USD 5.25 billion in 2030, at a CAGR of 9.5% during the forecast period. The major drivers contributing to the market growth are increasing demand for industrial automation and robotics, the growing shift towards electric vehicles, and the increasing adoption of renewable energy sources across diverse industries such as industrial, automotive, and consumer electronics.

Rapid control prototyping technology is expected to grow at the second-highest CAGR during the forecast period
Rapid control prototyping (RCP) technology is expected to grow at the second-highest CAGR in the power electronics software market over the forecast period as it accelerates product development and enhances system design efficiency. Rapid control prototyping allows engineers to experiment quickly and validate control algorithms on real hardware without having to do lots of hand coding. This technology provides significant advantages by reducing the development cycle. The technology also helps to accelerate innovation within applications like EVs, renewable energy systems, and industrial automation, which have tremendous growth potential. The growth in the use of power electronic systems requires technologically advanced solutions such as RCP to be energy efficient. The RCP technology simulates and tests complex designs in real-world conditions for optimal performance and reliability before actual implementation. Moreover, with the increasing application of technologies like wide-bandgap semiconductors (SiC and GaN) and smart grid systems, accurate control mechanisms are required, RCP is one of the technologies used in designing these control mechanisms. Furthermore, flexibility, cost-effectiveness, and seamless integration with other software tools are some of the factors responsible for the growth of RCP technology in the power electronics software market during the forecast period.

The automotive segment is expected to grow at the highest CAGR during the forecast period
The automotive segment is expected to record the highest CAGR in the power electronics software market during the forecast period. This is mainly because of the increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). As the trend toward sustainability and carbon neutrality goes up rapidly, manufacturers continue investing more resources into electrification technologies, which rely on power electronics for more efficient energy conversion, battery management, and motor control. Power electronics software is critical for designing and simulating these systems. The manufacturers use power electronics software to optimize performance, minimize energy losses, and enhance thermal management. Another factor propelling the growth of the advanced simulation and design software market in the automotive segment is the increasing demand for wide-bandgap semiconductors such as silicon carbide (SiC) and gallium nitride (GaN). Additionally, advanced driver-assistance systems (ADAS), connected car technologies, and autonomous driving systems have increased complexity in automotive electronics, thus requiring sophisticated software solutions for reliability and adherence to strict safety standards. Furthermore, the automotive segment accounts for a considerable share of the power electronics software market owing to significant growth in the production of electric vehicles in countries such as the US and China.

North America is expected to witness the second-highest CAGR during the forecast period
North America is expected to witness the second-highest CAGR in the power electronics software market during the forecast period, owing to the growing adoption of electric vehicles, renewable energy systems, and advancements in industrial automation. The North American region is experiencing significant investments in clean energy initiatives, smart grids, and next-generation power infrastructure, leading to a higher demand for advanced power electronics software solutions. Increasingly, electrification in the automotive industry, with companies like Tesla, General Motors, and Ford speeding up the production of electric vehicles, requires more complex software to optimize powertrains, manage batteries, and achieve energy efficiency. Growing data centers, 5G infrastructure, and aerospace & defense applications boost the demand for power electronics software in the region. Moreover, strong government incentives and investments in wide-bandgap semiconductors, including SiC and GaN, propel growth for the power electronics software market in the region.

Breakdown of Primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the profile of primary participants in the power electronics software market:
• By Company Type: Tier 1 – 25%, Tier 2 – 35%, Tier 3 – 40%
• By Designation Type: C Level – 40%, Director Level – 30%, Others – 30%
• By Region Type: North America – 40%, Europe – 25%, Asia Pacific – 20%, Rest of the World – 15%

The major players in the power electronics software market with a significant global presence include The MathWorks, Inc. (US), Keysight Technologies (US), Cadence Design Systems, Inc. (US), Synopsys, Inc. (US), and Altair Engineering Inc. (US).

Research Coverage
The report segments the power electronics software market and forecasts its size by type, technology, application, and region. It also comprehensively reviews drivers, restraints, opportunities, and challenges influencing market growth and covers qualitative and quantitative aspects of the market.

Reasons to buy the report:
The report will help market leaders and new entrants with information on the closest approximate revenues for the overall power electronics software market and related segments. It will also help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:
• Analysis of key drivers (Increasing adoption of renewable energy sources, growing shift towards electric vehicles, and advancements in semiconductor technologies), restraints (High initial cost of power electronics software and complexity and threat of data leakage), opportunities (Increasing growth of industrial automation and robotics, global expansion of smart homes and buildings), and challenges (Issues in integration and compatibility, lack of skilled professionals)
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new solution and service launches in the power electronics software market
• Market Development: Comprehensive information about lucrative markets – the report analyses the power electronics software market across varied regions
• Market Diversification: Exhaustive information about new solutions and services, untapped geographies, recent developments, and investments in the power electronics software market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and solution and service offerings of leading players, including The MathWorks, Inc. (US), Keysight Technologies (US), Cadence Design Systems, Inc. (US), Synopsys, Inc. (US), and Altair Engineering Inc. (US)

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Table of Contents

1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
1.3 STUDY SCOPE 26
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 26
1.3.2 INCLUSIONS AND EXCLUSIONS 27
1.3.3 YEARS CONSIDERED 27
1.4 CURRENCY CONSIDERED 28
1.5 STAKEHOLDERS 28
2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
2.1.1 SECONDARY DATA 30
2.1.1.1 Major secondary sources 30
2.1.1.2 Key data from secondary sources 31
2.1.2 PRIMARY DATA 31
2.1.2.1 List of primary interview participants 31
2.1.2.2 Breakdown of primary interviews 32
2.1.2.3 Key data from primary sources 32
2.1.3 SECONDARY AND PRIMARY RESEARCH 33
2.1.3.1 Key industry insights 34
2.2 MARKET SIZE ESTIMATION METHODOLOGY 34
2.2.1 BOTTOM-UP APPROACH 34
2.2.1.1 Approach to arrive at market size using bottom-up analysis (demand side) 34
2.2.2 TOP-DOWN APPROACH 35
2.2.2.1 Approach to arrive at market size using top-down analysis (supply side) 35
2.3 FACTOR ANALYSIS 36
2.3.1 DEMAND-SIDE ANALYSIS 36
2.3.2 SUPPLY-SIDE ANALYSIS 36
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 37
2.5 RESEARCH ASSUMPTIONS 39
2.6 RISK ANALYSIS 40
2.7 RESEARCH LIMITATIONS 40
3 EXECUTIVE SUMMARY 41
 
4 PREMIUM INSIGHTS 45
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN POWER ELECTRONICS SOFTWARE MARKET 45
4.2 POWER ELECTRONICS SOFTWARE MARKET, BY TYPE 46
4.3 POWER ELECTRONICS SOFTWARE MARKET, BY TECHNOLOGY 46
4.4 POWER ELECTRONICS SOFTWARE MARKET, BY APPLICATION 47
4.5 POWER ELECTRONICS SOFTWARE MARKET, BY REGION 47
4.6 POWER ELECTRONICS SOFTWARE MARKET, BY COUNTRY 48
5 MARKET OVERVIEW 49
5.1 INTRODUCTION 49
5.2 MARKET DYNAMICS 49
5.2.1 DRIVERS 50
5.2.1.1 Increasing adoption of renewable energy sources 50
5.2.1.2 Growing shift towards electric vehicles 50
5.2.1.3 Advancements in semiconductor technologies 50
5.2.2 RESTRAINTS 52
5.2.2.1 High initial cost of power electronics software 52
5.2.2.2 Complexity and threat of data leakage 52
5.2.3 OPPORTUNITIES 53
5.2.3.1 Growth of industrial automation and robotics 53
5.2.3.2 Global expansion of smart homes and buildings 54
5.2.4 CHALLENGES 55
5.2.4.1 Issues with integration and compatibility 55
5.2.4.2 Lack of skilled professionals 55
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 56
5.4 PRICING ANALYSIS 57
5.4.1 AVERAGE SELLING PRICE OF KEY PLAYERS, BY TECHNOLOGY 57
5.4.2 AVERAGE SELLING PRICE TREND, BY REGION, 2021–2024 59
5.5 VALUE CHAIN ANALYSIS 61
5.6 ECOSYSTEM ANALYSIS 64
5.7 TECHNOLOGY ANALYSIS 65
5.7.1 KEY TECHNOLOGIES 65
5.7.1.1 Electromagnetic interference (EMI) analysis 65
5.7.1.2 Power loss and efficiency modeling 66
5.7.2 COMPLEMENTARY TECHNOLOGIES 67
5.7.2.1 Digital signal processing 67
5.7.2.2 PCB design and layout software 68
5.7.3 ADJACENT TECHNOLOGIES 68
5.7.3.1 Digital twins 68
5.7.3.2 IoT and edge computing 69
 
5.8 PATENT ANALYSIS 70
5.9 TRADE ANALYSIS 73
5.9.1 IMPORT SCENARIO (HS CODE 8541) 73
5.9.2 EXPORT SCENARIO (HS CODE 8541) 74
5.10 KEY CONFERENCES AND EVENTS, 2025–2026 75
5.11 CASE STUDY ANALYSIS 76
5.11.1 ANSYS-POWERED SIMULATION OPTIMIZED INNOVATIVE BATTERY STORAGE SYSTEM FOR WARTSILA 76
5.11.2 ANYWAVES ACHIEVED RAPID ANTENNA INNOVATION WITH SIMULIA CST STUDIO 77
5.11.3 ADVANCING DC DISTRIBUTION WITH MULTIPHYSICS SIMULATION AT SUPERGRID INSTITUTE 77
5.12 INVESTMENT AND FUNDING SCENARIO 77
5.13 REGULATORY LANDSCAPE 78
5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 79
5.14 PORTER'S FIVE FORCE ANALYSIS 81
5.14.1 THREATS OF NEW ENTRANTS 82
5.14.2 THREATS OF SUBSTITUTES 82
5.14.3 BARGAINING POWER OF SUPPLIERS 83
5.14.4 BARGAINING POWER OF BUYERS 83
5.14.5 INTENSITY OF COMPETITIVE RIVALRY 83
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 84
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS 84
5.15.2 BUYING CRITERIA 85
5.16 IMPACT OF AI/GEN AI ON POWER ELECTRONICS SOFTWARE MARKET 86
6 POWER ELECTRONICS SOFTWARE MARKET, BY TECHNOLOGY 88
6.1 INTRODUCTION 89
6.2 RAPID CONTROL PROTOTYPING (RCP) 90
6.2.1 GROWING DEMAND FOR FASTER DEVELOPMENT CYCLES IN EVS AND RENEWABLE ENERGY SYSTEMS DRIVING ADOPTION OF RCP 90
6.3 EMBEDDED SYSTEM PROTOTYPING 91
6.3.1 PUSH FOR ENERGY-EFFICIENT DESIGNS AND IOT-ENABLED DEVICES DRIVING DEMAND FOR EMBEDDED SYSTEM PROTOTYPING 91
6.4 MODEL-BASED DESIGN (MBD) 92
6.4.1 INCREASING COMPLEXITY OF POWER SYSTEMS, DEMAND FOR SHORTER DEVELOPMENT CYCLES, AND ENHANCED DESIGN ACCURACY DRIVING ADOPTION 92
6.5 HARDWARE-IN-THE-LOOP (HIL) SIMULATION 93
6.5.1 NEED FOR SAFER AND COST-EFFECTIVE VALIDATION OF HIGH-POWER SYSTEMS AND SHIFT TOWARD AUTONOMOUS SYSTEMS FUELING DEMAND 93
6.6 OTHER TECHNOLOGIES 94
 
7 POWER ELECTRONICS SOFTWARE MARKET, BY TYPE 96
7.1 INTRODUCTION 97
7.2 DESIGN SOFTWARE 98
7.2.1 INCREASING DEMAND FOR COMPACT AND ENERGY-EFFICIENT SYSTEMS
TO BOOST MARKET GROWTH 98
7.3 SIMULATION SOFTWARE 100
7.3.1 TRANSITION TO RENEWABLE ENERGY, INCREASING COMPLEXITY OF POWER GRIDS, AND DEMAND FOR RELIABLE EV POWERTRAINS DRIVING GROWTH 100
7.4 ANALYSIS SOFTWARE 102
7.4.1 PUSH FOR GREENER ENERGY SYSTEMS AND STRINGENT SAFETY REGULATIONS DRIVING DEMAND FOR ANALYSIS SOFTWARE 102
7.5 CONTROL SOFTWARE 104
7.5.1 SHIFT TOWARD AUTONOMOUS SYSTEMS AND IOT CONNECTIVITY
FUELING DEMAND 104
7.5.2 ANALOG CONTROLLER 104
7.5.3 DIGITAL CONTROLLER 105
8 POWER ELECTRONICS SOFTWARE MARKET, BY APPLICATION 108
8.1 INTRODUCTION 109
8.2 AUTOMOTIVE 110
8.2.1 RAPID ELECTRIFICATION OF VEHICLES AND ADVANCEMENTS IN AUTONOMOUS DRIVING TECHNOLOGIES FUELING GROWTH 110
8.3 CONSUMER ELECTRONICS 115
8.3.1 RISING DEMAND FOR FEATURE-RICH AND ENERGY-EFFICIENT DEVICES TO DRIVE GROWTH 115
8.4 INDUSTRIAL 119
8.4.1 INCREASING ADOPTION OF INDUSTRY 4.0 TO DRIVE DEMAND 119
8.5 RENEWABLE ENERGY 124
8.5.1 NEED TO MAXIMIZE ENERGY CONVERSION EFFICIENCY AND ENSURE GRID COMPLIANCE TO DRIVE GROWTH 124
8.6 AEROSPACE & DEFENSE 128
8.6.1 EMERGENCE OF ELECTRIC AIRCRAFT AND UNMANNED AERIAL VEHICLES (UAVS) FUELING DEMAND 128
8.7 OTHER APPLICATIONS 132
9 POWER ELECTRONICS SOFTWARE MARKET, BY REGION 137
9.1 INTRODUCTION 138
9.2 NORTH AMERICA 139
9.2.1 NORTH AMERICA: MACROECONOMIC OUTLOOK 141
9.2.2 US 141
9.2.2.1 Increasing demand for software solutions for accelerating EV development and ensuring compliance to drive growth 141
9.2.3 CANADA 143
9.2.3.1 Growing aerospace & defense and renewable energy industries to boost demand for power electronics software 143
9.2.4 MEXICO 144
9.2.4.1 Growing automotive sector to drive market 144
9.3 EUROPE 145
9.3.1 EUROPE: MACROECONOMIC FACTORS 148
9.3.2 GERMANY 149
9.3.2.1 Automotive sector's rapid transition towards electrification
to drive demand 149
9.3.3 UK 150
9.3.3.1 Adoption of automation and smart technologies in thriving manufacturing sector boosting demand for software solutions 150
9.3.4 FRANCE 151
9.3.4.1 Push towards electrification of railways and incorporation of regenerative braking systems to support growth 151
9.3.5 ITALY 152
9.3.5.1 Growth in adoption of advanced manufacturing technologies
to drive market 152
9.3.6 REST OF EUROPE 153
9.4 ASIA PACIFIC 154
9.4.1 ASIA PACIFIC: MACROECONOMIC OUTLOOK 157
9.4.2 CHINA 158
9.4.2.1 Burgeoning electric vehicle production to boost demand for power electronics software solutions 158
9.4.3 JAPAN 159
9.4.3.1 Growing semiconductor industry to drive market growth 159
9.4.4 SOUTH KOREA 160
9.4.4.1 Exponential growth of semiconductor and electronics sector
to boost market 160
9.4.5 INDIA 161
9.4.5.1 Shift towards electric vehicles and continuous investments in automotive sector to boost demand 161
9.4.6 REST OF ASIA PACIFIC 163
9.5 ROW 164
9.5.1 ROW: MACROECONOMIC OUTLOOK 165
9.5.2 MIDDLE EAST & AFRICA 166
9.5.2.1 Growing focus on renewable energy to contribute to market growth 166
9.5.2.2 GCC countries 166
9.5.2.3 Rest of Middle East & Africa 166
9.5.3 SOUTH AMERICA 168
9.5.3.1 Growing EV adoption in South America to propel growth 168
 
10 COMPETITIVE LANDSCAPE 170
10.1 OVERVIEW 170
10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024 170
10.3 MARKET SHARE ANALYSIS, 2024 171
10.4 REVENUE ANALYSIS, 2021–2024 174
10.5 COMPANY VALUATION AND FINANCIAL METRICS, 2024 174
10.6 BRAND/PRODUCT COMPARISON 175
10.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 176
10.7.1 STARS 176
10.7.2 EMERGING LEADERS 176
10.7.3 PERVASIVE PLAYERS 176
10.7.4 PARTICIPANTS 176
10.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 178
10.7.5.1 Company footprint 178
10.7.5.2 Region footprint 179
10.7.5.3 Type footprint 180
10.7.5.4 Technology footprint 181
10.7.5.5 Application footprint 182
10.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 183
10.8.1 PROGRESSIVE COMPANIES 183
10.8.2 RESPONSIVE COMPANIES 183
10.8.3 DYNAMIC COMPANIES 183
10.8.4 STARTING BLOCKS 183
10.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 185
10.8.5.1 List of startups/SMEs 185
10.8.5.2 Competitive benchmarking of startups/SMEs 186
10.9 COMPETITIVE SITUATION AND TRENDS 186
10.9.1 PRODUCT LAUNCHES 186
10.9.2 DEALS 188
11 COMPANY PROFILES 189
11.1 INTRODUCTION 189
11.2 KEY PLAYERS 189
11.2.1 THE MATHWORKS, INC. 189
11.2.1.1 Business overview 189
11.2.1.2 Products/Solutions/Services offered 190
11.2.1.3 Recent developments 190
11.2.1.3.1 Product Launches 190
11.2.1.3.2 Deals 192
11.2.1.4 MnM view 192
11.2.1.4.1 Key strengths 192
11.2.1.4.2 Strategic choices 192
11.2.1.4.3 Weaknesses and competitive threats 193
11.2.2 KEYSIGHT TECHNOLOGIES 194
11.2.2.1 Business overview 194
11.2.2.2 Products/Solutions/Services offered 195
11.2.2.3 Recent developments 196
11.2.2.3.1 Product launches 196
11.2.2.3.2 Deals 197
11.2.2.4 MnM view 197
11.2.2.4.1 Key strengths 197
11.2.2.4.2 Strategic choices 197
11.2.2.4.3 Weaknesses and competitive threats 198
11.2.3 ALTAIR ENGINEERING INC. 199
11.2.3.1 Business overview 199
11.2.3.2 Products/Solutions/Services offered 200
11.2.3.3 Recent developments 201
11.2.3.3.1 Deals 201
11.2.3.4 MnM view 202
11.2.3.4.1 Key strengths 202
11.2.3.4.2 Strategic choices 202
11.2.3.4.3 Weaknesses and competitive threats 202
11.2.4 CADENCE DESIGN SYSTEMS, INC. 203
11.2.4.1 Business overview 203
11.2.4.2 Products/Solutions/Services offered 204
11.2.4.3 Recent developments 205
11.2.4.3.1 Product launches 205
11.2.4.3.2 Deals 206
11.2.4.4 MnM view 207
11.2.4.4.1 Key strengths 207
11.2.4.4.2 Strategic choices 207
11.2.4.4.3 Weaknesses and competitive threats 207
11.2.5 SYNOPSYS, INC. 208
11.2.5.1 Business overview 208
11.2.5.2 Products/Solutions/Services offered 209
11.2.5.3 Recent developments 210
11.2.5.3.1 Product Launches 210
11.2.5.3.2 Deals 211
11.2.5.4 MnM view 211
11.2.5.4.1 Key strengths 211
11.2.5.4.2 Strategic choices 211
11.2.5.4.3 Weaknesses and competitive threats 212
 
11.2.6 NATIONAL INSTRUMENTS CORP. 213
11.2.6.1 Business overview 213
11.2.6.2 Products/Solutions/Services offered 214
11.2.6.3 Recent developments 214
11.2.6.3.1 Product launches 214
11.2.6.3.2 Deals 215
11.2.7 RENESAS ELECTRONICS CORPORATION 216
11.2.7.1 Business overview 216
11.2.7.2 Products/Solutions/Services offered 217
11.2.7.3 Recent developments 218
11.2.7.3.1 Product launches 218
11.2.7.3.2 Deals 219
11.2.8 INFINEON TECHNOLOGIES AG 220
11.2.8.1 Business overview 220
11.2.8.2 Products/Solutions/Services offered 221
11.2.8.3 Recent developments 222
11.2.8.3.1 Product launches 222
11.2.8.3.2 Deals 223
11.2.9 DSPACE GMBH 224
11.2.9.1 Business overview 224
11.2.9.2 Products/Solutions/Services offered 224
11.2.9.3 Recent developments 225
11.2.9.3.1 Product Launches 225
11.2.9.3.2 Deals 226
11.2.10 SIEMENS 227
11.2.10.1 Business overview 227
11.2.10.2 Products/Solutions/Services offered 228
11.2.10.3 Recent developments 229
11.2.10.3.1 Deals 229
11.3 OTHER KEY PLAYERS 230
11.3.1 ANALOG DEVICES, INC. 230
11.3.2 SIDELINESOFT, LLC 231
11.3.3 AESIM.TECH 232
11.3.4 PLEXIM GMBH 233
11.3.5 MANITOBA HYDRO INTERNATIONAL LTD. 234
11.3.6 IMPERIX POWER ELECTRONICS 235
11.3.7 TYPHOON HIL, INC. 236
11.3.8 MIRABILIS DESIGN INC. 237
11.3.9 POWER SMART CONTROL 238
11.3.10 COMSOL 239
11.3.11 SPEEDGOAT GMBH 240
11.3.12 OPAL-RT TECHNOLOGIES, INC. 241
11.3.13 RTDS TECHNOLOGIES INC. 242
11.3.14 POWERSYS 243
11.3.15 AVL 244
12 APPENDIX 245
12.1 INSIGHTS FROM INDUSTRY EXPERTS 245
12.2 DISCUSSION GUIDE 246
12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 249
12.4 CUSTOMIZATION OPTIONS 251
12.5 RELATED REPORTS 251
12.6 AUTHOR DETAILS 252