The global power electronics software market size was estimated at USD 3.56 billion in 2024 and is projected to reach USD 8.27 billion by 2033, growing at a CAGR of 9.8% from 2025 to 2033. The market’s growth is primarily attributed to the increasing demand for efficient power management solutions across electric vehicles, renewable energy systems, and industrial automation, bolstered by continuous advancements in simulation, control, and embedded design tools.

As power electronic systems become more complex and deeply integrated across industries, the need for sophisticated design, simulation, and validation software has intensified. Engineers increasingly rely on advanced platforms to enhance the efficiency, reliability, and performance of their systems. The widespread adoption of embedded control systems, alongside real-time simulation and hardware-in-the-loop (HIL) testing, is accelerating the use of power electronics software in key sectors such as automotive, industrial automation, aerospace, and clean energy.

Additionally, the global shift toward electrification and sustainable energy sources continues to influence market expansion. The rapid deployment of electric vehicles and renewable power infrastructures necessitates advanced software capable of managing intricate tasks like power optimization, battery management, and converter control. Regulatory pressures focused on improving energy efficiency and reducing emissions further drive the adoption of cutting-edge software tools for compliance and enhanced performance.

The integration of artificial intelligence (AI), machine learning (ML), and cloud-based technologies into power electronics software is also propelling market growth. These technologies enable predictive maintenance, advanced fault detection, and improved collaboration during development, enhancing both accuracy and system resilience. The growing need for seamless real-time validation and troubleshooting—enabled by convergence with hardware platforms—makes software indispensable in addressing the increasing complexity of modern power electronics. As global industries continue to pursue automation, sustainability, and digital transformation, the demand for intelligent, scalable, and adaptable software solutions is expected to rise significantly.

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Key Market Trends & Insights

• North America held the largest share of the global power electronics software market, accounting for 30.4% of total revenue in 2024.

• The U.S. led the North American market with the highest national share in 2024.

• Model-Based Design (MBD) emerged as the dominant technology segment with a 36.3% share in 2024.

• The industrial segment was the leading application segment in 2024.

• Design software accounted for the largest market share by type in 2024.

Market Size & Forecast

• 2024 Market Size: USD 3.56 Billion

• 2033 Projected Market Size: USD 8.27 Billion

• CAGR (2025–2033): 9.8%

• Largest Market in 2024: North America

• Fastest Growing Market: Asia Pacific

Key Power Electronics Software Company Insights

The MathWorks, Inc. is a leading provider of engineering software, known for MATLAB and Simulink platforms. Its Simscape Electrical tool enables comprehensive modeling and simulation of components like semiconductors and motors, offering system-level testing and hardware-in-the-loop support.

Keysight Technologies delivers electronic measurement and validation tools that play a vital role in the design and testing of power electronics. Its platforms allow engineers to analyze power converters and control systems under realistic conditions, helping ensure standards compliance and high performance.

Leading Companies in the Market

• The MathWorks, Inc.
• Keysight Technologies
• Cadence Design Systems, Inc.
• Synopsys, Inc.
• Altair Engineering Inc.
• NATIONAL INSTRUMENTS CORP.
• Renesas Electronics Corporation
• Infineon Technologies AG
• dSPACE GmbH
• Siemens

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Conclusion

The global power electronics software market is experiencing dynamic growth driven by electrification trends, sustainability goals, and the need for advanced design and validation tools. As industries increasingly adopt digital solutions to optimize power systems and comply with regulatory standards, the demand for intelligent, integrated, and real-time capable software platforms is expected to accelerate. The convergence of AI, embedded systems, and cloud technologies will further shape the market, making power electronics software a cornerstone of future-ready energy and automation systems.