Power Electronics Software Market Size, Share, Trends, & Industry Analysis By Technology (RCP, Embedded System Prototyping, MBD, HIL Simulation, and Other Technologies), By Type, By Application, and By Region – Market Forecast, 2025–2034

The power electronics software market size is expected to reach USD 6.84 Billion by 2034, according to a new study by Polaris Market Research. The report “Power Electronics Software Market Size, Share, Trends, & Industry Analysis By Technology (RCP, Embedded System Prototyping, MBD, HIL Simulation, and Other Technologies), By Type, By Application, and By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global market for power electronics software is witnessing strong momentum, driven by rising demand for faster design validation, efficient energy conversion, and high-precision control systems across electric vehicles, renewable energy, and industrial automation. Engineers and manufacturers are increasingly adopting these software tools to simulate complex power circuits, test system performance in real-time, and reduce development timelines.

Rising investments in smart grid infrastructure and digital factories, continues to expand the application of power electronics software. Advanced software is becoming central to innovation across modern energy and mobility ecosystems, supporting applications such as inverter design for solar farms and the optimization of battery management systems in electric vehicles.

Power Electronics Software Market Report Highlights

Based on type, the design software segment led the power electronics software market in 2024, owing to its extensive use for developing precise schematics, PCB layouts, and control architectures in power electronic systems.

In terms of application, the renewable energy segment is projected to be the fastest-growing, driven by the rapid expansion of solar PV and wind installations and global decarbonization efforts, which boost demand for power electronics software to optimize converters and grid-tied inverters.

North America dominated the power electronics software market revenue in 2024, propelled by widespread adoption of renewable energy technologies and advanced design infrastructure throughout the region.

The Asia Pacific market is expected to experience the fastest growth, attributed to the expanding semiconductor manufacturing industry and supportive policy environment for electrification.

A few global key market players include AESIM.tech, Altair Engineering Inc., Analog Devices, Inc., Cadence Design Systems, Inc., dSPACE GmbH, Infineon Technologies AG, Keysight Technologies, Manitoba Hydro International Ltd., MathWorks, Inc., National Instruments Corp., Plexim GmbH, Renesas Electronics Corporation, Sidelinesoft, LLC, Siemens, and Synopsys, Inc.

Polaris Market Research has segmented the market report on the basis of technology, type, application, and region:

By Technology Outlook (Revenue, USD Billion, 2020–2034)

Rapid Control Prototyping (RCP)

Embedded System Prototyping

Model-Based Design (MBD)

Hardware-In-The-Loop (HIL) Simulation

Other Technologies

By Type Outlook (Revenue, USD Billion, 2020–2034)

Design Software

Simulation Software

Analysis Software

Control Software

By Application Outlook (Revenue, USD Billion, 2020–2034)

Automotive

Consumer Electronics

Industrial

Renewable Energy

Aerospace & Defense

Other Applications

By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America

US

Canada

Europe

Germany

France

UK

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Mexico

Brazil

Argentina

Rest of Latin America Show more