Power Electronics Software Companies - MathWorks, Inc. (US) and Keysight Technologies (US) are the Key Players

The power electronics software market is projected to reach USD 5.25 billion by 2030 from USD 3.33 billion in 2025, growing at a CAGR of 9.5% during the forecast period. Key growth drivers in the market include the increasing adoption of renewable energy sources, the growing shift towards electric vehicles, and advancements in semiconductor technologies.

Some of the major players in the power electronics software market include The MathWorks, Inc. (US), Keysight Technologies (US), Cadence Design Systems, Inc. (US), Synopsys, Inc. (US), and Altair Engineering Inc. (US). These players have incorporated various organic and inorganic growth strategies, including collaborations, acquisitions, product launches, and partnerships, to strengthen their footprint and enhance market share in the power electronics software market.

Major Power Electronics Software Companies include:

• MathWorks, Inc. (US)
• Keysight Technologies (US)
• Cadence Design Systems, Inc. (US)
• Synopsys, Inc. (US)
• Altair Engineering Inc. (US).
• Market Ranking Analysis

A market ranking analysis of companies has been done based on their product portfolio, sales revenue, geographic reach, employee size, and R&D investments. The competitive landscape studies key growth strategies adopted by the market players to expand their global presence. Key players are rigorously involved in product launches, agreements, collaborations, contracts, mergers, acquisitions, and partnerships. The power electronics software market is primarily consolidated, with multiple players offering their solutions for this market.

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Company Evaluation Matrix: Key Players, 2024

The company evaluation matrix provides information about key players in the power electronics software market and outlines the findings and analysis of the performance of each company within the evaluation criteria. Evaluations are based on two broad categories: product footprint and market share/rank.

Stars
Companies in this category receive high scores in most evaluation criteria. They have strong product portfolios, a robust market presence, and effective business strategies. These are the leading market players in terms of new developments, innovative technologies, and the adoption of strategic growth plans. Star players primarily focus on acquiring the leading market position through strong financial capabilities and well-established brand equity.

Emerging Leaders

Emerging leaders offer innovative products catering to the requirements of their customers. These companies are focused on developing their product portfolios and have a strong potential to formulate business strategies to expand their businesses and compete with the star players in the market.

Pervasive Players

Pervasive players offer innovative products to their customers and have a sound network of channel partners and resellers to expand globally. They have been constantly generating positive revenue growth in the market by adopting organic and inorganic growth strategies.

Participants

Participants have started to gain traction in the market with their product offerings. Their business strategies are not as strong as those of established market players. These companies must improve in this regard to compete with the established market players.

The MathWorks, Inc. (US) is among the leaders in the power electronics software market. The company's flagship products include MATLAB and Simulink. MATLAB has robust computation and data visualization capabilities, and Simulink provides a block diagram environment for multidomain simulation. The company also provides a Simscape Electrical toolbox, which allows users to model and simulate electrical power systems, including converters, inverters, and motor drives. These tools are used to design and develop control algorithms and HIL tests to make efficient and reliable power electronics devices.

The company has been engaged in developing solutions to engineers' and scientists' problems, including designing, analyzing, developing algorithms, and creating simulation models. The company allows engineers to streamline their workflows, reduce development time, and deliver innovative solutions for the fast-changing power electronics industry through powerful and user-friendly platforms. The company caters to customers across automotive, aerospace, electronics, energy, and industrial applications. The company maintains a strong position in the power electronics software market through advanced simulation and model-based design solutions.

Cadence Design Systems, Inc. (US) is a leading company in electronic design automation (EDA) and computational software that focuses on developing solutions for designing and verifying complex electronic systems. Cadence develops high-end software tools for power electronics simulation, design, and verification in the automotive, consumer electronics, and industrial automation spaces. The two flagship products from Cadence include the OrCAD and Allegro platforms, which are well-equipped with power PCB design capabilities and circuit simulation.

The Spectre X Simulator allows efficient and accurate SPICE simulations to optimize design performance and efficiency. The company also offers a Cadence Virtuoso Design Environment for mixed-signal and analog design workflows for creating power electronic components, including power management ICs. Cadence Design Systems is strong in integrating electrical, thermal, and mechanical simulations, which results in more precise and streamlined design processes. Tools such as the Celsius Thermal Solver and Palladium Z2 emulation system enable detailed optimization and simulation of power electronics devices in various sectors, including automotive and aerospace.

Keysight Technologies Inc. (US) is a leading power electronics software provider. The company provides products across several industries, such as automotive, consumer electronics, aerospace and defense, and renewable energy, seeking cutting-edge testing, simulation, and design capabilities. The company focuses on software solutions, particularly analysis, simulation tools, power integrity analysis software, and high-level real-time monitoring systems for reliability, efficiency, and performance analysis of power electronic devices. Keysight Technologies has adopted organic and inorganic growth strategies to enhance its market reach. For example, in 2024, Keysight Technologies acquired Optical Solutions Group to expand its capabilities in developing advanced power conversion systems in areas such as electric vehicles and energy storage. This will strengthen Keysight's position in power electronics design, testing, and optimization solutions.