EXHIBIT 23.1








                          Independent Auditors' Consent



The Board of Directors
Advanced Energy Industries, Inc.:



We consent to incorporation by reference in this Form S-8 of our report dated
February 11, 2003, with respect to the consolidated balance sheet of Advanced
Energy Industries, Inc. (the Company) and subsidiaries as of December 31, 2002,
the related consolidated statements of operations, stockholders' equity, and
cash flows for the year ended December 31, 2002, and the related consolidated
financial statement schedule, which report appears in the December 31, 2002
annual report on Form 10-K of Advanced Energy Industries, Inc.

Our report dated February 11, 2003 contains an explanatory paragraph relating to
the fact that the consolidated financial statements of Advanced Energy
Industries, Inc. and subsidiaries as of December 31, 2001 and for each of the
years in the two-year period then ended were audited by other auditors who have
ceased operations. As described in note 1 to the consolidated financial
statements, those consolidated financial statements have been revised to include
the transitional disclosures required by Statement of Financial Accounting
Standards No. 142, Goodwill and Other Intangible Assets, which was adopted by
the Company as of January 1, 2002. However, we were not engaged to audit,
review, or apply any procedures to the 2001 and 2000 consolidated financial
statements of Advanced Energy Industries, Inc. and subsidiaries other than with
respect to such disclosures and, accordingly, we do not express an opinion or
any other form of assurance on the 2001 and 2000 consolidated financial
statements taken as a whole.


                                               /s/ KPMG LLP
                                               KPMG LLP

Denver, Colorado
May 16, 2003