The report aims to offers a thorough outlook of the Power Electronics market based on various key elements, such as market drivers, limitations, threats, restraining factors, and growth prospects. The report aims to deliver a comprehensive understanding of the Power Electronics market growth and expansion in each key region of the world. It offers accurate estimations about the expected market size and growth over the projected timeline
The global power electronics market size reached USD 37.40 Billion in 2021 and is expected to register a revenue CAGR of 4.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for Electric Vehicles (EVs) and rapid penetration of Fifth Generation (5G) are key factors driving market revenue growth. In addition, market companies are investing for assessing durability and quality of electronic devices, which also poses significant growth opportunities during the forecast period. Power electronics materials, such as gallium nitride, silicon carbide, and others, are primarily in high demand due to their capability in achieving efficient power conversion. In the automotive industry, power electronics is application of solid-state electronics for conversion and control of electric power.
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