Global Power Electronics market is expected to grow from $35.02 billion in 2017 to reach $64.98 billion by 2026 with a CAGR of 7.1%.
The report writes, rising need for power management devices, growing adoption of power electronics in electric vehicles, increasing awareness of the impact of fossil fuel depletion are recent key growth trajectories of the market.
However, high infrastructure deployment cost and current leakage at high temperature are some of the factors hindering the market growth. One of the major opportunities in the market is increasing industrialization in developing economies.
Power electronics is the application of solid-state electronics to the control and conversion of electric power. It is used to control the fluctuated power from one device to other power devices such as diodes, transistors, and thyristors.
In addition, power electronics can control the flow of energy in unidirectional as well as bidirectional manner, depending upon the usage. Presently, it is used in renewable resources and electric vehicles to develop switching speed and prevent power loss.
Factors such as increasing utilize of electronic devices, significant fabrication of HEVs and EVs and growing demand for electric vehicle charging stations are boosting the growth of this segment.
By End-user, the automotive segment has acquired significant growth during the forecast period due to growing concerns over environmental pollution.
By geography, Asia Pacific has been the fastest-growing region during the forecast period. Due to the improvement in power transmission and the use of renewable energy and increasing demand for industrial and energy & power verticals are some of the factors driving the market in this region.
To Request The Complete Report: Click here