Power Electronics Market Size Expected to Reach $52.8 Billion by 2032

Allied Market Research published a report, titled, Power Electronics Market by Device Type (Power Discrete, Power Module, Power IC), by Material (Silicon Carbide, Gallium Nitride, Sapphire, Others), by Application (Power Management, UPS, Renewable, Others), by End Use (Telecommunication, Industrial, Automotive, Consumer Electronics, Military and Defense, Energy and Power, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032."

The global power electronics market was valued at $30.9 billion in 2022, and is projected to reach $52.8 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

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Some of the prime drivers of the power electronics industry are surge in penetration of the aging infrastructure is further anticipated to drive the power electronics market growth. The market for power electronics would be driven by investing in new technology aimed at increasing system life. Another key factor driving the growth of the power electronics market is the increased focus on infrastructure throughout the world.

Power electronics provides monitoring technology to alert maintenance workers when outdated and overused equipment is about to fail, allowing them to make better decisions by providing real-time data on problems and possibilities for improvement. Aside from the limits listed above, there are others, such as environmental factors such as temperature and humidity, as well as groundwater seepage, which can have an influence on the operation of switchgear electrical networks, particularly those situated outside. The changing times necessitate changes in the fundamentals as well. In this situation, even small and medium-sized organizations (SMEs) are taking advantage of collocation data hubs' immense potential and the internet's enormous capacity.

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Businesses can evaluate the Porter's Five Forces Analysis to determine the structure, level of competition, and industry's strengths and weaknesses. The report also contains information and statistics, tables and figures that are used in strategic planning for the company's success. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the market. Also, these research report provides accurate economic, global, and country-level predictions and analysis.

Competitive Analysis:
The power electronics industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

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Some of the major key players of the global power electronics market include:
• ABB Group
• Fuji Electric Co. LTD
• Infineon Technologies AG
• Microsemi Corporation
• Mitsubishi Electric Corporation
• Renesas Electronics Corporation
• Rockwell Automation, Inc
• STMicroelectronics
• Texas Instruments Incorporated
• Toshiba Corporation

Top Impacting Factors
The significant impacting factors of the power electronics market include increase in demand for power electronics component across various industry verticals, rise in need for power management devices, and rise in integration of power electronics components in electric vehicles. However, complex integration process of advanced electronics devices restrains the market growth. Moreover, a rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal-oxide-semiconductor field-effect transistor (MOSFET) is expected to create lucrative opportunities for the expansion of the global power electronics market.

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Key Benefits for Stakeholders:
• This study comprises analytical depiction of the global power electronics market growth along with the current trends and future estimations to depict the imminent investment pockets.
• The overall power electronics market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current power electronics market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and the power electronics market share of key vendors.
• The report includes the market trends and the power electronics market opportunity of key vendors.

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