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Power Electronics Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Power Electronics Market Size
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According to The Business Research Company's, The power electronics market size has grown strongly in recent years. It will grow from $46.44 billion in 2023 to $49.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growth in the electronics and semiconductor industry, expansion of renewable energy systems, demand for efficient energy conversion, increase in electric vehicle adoption, regulatory standards for energy efficiency..
The power electronics market size is expected to see strong growth in the next few years. It will grow to $61.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to customized power electronic solutions for specific applications, integration of power electronics in smart grid systems, sustainable and energy-efficient power electronics, growth in electric aircraft and evtols, expansion of 5g networks and power-efficient devices.. Major trends in the forecast period include gan and sic power semiconductor materials, regulatory compliance in power electronics safety, power electronics for energy storage and microgrids, high-frequency and miniaturized power converters, iot integration in power electronics for smart devices..
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Market Drivers and Trends:
The rapid development of electric vehicles is significantly contributing to the growth of the power electronics market. Electric vehicles are vehicles that are partially or fully powered by electric power. Power electronics are used in numerous components of electric vehicles to handle electrical energy flow and also play a key role in energy management. For instance, according to International Energy Agency (IEA), a France-based independent intergovernmental agency, in 2022, there are 26 million electric cars on the road worldwide, up 60% relative to 2021. Therefore, the rapid development of electric vehicles is expected to propel the growth of the power electronics market going forward.
Technological advancements are a key trend gaining popularity in the power electronics market. Technological advancement is a discovery of knowledge that advances technology. Major companies operating in the power electronics sector are focused on developing advanced technologies to meet consumer demand. For instance, in June 2021, STMicroelectronics, a Switzerland-based electronics and semiconductors manufacturer, launched STi2GaN, a smart power electronic in its ST Intelligent and Integrated Gallium Nitride (GaN) solutions family. The STi2GaN employs bond-wire-free packaging technology, a smart power technology that provides great reliability, durability, and performance. The STi2GaN takes advantage of Integrated Gallium Nitride (GaN) high power density to provide a variety of efficient devices to the automobile industry.
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Major Key Players of the Market:
ABB Ltd., Fuji Electric Co. Ltd., Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments incorporated, Toshiba Corporations, Vishay Intertechnology, NXP Semiconductors, GaN Systems Inc., Littelfuse Inc., Maxim Integrated, ROHM Co. Ltd., Transphorm Inc., ON Semiconductor Corporation, Microchip Technology Inc., UnitedSiC Inc., Wolfspeed Inc., IXYS Corporation, Power Integrations Inc., Cree Inc., Diodes Incorporated, Semtech Corporation, Analog Devices Inc., Fairchild Semiconductor International Inc., International Rectifier Corporation, Linear Technology Corporation, Monolithic Power Systems Inc., Silicon Laboratories Inc., Sanken Electric Co. Ltd., TDK Corporation, Vicor Corporation, Yaskawa Electric Corporation, Murata Manufacturing Co. Ltd., Panasonic Corporation
Power Electronics Market 2024 Key Insights:
• The power electronics market size is expected to see strong growth in the next few years. It will grow to $61.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rapid Development Of Electric Vehicles
• Technological Advancements In Power Electronics
• Asia-Pacific was the largest region in the power electronics market in 2023
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