The Power Electronics Market Is Expected to Reach US$161.43 Billion by 2028, Globally, at a CAGR of 7.17%: Verified Market Research®

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The rise in the trend of adopting power electronics in electric vehicles, advances in energy infrastructure, shifting focus towards the use of renewable energy sources along with increasing demand for battery-powered energy-efficient portable devices have propelled the global power electronics market.

JERSEY CITY, NJ, Sep 21, 2022 (GLOBE NEWSWIRE) – Proven market research recently published a report, “power electronics marketBy device (discrete power, units of power), by material (silicon, silicon carbide, gallium nitride), by vertical (ICT, power and energy, industrial), and by geography.

The Power Electronics Market was valued at US$93.59 billion in 2020 and is expected to reach US$161.43 billion by 2028, at a compound annual growth rate of 7.17% from 2021 to 2028, according to the latest study from proven market research.

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Overview of the global power electronics market

Power electronics is a branch that includes the study, analysis and design of various circuits capable of converting electrical energy from one form to another. It uses various devices such as inductors, capacitors, semiconductor devices and many more. It assists in energy management to promote energy conservation in various uses such as industrial systems, electric vehicles, and consumer electronics.

Power electronics are solid circuit devices that are required to manipulate and control a manner. Power electronics enables power management for better energy conservation. The rise in the trend of power electronics adoption in electric vehicles has contributed to the growth of the global power electronics market. Advances in energy infrastructure and shifted focus towards the use of renewable energy sources along with increased demand for battery-powered energy-efficient portable devices have led the global power electronics market.

The increasing use of GaN & SiC products in various fields and the increasing manufacturing in developing countries are expected to provide profitable opportunities for companies operating in the power electronics market during the forecast period. There are some limitations and challenges that you will face which will hinder the growth of the power electronics market in general. Factors such as complexity in device design, concerns about network capacity, and integration of advanced technological devices may hinder overall growth at a global level.

Key developments

  • Dialog Semiconductor has announced a partnership with another company called Flex Logix Technologies. This partnership aims to develop mixed-signal gate arrays.

  • In March 2020, Infineon, a European semiconductor company, announced that it would acquire Cypress Semiconductor and the deal, while the deal is in its final stage.

  • In April 2020, ON Semiconductor announced the expansion of its range of industrial motor drive applications. They have introduced the NXH25C120L2C2, NXH35C120L2C2/2C2E and NXH50C120L2C2E, which are 25, 35, and 50-ampere versions of TM-PIM for 1200-volt (V) applications.

The main players

The Global Power Electronics Market study report will provide valuable information emphasizing the global market. The main players in the market are

  • NXP Semiconductor

  • Toshiba

  • Renesas Electronics

  • Texas Instruments

  • Fuji Electric

  • Infineon Technologies

  • Vichai Intertechnology

  • Mitsubishi Electric

  • on semiconductors

  • STMicroelectronics.

Based on the research, the verified market research has segmented the global power electronics market into devices, materials, verticals, and geography.

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