Power Electronics Market Information, Growth Trends and Forecasts 2027

The global power electronics market garners exponential traction. The market growth attributes to the increasing adoption of power electronics in electric vehicles and the growing demand for power management devices. Besides, several advantages of power electronics such as simplified circuits and optimum forward and reverse blocking capabilities create huge market demand. Moreover, compact power electronics designs suitable for high power densities applications escalate market growth.

According to Market Research Future (MRFR), the power electronics market valuation is poised to reach approximately USD 43 BN by 2023, registering 3% CAGR during the assessment period (2018–2023). Over the last couple of years, power electronics technology has evolved dramatically, becoming indispensable across the industries. Power electronics is one of the fastest-growing technologies used across major industries such as automotive, aerospace, healthcare, and media.

Additionally, the increasing deployment of smart grid applications and demand for implementation of low carbon emission power systems act as major tailwinds for the growth of the market. Furthermore, the growing focus on the use of renewable power resources boosts the power electronics market growth. Furthermore, the growing demand for enhancement of power infrastructure positively impacts the growth of the power electronics market.

Read more@ https://www.marketresearchfuture.com/reports/autonomous-vehicles-market-1020