LONDON, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the power electronics market identifies the rapid development of electric vehicles to be main driver of the power electronics market growth. 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.

What is the size of the power electronics market?

The global power electronics market size grew from $43.39 billion in 2022 to $47 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The power electronics market size is expected to grow to $59.5 billion in 2027 at a CAGR of 6.1%.

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What is the scope of power electronics?

Major companies operating in the power electronics sector are focused on developing advanced technologies to meet consumer demand. Technological advancement is a discovery of knowledge that advances technology.

What are the top companies in power electronics?

Major players in the power electronics industry are 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., SEMIKRON, and Transphorm Inc.

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Asia-Pacific was the largest region in the power electronics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The global power electronics market is segmented by product into discrete, module; by material into silicon, silicon carbide, gallium nitride; by voltage into low voltage, medium voltage, high voltage; by application into power management, UPS, renewable, other applications; by end user industry into automotive, consumer electronics, IT and telecommunication, military and aerospace, industrial, energy and power, other end use industries.

Power Electronics Global Market Report 2023 –Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides power electronics market forecast insights and power electronics market analysis on the power electronics market size, power electronics market segments, power electronics market trends, drivers and restraints, major competitors’ market positioning, revenues and power electronics market share.

The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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