DUBLIN–(BUSINESS WIRE)–The “Power Electronics Market By Device Type, By Material, By Application, By End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the power electronics market was valued at $26.6 billion in 2021, and is estimated to reach $43.7 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
A power module is a set of power components integrated into power semiconductor devices. Power devices can attain extremely low resistance and high-frequency switching. These properties are exploited in high-efficiency power supplies, electric vehicles (EVs), hybrid electric vehicles (HEVs), photovoltaic inverters, and RF switching. These devices are applicable in power supplies for servers, IT equipment, high-efficiency & stable power supplies, and EV & HEV devices. This is attributed to the fact that these devices facilitate the control and conversion of electrical power effectively and efficiently.
The prominent factors that drive the power electronics market growth include an increase in demand for power electronics components across various industry verticals, an increase in the adoption of SiC power devices, the surge in the need for power management devices, and a rise in adoption of power electronics components in electric vehicles. Moreover, the surge in demand for SiC-based photovoltaic cells in developing countries, including China, Brazil, and India, fuels the growth of the global market.
However, the complex integration process for advanced electronics devices restrains the growth of the market, globally, due to their complex design requires robust methodology, skillsets, and different toolsets for integration, which also raises the cost of the devices. This high cost of devices restraints users to switch to new innovative technology devices. Moreover, the rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal-oxide-semiconductor field-effect transistor (MOSFET) is anticipated to provide lucrative opportunities for expansion of the power electronics market.
Key Benefits For Stakeholders
Key Market Segments
By Device Type
By Material
By Application
By End Use
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/qjyf2o
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