Power Electronics Market Outlook 2027 By Device Type, Size, Share, Trends, Opportunity and Forecast
According to TechSci Research, Global power electronics market stood at USD40.52 billion in 2021 and is forecast to grow at a CAGR of 5.61% by 2027. The global power electronics market is propelled by a growing trend for Hybrid Vehicles (HVs) and Electric Vehicles (EVs). Additionally, the rising popularity of renewable energy sources among developing and emerging economies is expected to boost the demand for power modules and power discrete . Furthermore, the emergence of smart grids that helps the purpose of reliable and efficient electricity supply, integrating other renewable energy into an existing network and supporting the growth of electric vehicles at a scale is expected to further boost the market growth over the next few years. Power electronics refers to an interdisciplinary field of electrical engineering that deals with the design, control, and conversion of electrical energy. A power electronic system is a system that converts electric energy to an electrical load t...