Power Electronics Market To Register 5.61% CAGR During 2023-2027
Automotive Industry dominates the Global Power Electronics Market in the future years. According to TechSci Research report, “ Power Electronics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027F ” Global power electronic market stood at USD40.52 billion in 2021 and is expected to grow at a CAGR of 5.61% during the forecast period. This astonishing growth can be attributed to the growing demand for the green energy. Higher energy consumption and surging demands for the renewable sources of the energy facilitate the growth of the global power electronics market in the upcoming five years. Evolution in the energy resources and consistent research to find latest innovative methods of converting the renewable energy into electrical energy further supports the growth of the global power electronics market in the next five years. Expanding automotive industry, increasing investment in the support of advancing the automotives, technologi...