Power Electronics Market to reach around USD 73,876 million by 2030 from USD 47,270 million in 2019 at a CAGR of 25.8% throughout the forecast period i.e. 2020-2030.

The power electronics market is experiencing unprecedented growth, driven by factors such as technological advancements, increasing demand for efficiency solutions and increasing adoption of renewable energy sources.

One of the major factors driving the expansion of the power electronics market is the relentless demand for energy efficiency. As companies seek to improve energy efficiency and reduce carbon footprint, the demand for electronic solutions has increased. These solutions play an important role in improving energy conversion efficiency, reducing resource losses and ensuring efficient use of resources. From motor drives and inverters to power supplies and transformers, power electronic devices are essential components in a wide range of applications in automotive, industrial, consumer electronics and renewable energy.

The automotive industry stands out as a major driver of the electronics market. The rise of electric vehicles (EVs) and hybrid electric vehicles (HEVs) has led to increased demand for advanced power electronics for controlling power flow, monitoring appliances and charging the battery be more efficient Yatim is increasingly turning to energy and electricity solutions.

Moreover, the proliferation of renewable energy sources such as solar and wind power has increased the demand for electricity and electronics. For example, grid-connected inverters play an important role in converting DC power from solar or wind turbines into AC power suitable for distribution in the electricity grid When global variation of movement clean energy is gaining momentum, investment in renewable energy increases and leads to the adoption of advanced electronic solutions for convenience.

In addition to integrating energy efficiency and renewable energy, advances in semiconductor technology are changing the landscape of the power electronics market Wide bandgap (WBG) semiconductors such as silicon carbide (SiC) and gallium nitride (GaN) synthesized opens new possibilities for power electronics design for high switching frequencies, low losses, and compact system form factors As WBG semiconductor manufacturing processes grow and production costs increase reduce, the adoption of SiC and GaN-based electronic devices will spread across applications, driving market growth.

In addition, the emerging Internet of Things (IoT) and Industry 4.0 infrastructure for integrating power electronics with digital control and communication technologies Smart power electronics systems equipped with sensors, embedded software and communication capabilities monitor, analyse and optimizes industry energy consumption with real -time power generation, enabling predictive maintenance, remote sensing, and energy management solutions This convergence of power electronics and IoT opens up new opportunities for innovation and productivity in advances in industrial automation, smart grids, and smart home applications.