- Power electronics has been used in various applications
- The global power electronic market will showcase massive growth between 2023 and 2030
According to a report by Fortune Business Insights, the global power electronics market size was valued at $52.70 billion in 2022 & is projected to grow from $61.94 billion in 2023 to $153.30 billion by 2030.
The power electronics have a huge role in providing electric power through switching devices such as Metal–Oxide–Semiconductor Field-Effect Transistor (MOSFET), Insulated Gate Bipolar Transistor (IGBT), diode, and thyristor. Power electronics has been used in various applications, such as aerospace, automotive, defense, healthcare, residential, industrial, and space.
The global power electronic market will showcase huge growth between 2023 and 2030. The global Power Electronics market size was valued at USD 53456.03 million in 2021 and the rising adoption is showcasing a major expansion at a CAGR of 4.78% during the forecast period, reaching USD 70745.81 million by 2027.
