Power Electronics Market Forecast to 2027 | Growth and Trends

Power Electronics Market Overview:

The current state of definitions, classifications, applications, and the industrial chain structure were examined in the Power Electronics Market Research Report. The study offers unbiased, expert commentary on the market's current state, performance in the past, rates of production and consumption, demand and supply, and forecasted income generation predictions. The leading companies involved in the Power Electronics sector's strategic goals and company growth objectives are also covered in the market study on Power Electronics. The research takes into account a variety of strategies, including brand marketing, product launches, partnerships and collaborations, government and corporate transactions, mergers and acquisitions, and partnerships and collaborations.

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Power Electronics Market Dynamics:

The developments in the electric vehicles industry are one of the major drivers of the power electronics market. Power electronics devices are used in multiple elements of contemporary automobiles, including the starter motor, windscreen wiper controller, adjustable front illumination, luminaires, and power transmission steering. Power electronics devices are predicted to play an important role in energy conservation in electric vehicles as the number of electric vehicles and hybrid electric vehicles grows. Vehicle power systems largely process and manage the energy flow in hybrid and plug-in electric cars, as well as the speed-torque generated by the motor.

Power Electronics Market Segmentation:

Consumer electronics accounted for the largest market share in 2020, according to Vertical. During the aforementioned forecast period, a CAGR of 6.7% is anticipated.

The demand for power electronics is likely to be boosted by the rising use of household appliances like smartphones, laptops, and wearable electronics, particularly in developing countries. The segment's growth in the power electronics market is also anticipated to be aided by the expanding use of power electronics in home appliances. Gallium Nitride power electronics products are used by Original Equipment Manufacturers with offices in China and South Korea, such as Samsung and Huawei, to create high-wattage internal adapters for smartphones as well as supplemental fast chargers.

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Power Electronics Market Key players:

Hitachi (Japan)
Infineon Technologies (Germany)
STMicroelectronics (Switzerland)
Mitsubishi Electric (Japan)
Fuji Electric (Japan)
NXP Semiconductors (Netherlands)
Renesas Electronics (Japan)
Toshiba (Japan)
ABB (Switzerland)
GaN Systems (Canada)
COVID-19 Impact on Power Electronics market:

The Power Electronics market has been significantly impacted by the COVID-19 outbreak. Facilities for the production of Power Electronics have been put on hold because of the global economic downturn and a labour shortage. The COVID-19 pandemic has caused a sizable and protracted decline in production utilisation, and staff have been kept away from their facilities by travel bans and facility closures, which will slow the growth of the Power Electronics market in 2020. On the other hand, the negative effects of COVID-19 on the market for Power Electronics are anticipated to be transient, and the industry is anticipated to quickly recover by early 2021 due to strong demand for Power Electronics.

About Stellar Market Research:

A market research and consulting company called Stellar Market Research offers consulting services as well as syndicated and custom-made research reports. The company's products are primarily focused on helping businesses identify, target, and analyse changes in consumer behaviour across demographics and industries in order to help them make better business decisions. The company conducts market intelligence studies in a range of industries, including healthcare, touch points and energy, in order to provide pertinent and fact-based research. Stellar Market Research has a sizable staff of highly qualified analysts with expertise in a variety of industries. Due to the company's expertise in the field and capacity to offer a practical resolution to any research problem, clients can gain a competitive edge over their rivals.

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