The global power electronics market size was evaluated at USD 30,900 million in 2024 and is expected to grow around USD 52,280 million by 2034, registering a CAGR of 5.4% from 2024 to 2034.
Power electronics technology is defined as the science and technology of efficient conversion, control, and supervision of electric power for managing the flow of electrical energy. They serve the purpose of regulating the supply of electricity, along with managing its consumption to avoid wastage. Innovations in power electronics play an important role in efficiently supplying electricity from one form to another renewable energy sources by converting and controlling AC and DC power.
The drivers that fuel the growth of its market include; Wearable or Electronic devices & Electric Vehicles (EVs) and the growing need for automation and industrialization the world over Industry 4.0. However, the constant emphasis on energy efficiency and the demand for renewable energy is creating a good base for the growth of the power electronics market share. Power electronics devices are used in the management and proper utilization of power electrical energy which is produced from renewable resources for industrial, automotive, space defense, and other related purposes.
The usage of power electronics in electric vehicles is growing, which demands substantial energy for the operation of electrical motors. The prominent growth in the market of hybrid electric vehicles in these areas has been closely linked to the rise in demand for efficient hybrid electric vehicles in China and India as well as Japan and other countries owing to the rise in the levels of environmental pollution.
Published by Shubham Desale
