Posted 4/8/2024, 5:45:00 PM
Power Electronics Market to Reach $69.7 Billion by 2030, Driven by EVs and Renewables
- Market for power electronics estimated to reach $69.7 billion by 2030, growing at 7.3% CAGR due to rising EV adoption and renewable energy integration
- Silicon carbide is the dominant material used; integrated circuits hold the largest market share by device type
- Commercial sector registers maximum adoption of power electronics across various applications
- Asia Pacific leads the global market, with China, Japan, and South Korea as key manufacturing hubs
- Infineon Technologies AG, Mitsubishi Electric Corporation, and Toshiba Corporation identified as top market players