How Major Players Are Impacting the Global Power electronics market by 2024?Posted by Prithvi on December 18th, 2019 The global power electronics market is estimated to reach USD 50.3 Billion in 2024 at a CAGR of 5.6%. Expanding automation and digitalization in industries and inclination towards renewable energy sources is expected to drive the power electronics market during the forecast period. However, lack of technical resources is expected to restrain the market during the forecast period. Technological innovations in electric vehicle/ hybrid electric vehicle (EV/HEV) is expected to become an opportunity for power electronics market. Power electronics is a technology for energy saving and high functionality in energy and power usage. Power electronic components mainly act as a switch and use for reducing conduction loss. Power electronics mainly used in industrial, energy & power, aerospace & defence, and many other applications. Some key players in power electronics market are QUALCOMM, Inc., Infineon Technologies AG, Texas Instruments Incorporated, ON Semiconductor Corp, and Mitsubishi Electric Corporation among others.
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