Power electronics provide compact and high-efficient solutions by transferring power from a source to a load in an efficient, small, and robust manner to ensure convenient utilization. Power electronic devices control the conversion of electric power from one form to another using diodes, transistors, and thrusters. They control both unidirectional and bidirectional flow of energy, therefore depending upon the usage, the regenerated power can be sent back for utility.
Discrete power modules and power ICs are expected to serve as the future key technologies, which help increase system efficiency and performance in energy saving applications. Power modules offer physical containment for several power components and semiconductor devices. They provide higher power density and reliability. Metal Oxide Semiconductor Field Effect Transistor (MOSFET) is an electronic switch device to control the loads as per requirement by attaining low resistance and high-frequency switching. These properties are utilized in high-efficiency power supplies, electric vehicles (EVs), hybrid electric vehicles (HEVs), photovoltaic inverters, and RF switching.
Increasing demand for power electronics across various industry verticals due to their usage in industrial motor drives, electric grid stabilization, and consumer electronics drives the global market growth. The intensification of need for power management devices in automotive, consumer electronics, and energy and power, owing to the surge in the use of high-voltage operating devices, is also boosting market productivity. To cater to the rising environmental safety concerns, many developing countries, including China, Brazil, and India, have increased their demand for SiC-based photovoltaic cells, fueling the growth of the global market.
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The complex integration process of advanced electronic devices and lack of skilled employees, more so after the lockdowns observed by many nations due to COVID-19, is hampering the market growth. A significantly high cost is also associated with these devices. However, demand for plug-in electric vehicles (PEVs) and other battery enabled devices is expected to rise with innovation in Power Metal Oxide Semiconductor Field Effect Transistor (MOSFET) being a major contributing factor for the expansion of the power electronics market in the upcoming years.
Power Electronics Market Segmentation
By Device Type
By Industry Vertical
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now