Power Electronics Market Dynamics and Competitive Landscape

The global Power Electronics Market size is predicted to reach USD 74.3 billion with a CAGR of 9.2% by 2030. Power electronics are circuits that controls and alter the flow of electrical energy. It is capable of regulating the energy flow that enables efficient utilization of the available power. The most important component of power electronic system is a switching power converter, which is made up of high-frequency semiconductor devices that can be turned on or off.