Power Electronics Market: Emerging Trends in Aerospace & Defense Applications

o Power Electronics Market is Expected to Reach $59.7 Billion by 2031, at a CAGR of 4.9% from 2024 to 2031

Global XXX Market 2024-2031 Power Electronics Market by Type (Power ICs, Modules, Transistors, Thyristors, Regulators, Others), Application (Generation, Transmission, Distribution, Control), End-use Industry (Automotive, Consumer Electronics, Others), Geography - Global Forecast to 2031. According to this latest report, the power electronics market is projected to exceed $59.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. Request sample-report/cp_id=5852 Sample PDF @ https://www.meticulousresearch.com/download- Several factors are driving the growth of this market. The increasing demand for power electronic devices in consumer electronics, growing investments in renewable energy technologies, and the rising use of power electronics in LED lighting are significant contributors. Moreover, the expanding use of power electronics in automotive applications further fuels market growth. Opportunities are also emerging from the increased adoption of power electronic devices in electric vehicles and the aerospace & defense sectors. However, challenges like complex design and integration processes could potentially restrain market growth, with heat dissipation during device switching being a notable concern. The power electronics market is categorized based on product type, application, and end-use industry. The report also provides insights into industry competitors and analyzes market trends at regional and country levels. By product type, the market is segmented into power diodes, transistors, thyristors, electronic circuits, power ICs, switches, regulators, modules, drivers, and other related products. In 2024, power ICs are expected to hold the largest share of the global power electronics market. This segment's dominance is attributed to the rising demand for power from IoT devices, wearables, consumer electronics, automotive, and industrial applications. Additionally, the growing need for simplified power management in complex systems, optimized power consumption, and longer battery life contributes to this segment's growth. For instance, in June 2023, Nordic Semiconductor introduced its nPM1300 Power Management IC (PMIC) for battery-powered applications. On the other hand, the power modules segment is anticipated to experience the highest growth rate during the forecast period. The demand for power modules is driven by their ability to handle current and voltage switching, allowing for efficient power conversion and control. This makes them increasingly popular in electric vehicles, motor controllers, household appliances, power supplies, electroplating machinery, medical equipment, battery chargers, and various other applications like AC to DC inverters, converters, and welding equipment. Meanwhile, the automotive sector is projected to experience the fastest growth rate over the forecast period. This growth is fueled by the rapidly expanding automotive market and the increasing adoption of power electronics for managing and converting electric power in various automotive applications, such as body electronics, infotainment systems, safety features, and powertrains in electric vehicles (EVs). The focus on reducing carbon emissions and the growing integration of power electronics by automotive manufacturers are also key factors driving this segment. For example, in June 2021, Renault Group collaborated with STMicroelectronics to develop and supply power electronics solutions for Renault's battery- operated and hybrid vehicles. Geographically, the power electronics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to hold the largest market share. This region's dominance is attributed to the growing demand Page 1 of 2 Meticulous Research| sales@meticulousresearch.com

Global XXX Market 2024-2031 for energy-efficient hybrid electric vehicles, the widespread adoption of consumer electronics, and the presence of major power electronics companies such as Renesas Electronics, Mitsubishi Electric, Murata Manufacturing, Fuji Electric, TDK Corporation, and Toshiba. Additionally, Asia-Pacific is anticipated to witness the highest growth rate during the forecast period. Factors contributing to this growth include increasing government initiatives and investments in renewable energy projects, as well as the focus of market players on introducing innovative products. For instance, in January 2023, Renesas Electronics launched a new gate driver IC designed for high-voltage power devices like Insulated Gate Bipolar Transistors (IGBTs) and Silicon Carbide (SiC) MOSFETs, which are crucial for electric vehicle inverters. Contact Meticulous Email- sales@meticulousresearch.com Contact Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Us: Research Sales- +1-646-781-8004 Page 2 of 2 Meticulous Research| sales@meticulousresearch.com