Power Electronics Market Size, Share, Growth Analysis and Forecast 2026
By 2026, The Power Electronics Market is anticipated to rise from USD 37.4 billion in 2021 to USD 46.3 billion, expanding at a CAGR of 4.4 percent. The main market drivers for power electronics are anticipated to be the rising usage of power electronics in consumer products, the rapid development of EVs, and increased deployment of renewable energy sources. Furthermore, it is anticipated that increased production of wide bandgap semiconductors would present potential for market expansion over the long run. The Power Electronics Market is a developed industry with a crowded field of competitors. New product releases and deals are two major tactics used by leading players to expand their presence in the market, grow their market share, and improve their product portfolios. For instance, in July 2020, STMicroelectronics (Switzerland) introduced 26 new Schottky diodes with voltage ratings ranging from 25 to 200V and current ratings ranging from 1 to 5A. These devices were housed in low