Unveiling Insights: Power Electronics Market Size and Share The report "Power Electronics Market Size by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Voltage (Low, Medium, High), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace) and Geography - Global Forecast to 2028" The global power electronics market was valued at USD 46.2 billion in 2023 and is projected to reach USD 61.0 billion by 2028, registering a CAGR of 5.7% during the forecast period. Power electronics are crucial in changing electrical energy patterns toward renewables, ensuring enhanced energy efficiency. Additionally, the role of power electronics is anticipated to be significant in the energy management of electric vehicles. In the domain of vehicle power electronics, their primary function is to process and control the flow of electrical energy in hybrid and plug-in electric vehicles. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=204729766 By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period. Power modules are becoming highly popular in power electronics owing to their integrated design, compact form factor, simplified installation process, superior thermal performance, heightened reliability, augmented power density, cost-effectiveness, and versatile application capabilities. This is particularly beneficial in situations where constraints on size and weight are major factors to be considered, such as in electric vehicles, industrial automation, and consumer electronics. Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=204729766 By Material: Silicon-based devices to account for the largest market share during the forecast period. Silicon holds the largest market share in the production of a multitude of power electronics. Widely acknowledged and frequently employed, silicon serves as a semiconductor material, particularly in the manufacturing of power electronic devices tailored for low- and medium-voltage applications. Various power semiconductor devices, spanning discrete components, modules, and integrated circuits (ICs), are crafted using silicon. These silicon-based devices play crucial roles in power rectification, power factor correction, and power amplification. Significantly, silicon is used in the fabrication of diodes and transistors designed for applications involving high-frequency switching.