Power Electronics Market is Driven by Increased Demand for Energy-Efficient Products

The Global power electronics market is estimated to be valued at US$ 48.16 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 To 2031.

Power Electronics Market Demand for power optimization solutions in automotive and industrial applications is boosting market revenues. Geographical expansion into emerging economies and increasing adoption of renewable energy are expected to open new growth opportunities for power electronics manufacturers over the coming years.

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Air Motor Market was valued at USD 2.44 Bn in 2023 and is expected to reach USD 3.56 Bn by 2030, at a CAGR of 5.54% during the forecast period.

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