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POWER ELECTRONICS INDUSTRY Power electronics market 2020: Winners, losers and opportunities
The power electronics industry’s onward direction is driven by diverse vertical market factors, now with the added impact of COVID-19. Despite everything, there are opportunities as well as challenges – so how is the industry responding?
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According to a Research And Markets report released in July 2020, the global power electronics market size, after COVID-19 is factored in, is projected to grow from USD 35.1 billion in 2020 to USD 44.2 billion by 2025, at a CAGR of 4.7 %. This growth is dominated by three contributors: renewable energy across the globe, growing adoption of power electronics for electric vehicle manufacturing, and increasing use of power electronics in consumer electronics.
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Each of these three markets is influenced by both its own industry-specific issues and the massive impact of COVID-19. This article provides an overview of these markets and factors, and reveals some industry winners and losers; it then comments on the key semiconductor components consumed by these markets, and some of their major manufacturers.
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