According to Meticulous Research®, the global power electronics market is set to reach over $59.7 billion by 2031, growing at a 4.9% CAGR from 2024 onwards. This growth is fueled by rising demand in consumer electronics, investments in renewable energy, and increasing applications in automotive and LED sectors. Complex design processes and heat dissipation challenges pose obstacles, but opportunities in electric vehicles and aerospace & defense sectors provide avenues for expansion.