SiC Based Power Electronics & Inverter Market Size, Share and Growth Rate 2028
The global SiC based power electronics & inverter market size is projected to reach USD 3,888.2 million by 2027, exhibiting a CAGR of 32.5% during the forecast period. According to a new report by Fortune Business Insights™, titled “SiC Based Power Electronics & Inverter Market, 2020-2027”, the market’s value stood at USD 446.3 million in 2019. While the outbreak of the COVID-19 pandemic has generated unprecedented challenges for the semiconductor and electronics industries, its impact has been minimal on the SiC based power electronics & inverter market growth. The principal reason for the insulated position of this market is the extensive utilization of electronic components and inverters in the automotive, consumer electronics, manufacturing, and healthcare industries amid the pandemic. As a result, the market soared at a 21.5% CAGR and touched a value of 542.2 million in 2020. Increasing Electric Car Sales Worldwide to Accelerate Market Growth The demand for electri