The global power electronics market is expected to register healthy growth and reach over $44 billion by 2026. Power electronics devices such as diodes, transistors, and thyristors are used to efficiently control and convert electrical power from its source to loads. These devices enable power management and support energy conservation in various applications. The market is driven by increasing adoption of renewable energy sources by governments and consumers. Some of the key segments of the power electronics market include devices, materials, applications, voltages, and vertical industries.