The emerging demand for energy-efficient, battery powered devices and use of electronics in different industries is likely to fuel market globally over a forecast period.
Government initiatives to opt for renewable energy at all platforms, faster switching, rise in demand for higher efficiency are other additional factors that are expected to boost the market growth and is expected to create new opportunities.
From 2017 to 2025, sapphire segment is expected to grow at highest CAGR providing great opportunities for manufacturer and supplier.
There has been significant increase in demand of consumer electronics such as smart watches, smartphone and home appliances which will have positive impact on sapphire segment as its applicability is increasing across different products.
Application in Hybrid electric vehicles (HEV), electric cars and awareness about growing pollution in environment will have positive impact in industry growth.
The development of various alternatives and use of renewable energy so as to conserve natural resources such as fossil fuels is paving the way for use of power electronics devices in automobile sector.