The U.S. economy continues to recover despite geopolitical tensions generated by Russia's invasion of Ukraine and deepening supply chain disruptions. The resumption of industrial activities is driving the demand for industrial electronics. In January, industrial production jumped 1.4%, surpassing the 0.5% estimates. Capacity utilization also saw its highest increase after March 2019, rising 77.6%.
Industrial electronics are known to play a vital role in improving the efficiency and productivity of various industries. It deals with power electronic switches, actuators, IEDs, meters, sensors, automation equipment, etc. As industrial production rises, the industrial electronics industry benefits. According to Precedence Research, the power electronics market is expected to grow at a 5.2% CAGR to $37.30 billion by 2030.
