The global power semiconductor market was valued at $37.90 billion dollars in 2020, and it is expected to grow at a CAGR of 3.18 percent to $47.19 billion dollars by 2027. In power electronics, a power semiconductor is used as a switch or rectifier. Power devices are another name for this sort of semiconductor device. This type of power gadget is also utilized to manage high voltages and currents. This gadget converts electric power and controls motors and lighting systems.