ionic capacitor error:- ERR_OSSL_EVP_UNSUPPORTED | digital envelope routines

I am facing issue on ionic build error after updating to node v18.20.4, It was working fine with node v16.20.2.

I tried below options with no luck

1) set NODE_OPTIONS=--openssl-legacy-provider

Note:- Most of the answers suggesting to downgrade the version but it is not a solution.

Ionic CLI : 7.2.0
Ionic Framework : @ionic/angular 5.9.4
@angular-devkit/build-angular : 0.1101.4
@angular-devkit/schematics : 11.1.4
@angular/cli : 11.1.4
@ionic/angular-toolkit : 12.1.1

Capacitor:

Capacitor CLI : 6.1.2
@capacitor/android : 6.1.2
@capacitor/core : 6.1.2
@capacitor/ios : 6.1.2

Utility:

cordova-res : not installed globally
native-run : 2.0.1

System:

NodeJS : v18.20.4 (C:\Program Files\nodejs\node.exe)
npm : 10.9.0
OS : Windows 10


Error: on build command

ionic build
> ng.cmd run app:build
- Generating browser application bundles...node:internal/crypto/hash:69
this[kHandle] = new _Hash(algorithm, xofLen);
^

Error: error:0308010C:digital envelope routines::unsupported
at new Hash (node:internal/crypto/hash:69:19)
at Object.createHash (node:crypto:133:10)
at module.exports (F:\app\node_modules\webpack\lib\util\createHash.js:135:53)
at NormalModule._initBuildHash (F:\app\node_modules\webpack\lib\NormalModule.js:417:16)
at F:\app\node_modules\webpack\lib\NormalModule.js:452:10
at F:\app\node_modules\webpack\lib\NormalModule.js:323:13
at F:\app\node_modules\loader-runner\lib\LoaderRunner.js:367:11
at F:\app\node_modules\loader-runner\lib\LoaderRunner.js:172:11
at loadLoader (F:\app\node_modules\loader-runner\lib\loadLoader.js:32:11)
at iteratePitchingLoaders (F:\app\node_modules\loader-runner\lib\LoaderRunner.js:169:2)
at iteratePitchingLoaders (F:\app\node_modules\loader-runner\lib\LoaderRunner.js:165:10)
at F:\app\node_modules\loader-runner\lib\LoaderRunner.js:176:18
at loadLoader (F:\app\node_modules\loader-runner\lib\loadLoader.js:47:3)
at iteratePitchingLoaders (F:\app\node_modules\loader-runner\lib\LoaderRunner.js:169:2)
at runLoaders (F:\app\node_modules\loader-runner\lib\LoaderRunner.js:365:2)
at NormalModule.doBuild (F:\app\node_modules\webpack\lib\NormalModule.js:295:3) {
opensslErrorStack: [ 'error:03000086:digital envelope routines::initialization error' ],
library: 'digital envelope routines',
reason: 'unsupported',
code: 'ERR_OSSL_EVP_UNSUPPORTED'
}

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