Power Semiconductor Market

SKU: DMICT691 | Last Updated On: Aug 08 2022 | Available Formats

Power Semiconductor Market Expected to reach a high CAGR of 30.4% By 2029: DataM Intelligence

Power Semiconductor Market is segmented By Component (Discrete, Module, Power Integrated Circuit), By Material (Silicon, Silicon Carbide, Gallium Nitride, IGBT, MOSFET), By Application (Automotive, Consumer Electronics, Military & Aerospace, Industrial), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Power Semiconductor Market size is projected to reach USD billion by 2029, with growth at a CAGR of 5% during the forecast period 2022-2029. Power semiconductor control motor and lighting systems are changing voltages and frequencies and changing DC to AC or AC to DC. It handles high voltages and large currents and increases power density and efficiency by lowering the loss. It is used in automotive, consumer electronics, industrial, military and aerospace sectors.

Market Growth Drivers:

Growing demand from automotive and consumer appliance industries is a major driver for the global power semiconductor market:

Semiconductor sales for automotive applications are primarily determined by vehicle sales volume and the degree of vehicle digitalization and electrification. Hybrid electric vehicles (HEV) and electric vehicles (EV) are essential in terms of power semiconductor demand because they comprise more semiconductors than combustion-engine vehicles. Power semiconductors are used in consumer electronics, such as video games, televisions and watches. The current demand for gaming devices, audio equipment, and some kitchen appliances has increased, especially in the post-pandemic period.   

Increasing technological complexity and growing costs are expected to restrain the global power semiconductor market:

Over the forecast period, the increasing technological complexity and growing costs are expected to prevent the growth of the global market. Semiconductors, particularly power semiconductors, have quickly become a requirement for nearly every electronic device imaginable and in recent years, they've enabled artificial intelligence and machine learning. Although many governments encourage semiconductor growth, new fabs intended through comprehensive R&D require billions of dollars in investment. Since the semiconductor industry has a consistent track record of technological advancement, its companies must maintain their competitive edge in all sectors. 

The advancement in material technologies employed in power semiconductors is expected to generate new opportunities for the global market:

New power semiconductors are specialized transistors using various competitive technologies such as GaN, SiC and silicon. GaN and SiC are both wide-bandgap technologies, which means they are more efficient and faster than silicon-based devices. Several vendors are releasing the next generation of power semiconductors relying on gallium nitride (GaN) and silicon carbide (SiC).

Environmental pollution associated with semiconductor production is expected to present challenges for the global market:

Demand for silicon chips, which are found in everything from smart devices and television sets to wind turbines, is increasing but at a high cost of a massive carbon footprint. Fluorinated compounds with a high global warming potential (GWP) are used to manufacture power semiconductors. Though power semiconductors are a must-have for developing digital and communication technologies, the heavy pollution caused by varied aspects of the industry is creating major challenges for the growth of the global power semiconductors market.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic created obstacles to the growth of the power semiconductor market. The pandemic completely affected the power semiconductor sector's fundamentals, including customer behavior, business revenues and corporate operations. The impact of the pandemic on individual application segments was even more complex. With much uncertainty ahead in the post-pandemic period, power semiconductor firms will benefit from developing multiple future scenarios, each with a different macroeconomic and virus-related outcome, as they plan their strategy for the coming years.

Recent Developments in the Industry:

  1. In March 2022, Toshiba Corporation Toshiba recently launched two new silicon carbide (SiC) MOSFET Dual Modules with a voltage rating of 1200V and 1700V.
  2. In February 2022, Mitsubishi Electric Corporation launched the SLIMDIP-X power semiconductor module with low thermal resistance and noise for home-appliance inverter systems. It would reduce the size of inverter systems in air conditioners, washing machines, and refrigerators.
  3. In March 2022, NXP Semiconductors N.V. launched a new series of RF power discrete solutions for 32T32R active antenna systems, using its latest exclusive gallium nitride (GaN) technology. With the expansion of the 5G network company wants to cater to network operators' requirement of extending their coverage while maintaining performance.

Power Semiconductor Market Scope

Metrics

Details

Market CAGR

30.4%

Segments Covered

By Component, By Material, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Segmentation:

The scope of the report covers segmentation based on component, material, application and region. The global Power semiconductor market is segmented by component into discrete, module and power integrated circuits. The global Power semiconductor market is segmented by material into silicon (Si), Silicon Carbide (SiC), Gallium Nitride (GaN), IGBT and MOSFET. The global Power semiconductor market is segmented by application into automotive, consumer electronics, military, aerospace, and industrial. The global Power semiconductor market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle East and Africa.

  1. Discrete: Discrete devices, such as diodes and transistors, are single semiconductor devices. Power transistors are a type of discrete device used to regulate voltages, minimize power consumption and reduce heat generation in various applications. For instance, they are critical components in circuits designed to improve the battery life of portable electronics.
  2. Module: A power electronic module, often known as a power module, is a set of power components, typically power semiconductor devices, that are properly connected internally to perform a power conversion function. It's an integrated building block that allows for building a power converter with fewer external components. The power module package may comprise control electronics such as gate drivers, sensors and protection functions.
  3. Power Integrated Circuits (ICs): Power integrated circuits (ICs) function as a switch or rectifier in high-voltage applications such as power supplies, automotive, solar and trains. In the "on" state, the ICs enable electricity to flow, while in the "off" state, they halt it. They increase system efficiencies while reducing energy losses.

Regional Classification:

According to the DataM Intelligence market research report, the global Power semiconductor market is divided into North America, South America, Europe, Asia-Pacific, Middle East and Africa.

Power semiconductors are the basis of modern power electronic circuitry equipment and devices. Wireless communication, advanced control of electric motors, motion control & servo drives, advanced computer systems, antennas, propagation & satellite systems and broadband wireless systems are among the prominent technology industries of North America. They are an essential component of electrical appliances, machinery and systems. Government backing and increased involvement of prominent semiconductor companies are projected to drive the North American power semiconductor market over the forecast period.

 The PowerBase project, supported by the EU, industry and national and regional governments, created the next generation of energy-efficient gallium nitride semiconductors. The European power semiconductor sector could witness significant growth if activities such as testing and packaging are shifted from China to lower-cost Eastern European countries. Tech companies from U.S. are already investing in Europe, with Apple and Intel making significant investments in semiconductor-related enterprises.

 Asia-Pacific is a rapidly industrializing region that is experiencing high economic growth. It has led to a high concentration of manufacturing industries across various sectors such as manufacturing, chemicals, automotive, aerospace and electronics. Asia-Pacific is also a leading producer of industrial automation devices and control instrumentation. The demand for power semiconductors is also increasing due to the region's maturing national defense industries. Due to growing demand from key strategic industries, the Asia-Pacific power semiconductor market will likely increase significantly in the coming years.

Competitive Analysis:

The global power semiconductor market is competitive, with various international and local players. The companies employ novel product launches, capacity utilization, technology innovation, new product creation and market expansion tactics to maintain their market position.

Major Companies:

Some key companies contributing to the global Power semiconductor market growth include Infineon Technologies AG, STMicroelectronics, NXP Semiconductor, Renesas Electronics Corporation, Qualcomm, Analog Devices, Texas Instruments, Mitsubishi Electric Corporation and Toshiba Corporation, among others.

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