The Power semiconductor market is driven by factors, including a surge in the installation of solar photovoltaic panels for electricity generation, an increase in demand for power electronics modules across various industry verticals, and the HVDC and smart grid initiatives by the government.

PORTLAND, Ore., Aug. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Power Semiconductor Market by Material (SiC, GaN, and Others) Product (Power MOSFET, IGBT, Thyristor, Power Diode, and Others), Industry Vertical (IT & Telecom, Aerospace & Defense, Industrial, Energy & Power, Electronics, Automotive, and Healthcare): Global Opportunity Analysis and Industry Forecast, 2023–2032“. According to the report, The global power semiconductor market was valued at $48.9 billion in 2022, and is projected to reach $75.1 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.

Power semiconductor are efficient electronic devices with high power ratings. These reliable devices are specifically designed to withstand high voltage and current with lesser losses.  Power semiconductor are produced by using semiconducting materials like silicon (Si) or silicon carbide (SiC). Power semiconductor are critical components in all kinds of power electronics equipment including uninterruptible power systems (UPSs) and inverters.

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Prime determinants of growth 

The Power semiconductor market analysis is anticipated to expand significantly during the forecast period owing to a surge in the installation of solar photovoltaic panels for electricity generation, an increase in demand for power electronics modules across various industry verticals. Additionally, the market for Power semiconductor is expected to benefit from the HVDC and smart grid initiatives by the government. However, complexity in the supply chain and designing process of SiC semiconductor technology poses a restraint to the growth of the Power semiconductor market during the forecast period.

Report coverage & details:

Covid-19 Scenario

• COVID-19 has a significant influence on both the economy and consumers. To curb the spread of the virus, manufacturing centers for electronics, including those producing semiconductors, were temporarily shut down. As a consequence, the semiconductor market’s supply chain has been severely affected, leading to shortages of raw materials, intermediate components, and finished products.
• The lack of business continuity has resulted in adverse effects on revenue, shareholder returns, and overall financial performance of power the semiconductor industry.

The SiC segment is anticipated to dominate in terms of revenue during the forecast period

Based on material, the SiC segment accounted for nearly three-fifths of the total revenue in the global Power semiconductor market in 2022, and it is expected to continue its dominant position throughout the forecast period. The primary factors contributing to its dominance and growth are its superior material properties, including higher breakdown electric field strength, wider bandgap, and lower thermal expansion compared to conventional silicon semiconductors. Moreover, the GaN segment is projected to manifest the highest CAGR of 5.4% from 2023 to 2032, driven by include increasing demand in 5G infrastructure for high-frequency and high-power RF devices, growing adoption in electric vehicles (EVs) and renewable energy systems for enhanced efficiency, emerging applications in LiDAR technology for autonomous vehicles, and advancements in GaN technology leading to improved performance and cost-effectiveness.

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The power MOSFET segment garnered the major share in 2021

By product, the power MOSFET segment accounted for nearly one-fourth of the global Power semiconductor market share in 2021. This is attributed to its widespread use in various electronic devices for switching and amplifying electronic signals. Its compact size and ability to be integrated into single chips enable efficient power conversion and management, contributing to its significant market presence. Additionally, the increasing demand for electric devices, renewable energy systems, and electric vehicles further drives the adoption of power MOSFETs, solidifying their position in the Power semiconductor market. However, the IGBT segment would cite the fastest CAGR of 5.44% throughout the forecast period due to the increasing adoption of IGBTs in electric vehicles, consumer electronics, and renewable energy systems driving their demand in various industries. The ability of IGBTs to handle higher voltage and current levels, coupled with their fast switching rates and reduced power losses, makes them ideal for high-power applications.

The IT and Telecom segment is expected to dominate in 2022

Based on industry verticals, the IT and Telecom segment emerged as the market leader in the global Power semiconductor market in 2022, holding the highest market share of more than one-fifth of the revenue. This dominant position is attributed to the extensive adoption of Power semiconductor in various critical applications within the IT and Telecom industry. Power semiconductor are widely used in base stations, space applications, optical systems, satellite communication, radar systems, and wireless applications, among others, to enable efficient power management and signal amplification. Moreover, the energy and power segment held the major share of 18.9% in 2032. However, the automotive segment is expected to experience the fastest CAGR of 6.21% from 2023 to 2032. The remarkable growth of the automotive segment can be attributed to the increasing adoption of electric and hybrid vehicles, advancements in autonomous driving technologies, rising demand for vehicle connectivity and V2X communication, the need for high-efficiency power conversion, the popularity of advanced lighting systems, and the implementation of stricter emission regulations.

Asia-Pacific to maintain its dominance by 2032.

Based on region, Asia-Pacific dominated the Power semiconductor market revenue in 2022, representing nearly half of the global market share. This region is expected to witness the fastest CAGR of 5.33% from 2023 to 2032. The primary reasons for this dominance are the rise in industrialization, rapid urbanization, and increasing demand for power modules in various industries, including automotive, renewable energy, and electric grid infrastructures, are driving the adoption of Power semiconductor. Additionally, the availability of massive power plants generating high voltage power, coupled with the region’s growing population and energy consumption, further contributes to the dominance of Asia-Pacific in the Power semiconductor market.

Leading Market Players: –

• Fuji Electric Co., Ltd.
• Infineon Technologies
• Mitsubishi Electric Corporation
• Hitachi, Ltd.
• NXP Semiconductors N.V.
• ON Semiconductor Corporation
• Renesas Electronics
• STMicroelectronics N.V.
• Texas Instruments Inc.
• Toshiba Corporation

The report provides a detailed analysis of these key players in the global Power semiconductor market. These players have adopted different strategies such as agreements, innovations, expansions, product launches, collaborations, and others to increase their market penetration and strengthen their position. in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.  

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Key Benefits For Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Power semiconductor market analysis and Power semiconductor market outlook from 2021 to 2031 to identify the prevailing market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Power semiconductor market trends, key players, market segments, application areas, and market growth strategies.

Power Semiconductor Market Key Segments:

By Product

• Silicon Carbonate (SiC)
• Gallium Nitride (GaN)
• Others

By Application

• IT and Telecommunication
• Consumer Electronics
• Automotive
• Aerospace and Defense
• Transportation
• Medical
• Energy and Power
• Others

By Component

• Discrete
• Module
• Power Integrated Circuits

By Region

• North America (U.S., Canada, Mexico)
• Europe (UK, Germany, France, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

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