What's driving the Power Semiconductor Market Trends by 2024?
Power Semiconductor Market size is expected to grow at a rapid rate owing to the global advancements in the consumer electronics sector. High power semiconductor devices ensure the efficient operation of consumer electronic products by handling large currents and high voltages. There is a demand for higher output power for the effective functioning of the products. IoT-powered smart household appliances are the latest trends in the consumer electronics industry. The rising standard of living and the increasing disposable income of individuals across the emerging economies have boosted the consumer electronics industry, thereby fueling the power semiconductor market.
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Demand for the connectivity of faster transmission and lower latency is on the rise due to the growing demand for high-quality telecommunication services. Advancements in the 5G connectivity technology are expected to provide ample growth opportunities to the power semiconductor market growth. The 5G standards are nearing ratification, thereby providing semiconductor companies an enhanced grasp of the 5G architecture. These services sometimes use high frequencies to facilitate fast transmission and low latency in fueling the demand for high-performance power semiconductors. The power semiconductor market is expected to grow with the evolution of the 5G technology and related services, demanding fast switching speeds and low current losses.
The growing environmental concerns have stressed the importance of renewable energy sources. Solar power electronics inventions are driven by the growing requirement for lowering costs and enhancing the efficiency & service life. Advancements in the Insulated-Gate Bipolar Transistor (IGBT) technologies enhancing their applications in the renewable energy sector will fuel the power semiconductor market growth. These semiconductors are being used for power conversion in wind turbines and transmitting the power to the grid. The increasing need to obtain the highest efficiency of the energy source will propel the power semiconductor market growth.
Power semiconductor devices may face power dissipation issues, thereby stressing the need for the proper cooling arrangement. Power consumption can be considered a key factor hindering the power semiconductor market growth. With the trend of miniaturization of devices, the increased density of gates on a single chip may increase the power dissipation due to leakage. However, technological advancements such as the development of leakage power minimization techniques resulting in enhanced capabilities of these devices are expected to contribute to the industry demand.
There will be a demand for Gallium Nitride (GaN) devices owing to the advantages offered by the material over silicon. The material features higher critical field strength than silicon. The higher electron mobility of the material enables a GaN device to have a smaller size and closer electrical terminals for a specified breakdown voltage requirement as compared to a silicon semiconductor. GaN is also becoming a popular technology for energy efficient power electronics. The development of GaN power devices will fuel the power semiconductor market growth. These power devices will replace silicon-based MOSFETs in power switching applications that have volume and weight constraints while simultaneously requiring high efficiency.
The power semiconductor market will experience growth that can be attributed to the growing demand from the automotive sector. The trend of self-driving, green, and connected cars will propel the demand for these semiconductors. The rise in the number of electric vehicles coupled with the need for fuel-efficient systems will support the power semiconductor market growth. There is a fast growth in the sale of hybrid and electric vehicles owing to the growing environmental concerns. Power devices find applications in anti-lock braking systems, electric power steering, tire pressure monitoring, and electronic stability control. Advanced Driver Assistance Systems (ADAS) will see a fast adoption of cameras, sensors, and interconnectivity systems in cars thereby propelling the power semiconductor market.
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The growing automotive sector in countries including China and India is anticipated to provide an impetus to the power semiconductor market. The development of smart manufacturing in China will spur the demand for power devices. Furthermore, the expanding power sector in the region will create growth opportunities for the Asia Pacific power semiconductor market. The semiconductor industry in China is flourishing owing to the increased government spending in wafer fab equipment. Several government initiatives such as Digital India and Make in India will favor the industry growth in India.
Key players in the power semiconductor market are Semikron International GmbH, Fuji Electric Co., Ltd., Mitsubishi Electric Group, Texas Instruments, Infineon Technologies AG, ST Microelectronics N.V., Toshiba Corporation, and ABB Ltd. The leading players are trying to introduce advanced solutions that implement the latest technologies. In May 2018, Fuji announced the launch of Fuji IGBT Simulator version 6 for loss and temperature calculation of the company’s IGBT devices. Companies focusing on the R&D of power semiconductors will aid in the power semiconductor market growth. In June 2018, Infineon Technologies announced that the company will be investing in a 300mm chip factory in Austria. The increasing competition among key players to offer high-performance solutions will propel the power semiconductor market growth.
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