Power Semiconductor Market Study for 2020 to 2030 providing information on Key Players, Growth Drivers and Industry challenges

The Global Power Semiconductor Market was worth USD 36.05 billion in 2020 and is poised to amplify with a CAGR of 2.37% over 2022-2030, thereby amassing a valuation of USD 43.3 billion by end of the assessment timeline.

Power semiconductors are used in an increasing number of applications, and the company Ideal Power is among the top eight global manufacturers.The research and commercialization of Ideal Power's Bidirectional Bipolar Junction TRANsistor (B-TRAN) solid-state switch technology are the company's only priorities.There aren't many facilities for developing semiconductor production both domestically and internationally. Additionally, there have been shortages of several semiconductor devices and associated electronic components in 2021 and so far in 2022 due to limited manufacturing capacity.

High-performance parts called power semiconductors can handle very high electrical currents, voltages, and frequencies. Power transmission and distribution, automotive and transportation, renewable energy, consumer electronics, and other industrial applications are the key industries that profit from SiC GaN power semiconductors. It is essential to the efficient and sustainable use of energy and has a low loss rate for moving energy over long distances.

Impact Analysis for COVID-19

COVID-19 has a significant impact on the economy and on consumers. Manufacturing centres for electronics have been temporarily shut down to prevent the COVID-19 virus from spreading among people. This has had a significant impact on the semiconductor market's supply chain by resulting in a lack of raw materials, intermediate components, and completed items. The SiC GaN power semiconductor industry is likely to have financial disruptions as a result of the lack of business continuity, which has ensured substantial negative effects on revenue, shareholder returns, and revenue.

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Drivers of the Power Semiconductor Market:
The number of vehicles sold, their level of electrification and digitalization, and semiconductor sales for automotive applications are the main determinants of these factors. Due to the fact that they utilise more semiconductors than vehicles powered by combustion engines, hybrid electric vehicles (HEV) and electric vehicles (EV) are crucial in terms of the need for power semiconductors. Consumer electronics like watches, televisions, and video games employ power semiconductors. Particularly in the years following the epidemic, there is currently a greater demand for kitchen appliances, gaming gadgets, and music gear.

Global Power Semiconductor Market- Key Trends

There has been an escalating demand for sustainable energy sources across the globe. This is powered by the growing instances of fossil fuel depletion and increasing emission levels. Moreover, various governments have also taken favorable initiatives to promote the adoption of non-conventional energy resources such as solar and wind powers. The power semiconductor is one of the key components in electric equipment, which in turn is augmenting the outlook of this industry vertical.Rapid industrialization is expected to boost industry growth.

The major regions across the globe are undergoing a wave of industrialization powered by widespread economic developments. It is evident that most of the industries need continuous power supply to facilitate their overall operational process. These factors in turn are adding traction to the development of this business sphere.

Global Power Semiconductor Market- Segmental assessment

Power Semiconductor Market By Component
Discrete
Module
Power Integrated Circuits

Power Semiconductor Market By Material
Silicon/Germanium
Silicon Carbide (SiC)
Gallium Nitride (GaN)

The silicon carbide segment is expected to generate significant returns by 2030 owing to their energy efficient nature.

Power Semiconductor Market By End Use
Automotive
Consumer Electronics
Industrial
Power and Energy
IT and Telecommunication
Military and Aerospace
Others

The automotive segment is poised to amass notable gains over estimated timeframe due to the rising adoption of electric vehicles across the globe.

Global Power Semiconductor Market- Competitive hierarchy
The prominent players characterizing the competitive terrain of this marketplace are Infineon technologies AG, Texas instruments Inc., United Silicon Carbide Inc., ST Microelectronics NV, NXP semiconductor Inc., ON Semiconductor Corporation, Renesas Electronic Corporation, Broadcom Inc., Toshiba Corporation, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Semikron International, Cree Inc., ROHM Co Ltd., Vishay Intertechnology Inc.Nexperia BV, Alpha & Omega Semiconductor, Magnachip Semiconductor Corp, Microchip Technology Inc., and Littlefuse Inc.

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