Power Semiconductor Market is calculated to grow at a significant CAGR of 3.5% during 2022-2029 | Size, Share, Trends & Forecast

Power Semiconductor Market

Power Semiconductor Market is projected to grow at a CAGR of 3.5% over the forecast period.

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The factors driving the growth of Power Semiconductor Market includes increasing application of semiconductors in end-use industries such as IT & Telecommunication, Military & Aerospace and Energy & Power, rise in the sales of electric vehicles around the world and growing focus on utilizing renewable sources of energy. According to the report subside by Statista, the Global Plug-in Hybrid Electric Vehicles Market estimated to reach USD 121.50 billion by the end of 2022, growing at a CAGR of 8.45% over the forecast period (2022-2027), which will accelerate the Power Semiconductor Market share in the approaching years. Moreover, technological advancements in power semiconductor materials, widespread utilization of power semiconductor in consumer electronics such as smartphones, tablets, and smartwatches, and rise in the launch of innovative products, are some of the additional factors supplementing the Power Semiconductor Market size.  In addition, the increasing investments by leading players on research and development, rapid urbanization and rising disposable incomes, are further contributing towards the market growth.

However, growth of the Power Semiconductor Market is hindered attributed to disruptions in the global supply chain.

The prominent players operating in the market are NXP Semiconductors N.V., Robert Bosch GmbH, Texas Instruments Incorporated, Renesas Electronics Corporation, Broadcom Inc., Toshiba Corporation, STMicroelectronics N.V., Infineon Technologies AG, ON Semiconductor Corporation, and Cree Inc. among others.

Based on Component, the Power Integrated Circuits segment is predicted to grow at a significant CAGR during the forecast period

Power integrated circuits are available in small size, reduces power consumption along with its ability to operate at high temperature, are some of the features punishing, growth of the segment.

Based on Type, the Silicon Carbide segment is projected to expand at a remarkable CAGR over the forecast period

Silicon carbide is increasingly used to enhance the performance of EV chargers and solar inverters, is propelling the segment's growth. 

Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period

Rise in the Foreign Direct Investments (FDI) inflows in the Automotive industry, increase in the number of renewable energy plants, rapid urbanization, growing per capita incomes, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

In 2020, ON Semiconductor introduced NXH25C120L2C2, NXH35C120L2C2/2C2E, and NXH50C120L2C2E, which are 25, 35, and 50 Ampere versions of Transfer-Molded Power Integrated Modules (TM-PIM) for 1200 Volt (V) applications. This product launch will expand company's portfolio for industrial motor drive applications.

Market Segmentation

Segmentation by Component

Discrete
Module
Power Integrated Circuits

Segmentation by Type

Silicon/Germanium
Silicon Carbide
Gallium Nitride

Segmentation by End-Use Industry

Automotive
Consumer Electronics
IT & Telecommunication
Military & Aerospace
Energy & Power
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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