Global Power Semiconductor Market Value to Reach US$62.26 billion by 2028

The global power semiconductor market refers to the industry that provides electronic components and devices used for controlling and regulating the flow of power in various applications such as power supplies, industrial machinery, consumer electronics, and electric vehicles.

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The global power semiconductor market was valued at US$46.72 billion in 2022. The market value is expected to reach US$62.26 billion by 2028. Power semiconductors are used to rectify and amplify electrical signals or turn the flow of electricity on and off. Unlike regular semiconductors, however, these devices are designed to handle high electrical currents and high voltages of up to several gigawatts, which is their main difference from other semiconductor devices.

The global power semiconductor market is concentrated. The key players in the global power semiconductor market are:

- Infineon Technology
- ON Semiconductor Corporation
- STMicroelectronics N.V.
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Fuji Electric Co., Ltd.
- Vishay Intertechnology, Inc.
- Renesas Electronics Corporation
- ROHM Semiconductor
- Texas Instruments Incorporated
- Nexperia
- StarPower Semiconductor

The power semiconductor industry is relatively centralized, with the top 10 companies taking up nearly 65% market share. Most power semiconductor industry players, including companies such as Infineon, Fuji Electric, and Mitsubishi, have adopted the IDM production model, handling design, manufacturing, assembly, and testing in-house. An IDM model allows for vertical integration, facilitating supply management. Thus, companies are moving to an IDM model to improve production efficiency and technological know-how. This would further help the companies to grow in the coming years.

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The market for power semiconductors is driven by the increasing demand for energy-efficient devices and the growing adoption of renewable energy sources such as wind and solar power. The rising demand for electric and hybrid vehicles is also driving the growth of the power semiconductor market.

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