Global Power Semiconductor Market Research Report 2023

Power Semiconductor Market Statistics 2029
The global Power Semiconductor market was valued at US$ 46070 million in 2022 and is anticipated to reach US$ 66420 million by 2029, witnessing a CAGR of 5.3% during the forecast period 2023-2029. Key drivers of the power semiconductor market include the increasing use in the consumer electronics industry.

The growing importance of power integrated circuits in the automobile industry will drive the growth of the power semiconductor market during the forecast period.

The use in manufacturing industry-specific devices will drive the demand for the market in the upcoming years.

The telecom advancements in 5G technology and wireless communication networks will augment the market prospects in the forthcoming period.

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Global Power Semiconductor Market Trends
Consumer electronics

Power semiconductors are the brainchild behind the development of the modern world. Smart electronic devices like mobile phones, watches, IoT devices, power generation, distribution, and transportation sectors are dependent on it. They need to perform heavily in terms of voltage, current, power, and high frequency. They reduce the leakage of current and make switching of power easier. The rise of renewable energy sources like wind, tidal, solar, and photovoltaic power generation further drive the use of semiconductors. Superior materials like silicon carbide and gallium nitride have higher band gap energies, device resistance capability, and power switching speed. Thye have high thermal conductance and provide lower restrictions in bulk structures. The electrical appliances are operating at a faster speed on low power requirements. These factors will surge the growth of the power semiconductor market during the forecast period.

The essential use of circuits in the automobile industry

Power electronic circuits and semiconductors are used in automobile car parts, motors, air conditioning systems, and silicon-based power MOSFETS in electric vehicles. Cars regularly release heat from the engine after being driven for a certain distance. If the minimum heating temperature exceeds a certain threshold there could be major thermal issues. Power semiconductors stabilize the temperature. High wideband semiconductors like silicon carbide are placed in circuits near temperature locations. They make the circuit area compact and enable switching at higher frequencies and have huge breakdown voltage. Cars typically use these as alternators for providing power supply to batteries when the engine is running and as convertors for switching at higher voltage frequencies. Then there are rectifiers that convert electrical energy from AC to DC for charging of batteries. This in turn will boost the growth of the power semiconductor market in the subsequent years.

Industrial applications

Power semiconductors are used widely in several end-user industries. These are automobiles, renewable energy, everyday electronic items, home appliances like electrical tools and outdoor equipment, etc. Thyristors or silicon-controlled rectifiers protect the circuits used in residential spaces. Moreover, power diodes are highly strong semiconductor devices that control powerful electrical signals. It has the capability to tolerate thousands of kilovolts and hundreds of amperes. This extends the use cases in several industries like railway terminals and multiplexed bus systems. These will drive the growth of the power semiconductor market in the near future.

Rapid developments in 5G telecommunication networks

Telecom suppliers will benefit immensely through GaN power transistors. As 5G, IoT, and AI make their way into industry 4.0 there will be a significant increase in the volume of global data, A rough estimation points to the generation of one trillion gigabytes. Integrated chips will be in demand as data storage, analysis and process will play a key role in the entire 5G network infrastructure. In the upcoming decades, 5G, edge computing, and IoT will depend heavily on semiconductor technologies like microelectromechanical systems. Separate chipsets for edge, microcontrollers, sensors, and actuators will be needed. This in turn will augment the growth of the power semiconductor market in the near future.

Power failures

Power semiconductors are incredibly powerful chipsets that increase energy efficiency and processing capability. However, if they are exposed to a high operating voltage or a high current it can puncture an insulator leading to gate oxide failure on a MOSFET. Furthermore, on-resistance can lead to excess overheating and power leakage. Hence it is crucial to gauge the thermal management systems in these integrated semiconductors. These factors will deter the expansion of the power semiconductor market during the forecast period.

Power Semiconductor Market Share Analysis
Based on type, the power integrated circuits are expected to maintain dominance in the power semiconductor market share with 53.68% penetration.

Based on application, the industrial segment will grow the highest in the power semiconductor market share with 35%.

Based on region, Asia-pacific is expected to witness considerable growth in the power semiconductor market share owing to significant research initiatives into semiconductors and the proliferation of chip startups.

In 2018, the top 12 power semiconductor manufacturers in the world accounted for 56.35% of the market share.

Infineon is the world's largest power semiconductor vendor, accounting for 11.27% of the market, with revenue of about $4.4 billion in 2018.


Power Semiconductor Market by Type
Power Semiconductor Device
Power Module
Power Integrated Circuits
Power Semiconductor Market by Application
Industrial
Automobile
Communication
Consumer Electronics
Power Semiconductor Market by Regional and Country-Level Analysis
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

SIMILAR REPORT

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This release was published on openPR.