Power semiconductors Market Size to reach USD 59.92 Billion 2032 | Emergen Research

The global power semiconductors market size was USD 41.60 Billion in 2022 and is expected to register revenue CAGR of 3.8% during the forecast period. The global power semiconductors market is projected to witness substantial growth in the coming years, fueled by a myriad of factors including the increasing adoption of power semiconductors in automobiles and consumer electronics, growing demand for wireless communications, and a heightened focus on renewable energy and sustainability.

Power semiconductor devices are integral components in numerous high-tech industries such as electrical and electronics, aerospace and aviation, solar energy, optics, and communications. These devices are designed to operate optimally in commutation mode, making them indispensable for a wide range of applications.

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Key Drivers of the Power Semiconductors Market:
• Automotive Industry Growth: The automotive sector has emerged as a significant driver of the power semiconductors market, particularly with the rising popularity of electric vehicles (EVs) and the increasing demand for sensors, power systems, and infotainment systems.
• Partnerships and Agreements: Leading semiconductor manufacturers such as Infineon Technologies and Resonac Corporation have entered into multi-year supply and cooperation agreements, solidifying partnerships to meet the growing demand for power semiconductors, especially in Silicon Carbide (SiC) materials.

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Market Restraints and Challenges:
• High Production Costs: The market faces challenges associated with high production costs and technological complexity, which can hamper revenue growth. These costs stem from the resource-intensive manufacturing process and the need for advanced technology, specialized equipment, and skilled labor.

Segment Insights:
• Product Segmentation: Silicon carbide semiconductors are anticipated to register the fastest revenue growth rate in the global power semiconductors market due to their rising demand across electronics, automotive, and aerospace industries.
• Component Segmentation: Discrete power components hold the largest revenue share owing to their versatility and efficiency, particularly in digital devices such as smartphones and tablets.
• Application Segmentation: The home appliances segment dominates the market due to the increasing demand for consumer electronics and the need for energy-efficient solutions.
• End-use Segmentation: The automotive sector is expected to witness significant growth, driven by the rising demand for electric vehicles and the adoption of drive-by-wire technology.

Major Companies and Competitive Landscape
The global power semiconductors market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective power semiconductors.

Some major companies included in the Power Semiconductors Market report are:
• ON Semiconductor Corporation
• Renesas Electronics Corporation
• NXP Semiconductors
• Fuji Electric Co. Ltd
• Infineon Technologies
• Texas Instruments Incorporated
• STMicroelectronics
• Mitsubishi Electric Corporation
• Hitachi Ltd.
• Vishay Intertechnology Inc.
• Nexperia
• Littlefuse Inc.
• Semekron Donfoss
• ROHM Co. Ltd
• Qualcomm Technologies Inc.

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Strategic Development
• On June 20, 2023, Airbus, a global pioneer in the aerospace industry, and STMicroelectronics, a world-leading semiconductor company, signed an agreement to cooperate in research and development of power electronics to support more efficient and lighter power electronics essential for future hybrid drives. For aircraft and fully electric urban aircraft. The collaboration builds on evaluations already conducted by both companies to explore the benefits of wide bandgap semiconductor materials in aircraft electrification. Wide bandgap semiconductors such as Silicon Carbide (SiC) and Gallium Nitride (GaN) have superior electrical properties compared to conventional semiconductors such as silicon.

Power Semiconductors Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global power semiconductors market on the basis of product, components application, end-use, and region:
• Product Outlook (Revenue, USD Billion; 2019-2032)
o Silicon Carbide Semiconductors
o Gallium Nitride Semiconductors
o Others
• Components Outlook (Revenue, USD Billion; 2019-2032)
o Discrete
o Modules
o Power Integrated Circuits

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Electric Vehicles
o Solar Panels
o Uninterruptible Power Supplies
o Medical devices
o Home Appliances
o Transmission systems
o Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o IT and Telecom
o Energy and power
o Automotive
o Aerospace & Defense
o Transportation
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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