Power Semiconductor Market to Reach USD 51.83 Billion by 2030 at 3.18% CAGR - Power Semiconductor Forecast Highlights Energy-Efficiency Surge

According to a new report by Maximize Market Research, the global power semiconductor market was valued at USD 41.63 billion in 2023 and is projected to reach USD 51.83 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.18% over the forecast period 2024-2030.

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♦ Key Highlights

Market Size & CAGR: USD 41.63 Bn in 2023, expected to reach USD 51.83 Bn by 2030 at a CAGR of 3.18%.

Leading Segment: The IGBT component segment is expected to hold the largest share, driven by high-power applications in solar inverters, EV motor drives and UPS systems.

Largest Regional Market: Asia Pacific is expected to dominate the market during the forecast period, with major contributions from China, Japan, Taiwan and South Korea.

Key Drivers & Restraints: Growth is driven by surge in electric vehicles, green energy initiatives, 5G infrastructure and expanding data centres. A key restraint is device exposure to high voltage/current/frequency which may hamper reliability and hamper market growth.

Top Companies: Leading players include Semikron International GmbH; Fuji Electric Co., Ltd.; Mitsubishi Electric Corporation; Texas Instruments Incorporated; Infineon Technologies AG; and STMicroelectronics N.V..

♦ Market Outlook

The global power semiconductor market is characterized by moderate growth, with an estimated CAGR of 3.18% between 2024 and 2030. The market's steady trajectory is driven by the increasing electrification of transport, growth in renewable power generation, and expansion of industrial automation. Key component segments include IGBT, power MOSFET, rectifiers and thyristors; the IGBT segment is expected to grow strongly due to its adoption in high-power applications such as electric-vehicle motor drives and solar inverters. Material segmentation shows silicon/germanium remains dominant, but rising interest in wide‐bandgap materials such as silicon carbide (SiC) and gallium nitride (GaN) is noted due to higher efficiency and switching performance. Modules and discrete devices form the module segmentation, with power modules expected to offer higher value in large systems. End-use markets span automotive, industrial, consumer electronics, aerospace & defense, telecommunications and healthcare. Among these, the automotive end-use segment is projected as one of the fastest-growing, reflecting the shift to electric vehicles and hybrid technologies.

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♦ Regional Insights

The Asia Pacific region is forecast to dominate the power semiconductor market in terms of share, largely due to its strong electronics manufacturing base and major countries such as China, Japan, Taiwan and South Korea accounting for a significant portion of global discrete semiconductor output. North America and Europe also show growth potential, driven by investment in EV infrastructure, renewable energy and advanced manufacturing; however, Asia Pacific remains the primary growth engine in this forecast period. Market dynamics across regions reflect disparate regulatory frameworks, supply‐chain constraints and regional industrial policies.

♦ Key Players & Competitive Landscape

The competitive landscape is populated by major semiconductor manufacturers and device module specialists. Companies such as Semikron International GmbH, Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, Texas Instruments Incorporated, Infineon Technologies AG, and STMicroelectronics N.V. are identified as key players active in power semiconductor devices and modules. These companies focus on product development, vertical integration, strategic partnerships, and geographic expansion. The market also sees rising importance of wide-bandgap materials such as SiC and GaN, which present both a challenge and an opportunity for existing players to capture niche high-performance segments. Supply-chain reliability, cost-efficiency, and evolving performance requirements (e.g., higher switching frequencies, lower losses) are key competitive factors.

♦ Quote

"Given the rapid shift towards electrification and renewable energy systems, we believe the global power semiconductor market presents a sustained opportunity for both established players and new entrants," said Alex Ramirez, Senior Analyst at Maximize Market Research. "While the moderate 3.18% CAGR may seem conservative, the underlying transition to silicon-carbide and gallium-nitride architectures means segments within this market could outpace average growth."

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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