New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Next Generation Power Semiconductors Market” published by Consegic Business Intelligence, the market was worth USD 1,097.61 Million in 2022, projected to grow by USD 1,137.51 Million in 2023, and is anticipated to reach over USD 1,807.04 Million by the year 2031, growing at a CAGR of 6.8%.
Next generation power semiconductors are devices composed of gallium nitride or silicon carbide that are optimized for utilization in processing circuits of power electronics for converting or controlling electric power. The benefits of next generation power semiconductors including high power density, low thermal dissipation, improved power conversion efficiency, high reliability, and others makes it ideal for deployment in automotive, telecommunication, electronics, power generation, aerospace & defense,, and other industries.
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The increasing utilization of next generation power semiconductors in the automotive sector is among the key factors driving the market growth. Additionally, rising automotive production, growing investments in automotive manufacturing facilities, and increasing implementation of electric vehicles are key factors fostering the market demand for power next generation power semiconductors. For instance, according to Statistics Canada, approximately 152,685 battery electric vehicles, 95,896 plug-in electric vehicles, and 303,073 hybrid electric vehicles were registered in Canada in 2021. Therefore, the rising adoption of electric vehicles and growth of automotive industry is increasing the adoption of next generation power semiconductors for application in automotive electronics systems, in turn driving the growth of the market.
Further, the rising application of next generation power semiconductors in telecommunication industry is projected to promote potential opportunities for the growth of the next generation power semiconductors market. Next generation power semiconductors are used in the telecommunication industry for high-frequency amplifier applications including 5G, along with cellular base stations and advanced communication devices for supporting higher power and higher frequencies. However, high cost of raw materials is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 1,807.04 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 6.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | NXP Semiconductors, Fuji Electric Co. Ltd., Infineon Technologies AG, STMicroelectronics, Littelfuse Inc., GaN Systems, Renesas Electronics Corporation, Wolfspeed Inc., Toshiba, ROHM Co. Ltd., Mitsubishi Electric Corporation |
| By Material Type | GaN (Gallium Nitride) and SiC (Silicon Carbide) |
| By End-User | Automotive, Telecommunication, Electronics, Power Generation, Aerospace & Defense, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Next Generation Power Semiconductors Market Growth Drivers:
- Rising utilization of next generation power semiconductors in automotive industry is driving the market growth.
- Growing consumer electronics sector is spurring the market growth.
Restraints
- High cost of raw materials is restraining the market growth.
Opportunities
- Rising application of next generation power semiconductors in telecommunication industry is expected to promote potential opportunities for market growth.
Global Next Generation Power Semiconductors Market Segmentation Details:
Based on material type, the GaN (Gallium Nitride) segment contributed the largest shares to the market growth in 2022. The benefits of GaN including high breakdown tolerance, enhanced thermal conductivity, faster-switching speeds, lower on-resistance, and others are primary prospects driving the growth of the segment. Additionally, the rising utilization of GaN-based power semiconductors in automotive, telecommunication, electronics, and other sectors is driving the growth of the GaN (Gallium Nitride) segment.
Based on end-user, the electronics segment accounted for the maximum revenue share in the year 2022. Next generation power semiconductors are primarily used in the electronics sector during the manufacturing of smartphones, television, and other consumer appliances. Factors including advancements in consumer electronics such as AI (Artificial Intelligence) and IoT (Internet of Things), growing penetration of consumer appliances, and increasing demand for energy-efficient devices are among the primary determinants for fostering the growth of the electronics segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including automotive, telecommunication, aerospace & defense, and other sectors is driving the growth of next generation power semiconductors market in North America. Further, growing investments in the field of aerospace & defense and telecommunication sectors are projected to boost the market growth in the North American region during the forecast period.
Recent Developments
- In September 2022, Gallium Semiconductor introduced its new series of GaN-based transistors that are primarily designed for utilization in 5G infrastructure, aerospace, medical, and industrial applications.
Key Market Highlights
- Globally, next generation power semiconductors market is divided based on the material type into GaN (Gallium Nitride) and SiC (Silicon Carbide).
- In the context of end-user, the market is separated into automotive, telecommunication, electronics, power generation, aerospace & defense, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in next generation power semiconductors market.
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List of Major Global Next Generation Power Semiconductors Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• NXP Semiconductors
• Fuji Electric Co. Ltd.
• Infineon Technologies AG
• STMicroelectronics
• Littelfuse Inc.
• GaN Systems
• Renesas Electronics Corporation
• Wolfspeed Inc.
• Toshiba
• ROHM Co. Ltd.
• Mitsubishi Electric Corporation.
Global Next Generation Power Semiconductors Market Segmentation:
- By Material Type
- GaN (Gallium Nitride)
- SiC (Silicon Carbide)
- By End-User
- Automotive
- Telecommunication
- Electronics
- Power Generation
- Aerospace & Defense
- Others
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Key Questions Covered in the Next Generation Power Semiconductors Market Report
- What is next generation power semiconductors?
- Next generation power semiconductors refer to devices that are used in processing circuits of power electronics for controlling or converting electric power. Next generation power semiconductors utilizes GaN (Gallium Nitride) and SiC (Silicon Carbide) as its primary materials.
- What is the dominating segment in the next generation power semiconductors market by end user?
- In 2022, the electronics segment accounted for the highest market share of 32.98% in the overall next generation power semiconductors market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the next generation power semiconductors growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for next generation power semiconductors from multiple industries including automotive, telecommunication, and aerospace & defense industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register the fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as consumer electronics, power generation, automotive, and others.
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