Power Semiconductors Market Worth USD 97.2 Billion at a 6.30% CAGR by 2030 - Report by Market Research Future (MRFR)

Global Power Semiconductors Market Growth Boost by Growing EV Sectors and Demand for a wide area of Applications

New York, New York, UNITED STATES

New York, US, Sept. 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “ Power Semiconductors Market, by Material, by Application, by Component - Forecast 2030”, valuation is expected to touch USD 97.2 billion by 2030, growing at a 6.30% CAGR during the assessment period (2022-2030).

Power Semiconductors Market Overview

The global power semiconductors market is expected to register notable revenue growth. The surging demand for power semiconductors in military and space applications will support the market growth predominantly. Investments in the semiconductor arena are increasing exponentially, and so are increasing business diversification activities. Power semiconductors play a causal role in vehicle speeds, power grids, and solar power generation, with less power loss. This technology demonstrates considerable stability in the radiation environment, GaN devices, offering favorable characteristics to terahertz (THz) devices that benefit many space and military applications. 

Players Leading The Power Semiconductors Include

  • Texas Instruments Inc. (US)
  • Infineon Technologies AG (Germany)
  • ST Microelectronics (Switzerland)
  • NXP Semiconductor (Netherlands)
  • Qualcomm Inc.(US)
  • Fairchild Semiconductor (US)
  • Broadcom Limited (US)
  • Renesas Electronic Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Toshiba Corporation (Japan)

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Advanced power semiconductors are produced with power-efficient wafers utilizing new materials, such as silicon carbide and gallium nitride. Developing energy-efficient power semiconductors is crucial for electric cars that need devices that can sustain heat and pressure. The efficient management of electricity is important to vitalize future growth engines, such as artificial intelligence, 5G networks, and autonomous driving.

Power semiconductors can efficiently handle high voltages and large currents without getting damaged. Therefore, they are largely used in power conversion applications such as changing voltages & frequencies and changing DC to AC and AC to DC. Power conductors also help to provide a stable source of electricity to various home appliances and electrical equipment. Power semiconductor manufacturers take up mass production that can support EV production.

Power Semiconductors Market Report Scope:

Report MetricsDetails
  Market Size By 203097.2 billion
  CAGR From 2022 to 20306.30%
  Base Year2021
  Study Period2022-2030
 Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market OpportunitiesDemand a wide use of power semiconductors
  Key Market DriversThe increase in the demand for using non-conventional energy sources
Solar energy is pushing a wide need for a power management system that is efficient

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Power Semiconductors Market Segments

The report is segmented into components, materials, applications, and regions. The component segment is sub-segmented into diodes, switching devices, power integrated circuits, thyristors, power MOSFETs, and rectifiers. The material segment is sub-segmented into silicon, silicon carbide (Sic), gallium nitride (GaN), gallium arsenide, and silicon germanium. 

The application segment is bifurcated into automotive, consumer electronics, military & aerospace, and industrial (inverters, wind/solar power generation). The region segment is bifurcated into the Americas, Europe, Asia-Pacific, and the Rest-of-the-World.

Power Semiconductors Market Geographical Analysis 

The Asia Pacific region leads the global power semiconductors market. The largest market growth attributes to the rapidly growing electric vehicle and electronics industry and the adoption of innovative technologies. Besides, the rise in consumer, telecommunication & data communication and medical sectors substantiates power semiconductor market growth. 

North America stands second in the power semiconductors market. The market is driven by innovations in GaN reliability enhancement and technology transfer (GREAT2) and well-established automotive and aerospace sectors. Additionally, the rising demand for semiconductor devices in military, offshore oil & gas exploration, and emergency medical service providers provides the impetus for regional market growth.

Europe is emerging as the most promising space, with burgeoning end-user industries such as the automobile and consumer electronics industries. Furthermore, the rising adoption of gallium nitride semiconductor devices in various well-developed sectors, such as defense & aerospace, information & communication technology, and healthcarecontributes to the region's power semiconductor market share.

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Industry Trends

Greater stability in radiation surroundings possessed by GaN semiconductors fosters power semiconductors' uses in the automotive and aerospace sectors. In the years to come, the power semiconductor market size is projected to grow further due to the rising usage of gallium nitride (GaN) semiconductor devices in different verticals, such as telecommunications, consumer electronics, and medical industries. 

The semiconductor industry thrives on innovation and entrepreneurship through industrial & academic interactions. Tech start-ups scale up their entrepreneurial skills and advanced learnings, providing components & practical knowledge, innovative semiconductor technologies, and power semiconductors. Support centers are set up across the globe to help resolve queries and help in learning technologies for research and development.

Technology providers strive to deliver advanced design and validation solutions to connect and secure the world with their power device testing solutions. High-tech enterprises specializing in the development and sales of next-generation semiconductor power devices help accelerate innovations in the sector. These companies are committed to innovation in power semiconductors, providing powerful tools in conjunction with advanced industry-critical technology waves.

On the other hand, the global shortage of semiconductors has affected the production of vehicles, household appliances, and other goods, fuelling inflation in the power semiconductor industry. Manufacturers are continually working on increasing semiconductor production by improving supply chains. 

Major elements of the semiconductor supply chains are established by conducting research & development, design, assembly, and test manufacturing in various countries across the globe. Manufacturers take advantage of government aid and invest massively in semiconductor production to push the integration of their supply chains. They also collaborate with electric vehicle manufacturers to expand the lithium industry's production. 

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Power Semiconductors Market Competitive Landscape 

Highly competitive, the power semiconductors market appears fragmented due to the presence of many well-established players. Market players initiate strategies such as collaboration, mergers & acquisitions, expansion, and product/ technology launch to gain a competitive share. Significant investments are transpired in the R&D to upgrade technology and product developments & applications across the industries. 

For instance, on Sep 14, 2022, Mitsubishi Electric India Power Semiconductors announced entering into a Memorandum of Understanding with IIT Madras Research Park to develop sustainable technologies. Mitsubishi Electric is a pioneer of Semiconductor technology, and it aims to foster innovation and technology upgrades in India through this partnership. The brand contributes to advancing its electrical and electronic products and solutions suitable for diverse production needs.

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