The Global Power Semiconductor Market size is expected to reach $67 billion by 2030, rising at a market growth of 4.6% CAGR during the forecast period.In the year 2022, the market attained a volume of 1,233.6 million units, experiencing a growth of 2.7% (2019-2022).
Power semiconductors are often found in automotive equipment, including steering, braking, fuel distribution, and safety systems with electrical components and integrated chips. Thus, the Automotive segment captured $1,709.7 million revenue in the year 2022. Power semiconductors aid in the need for high-efficiency power conversion, the development of advanced lighting systems, and the implementation of stricter emission regulations. The rapid adoption of electric and hybrid vehicles, improvements in autonomous driving technology, and rising demand for vehicle connectivity and V2X communication are propelling the growth of this segment. Additionally, power semiconductors aid in the need for high-efficiency power conversion, the development of advanced lighting systems, and the implementation of stricter emission regulations.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, Onsemi joined hands with BorgWarner Inc., to enhance the performance of electric vehicles. Additionally, In February, 2023, Infineon Technologies teamed up with Infinitum, to bring enhanced energy-efficient motor controls with silicon carbide and other materials to the market.
Based on the Analysis presented in the KBV Cardinal matrix; Texas Instruments Inc. is the forerunners in the Market. In December, 2022, Texas Instruments signed a partnership with Chicony Power, to decrease the size of the chicony's adapter by 50% and enhance efficiency by up to 94% with the help of TI's half-bridge GaN FET with an integrated gate driver. Companies such as ON Semiconductor Corporation, Renesas Electronics Corporation, and Infineon Technologies AG are some of the key innovators in the Market.
Automobile components, motors, air conditioning systems, and silicon-based power metal-oxide-semiconductor field-effect transistors (MOSFETs) in electric vehicles all require power electronic circuits and semiconductors. Power semiconductors are often found in automotive equipment, including steering, braking, fuel distribution, and safety systems with electrical components and integrated chips. Silicon carbide and other high wideband semiconductors are used close to temperature sites in circuits. They reduce the circuit area, have high breakdown voltage, and allow switching at higher frequencies. Additionally, several technological developments are boosting market growth, such as using x-by-wire or drive-by-wire technologies that help reduce vehicle weight, fuel efficiency, and emissions.
The market is growing favourably due to the rising consumption of consumer electronics products worldwide. Today, many consumer products, including communication devices (such as smartphones, tablets, smartwatches, and other gadgets), computers (personal and corporate computers feature PCBs), entertainment systems, and home appliances, require semiconductors. The smartphone is the main consumer of semiconductors in this sector. The smartphone industry has experienced intense competition in recent years due to increased mobile phone usage. The demand for smart devices and the growing use of Internet of Things (IoT) devices are expected to be significantly fuelled by connected home technology. The power semiconductor’s widespread use in portable, lightweight consumer gadgets, including smartphones, tablets, smartwatches, fitness bands, and communication devices, contributes to the market's expansion.
While the market is expanding as a result of factors like increased consumer electronics and wireless communication devices’ demand, factors such as the global silicon wafer shortage combined with ROI metrics, are predicted to pose a threat to that expansion. However, the intricacy of the SiC semiconductor technology's supply chain and production process is a constraint that could make it difficult to keep up with the rising demand. Due to the requirement for additional DC-DC drivers or specific batteries with three connectors (+, 0V, and -) could make it difficult for them to be used in portable equipment. Therefore, these constraints may limit market expansion in the coming years.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
Based on material, the market is classified into silicon carbide (SiC), gallium nitride (GaN), and others. In 2022, the SiC segment dominated the market with the maximum revenue share. The growth of the segment is owed to the increasing usage of SiC power devices along with the increased popularity of electric vehicles and photovoltaic inverters. In order to create novel power devices with excellent performance, it is convenient to take advantage of silicon carbide's wider bandgap energy (3.2eV), high breakdown voltage, and usual critical electric field.
Based on product, the market is segmented into power MOSFET, IGBT, thyristor, power diode, and others. In 2022, the power MOSFET segment witnessed the largest revenue share in the market. The power MOSFET is the world's most widely used power semiconductor device because of its low gate drive power, quick switching speed, wide bandwidth, simple advanced paralleling capability, robustness, easy drive, easy biasing, simplicity of application, and ease of repair. It is particularly the most often used low-voltage switch (less than 200 V).
On the basis of application, the market is classified into IT & telecom, electronics, industrial, automotive, aerospace & defence, healthcare, energy & power, and others. The energy & power segment covered a considerable revenue share in the market in 2022. In the energy & power sector, power semiconductor devices have many advantages. To ensure cost-effectiveness, these devices are ideal for use in power distribution and utility systems, such as distribution grids, transmission systems, and renewable energy infrastructure. These features include a wide band gap, enhanced energy efficiency, and reduced cooling requirements.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 47.2 Billion |
| Market size forecast in 2030 | USD 67 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.6% from 2023 to 2030 |
| Number of Pages | 449 |
| Number of Table | 834 |
| Quantitative Data | Volume in Million Units, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Material, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated the highest revenue share in the market. The market will expand in the Asia Pacific region due to the region's dominance in the global semiconductor industry and the support of government laws. Vietnam, Thailand, Malaysia, and Singapore are some nations that considerably contribute to the region's market share. As a result, the government's present Make in India initiative is anticipated to lead to investments in the semiconductor industry.
Free Valuable Insights: Global Power Semiconductor Market size to reach USD 67 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG. Texas Instruments Inc., STMicroelectronics N.V., NXP Semiconductors N.V., ON Semiconductor Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Toshiba Corporation, Fuji Electric Co., Ltd. and Hitachi, Ltd.
By Product(Volume, Million Units, USD Million, 2019-2030)
By Application(Volume, Million Units, USD Million, 2019-2030)
By Material(Volume, Million Units, USD Million, 2019-2030)
By Geography
The Market size is projected to reach USD 67 billion by 2030.
Circuits are crucial in the automotive industry are driving the Market in coming years, however, Complexity of the SiC semiconductor production network and planning cycle restraints the growth of the Market.
Infineon Technologies AG. Texas Instruments Inc., STMicroelectronics N.V., NXP Semiconductors N.V., ON Semiconductor Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Toshiba Corporation, Fuji Electric Co., Ltd. and Hitachi, Ltd.
In the year 2022, the market attained a volume of 1,233.6 million units, experiencing a growth of 2.7% (2019-2022).
The IT & Telecom segment is leading the Market by Application in 2022; thereby, achieving a market value of $13.8 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $29.3 billion by 2030.
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