USD 59.70 billion
Power Semiconductor Market Size, Share, Growth Analysis, By Component(Discrete, Module, Power Integrated Circuits), By Material(Primary [Silicon, Germanium], Compound [Silicon Carbide, Gallium Nitride), By Application(IT and Telecommunication, Consumer Electronics, Automotive, Aerospace and Defense), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45O2036 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
63
|Figures:
75
Power Semiconductor Market Insights
Global Power Semiconductor Market size was valued at USD 48.5 billion in 2022 and is poised to grow from USD 50.49 billion in 2023 to USD 69.63 billion by 2031, growing at a CAGR of 4.10% during the forecast period (2024-2031).
Rapidly increasing digitization around the world has led to a major upsurge in the demand for novel semiconductors and chips. Growing sales of electric vehicles around the world are projected to bolster the demand for power semiconductors over the coming years. Rising investments in the development of renewable energy infrastructure and efforts for grid modernization are also expected to create new opportunities for power semiconductor companies in the future. Advancements in semiconductor technologies and the growing adoption of advanced semiconductor manufacturing techniques are also projected to create an opportune setting for power semiconductor providers going forward. Rising use of electronics for industrial automation, growing use of power semiconductors in 5G infrastructure, and high emphasis on improving energy efficiency are other factors that could promote the sales of power semiconductors in the long run. However, supply chain disruptions, thermal management issues, intense competition from other semiconductors, and complex manufacturing are slated to be key restraints for power semiconductor market growth going forward.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Power Integrated Circuits
Fastest Growth
Power Integrated Circuits
Growth Rate
6.30% CAGR
Global Power Semiconductor Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Power Semiconductor Market Segmental Analysis
Global Power Semiconductor Market is segmented by Component, Material, Application, end user and region. Based on Component, the market is segmented into Discrete, Module, and Power Integrated Circuits. Based on Material, the market is segmented into Primary, and Compound. Based on Application, the market is segmented into IT and Telecommunication, Consumer Electronics, Automotive, Aerospace and Defense, Transportation, Medical, Energy and Power, and Other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Component
Power integrated circuits are projected to account for a prominent chunk of the global power semiconductor market share. Rising emphasis on replacing bulky old semiconductor components such as capacitors and resistors and growing demand for compact electronics are projected to help this segment maintain its dominant market share. Surging use of power integrated circuits in various applications across different industry verticals is also projected to create a highly opportune setting for power semiconductor companies operating in this segment. Better efficiency of power integrated circuits as compared to traditional semiconductors is also expected to bolster their demand on a global level in the future.
However, the demand for discrete semiconductors is forecasted to rise at a rapid CAGR across the study period and beyond. The growing use of discrete electronics in the power, aerospace, military and defense industry verticals is projected to create new opportunities for market players in the future. The high energy efficiency of discrete electronics makes them a suitable choice for companies focusing on sustainability. Rising use of discrete semiconductors in motor drives, power supplies, and converters is also estimated to generate new business scope for power semiconductor providers in the long run.
Analysis by Application
The consumer electronics application segment is forecasted to account for a high share of the global power semiconductor market. Rapidly surging sales of consumer electronics around the world and growing use of diodes, thyristors, transistors, and sensors in the same are all helping this segment maintain its dominant stance going forward. Rising emphasis on improving power efficiency of consumer electronics products is also estimated to present new opportunities for power semiconductor companies operating in this segment over the coming years. High demand for wearable products such as smartwatches will also help this segment maintain its high market share through 2031.
Meanwhile, the demand for power semiconductors in the automotive industry is forecasted to rise at a notable pace in the future. Growing electrification of vehicles around the world to curb emissions and rising popularity of electric vehicles are slated to promote the demand for power semiconductors. Conversion of current and improvement of efficiency of battery-powered vehicles is done by using power semiconductors, which makes them a preferred component in the automotive industry going forward. Leading automotive manufacturing countries such as India, Japan, China, and Germany are slated to be highly opportune markets for power semiconductor companies targeting this segment in the future.
Global Power Semiconductor Market By Vehicle Type
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Power Semiconductor Market Regional Insights
The Asia Pacific region is slated to account for a massive share of the global power semiconductor demand outlook. The presence of a robust semiconductor manufacturing industry in this region coupled with high demand for consumer electronics and electric vehicles supports the dominance of this region on a global level. Rising emphasis on grid modernization, growing demand for 5G technology, and growing investments in renewable energy are also expected to present new opportunities for power semiconductor market players going forward. China, Japan, and India are the leading markets for power semiconductor providers focusing on establishing their prominence in the Asia Pacific region.
Meanwhile, the demand for power semiconductors in the North American region accounts for the second-largest share of the global market. Rapid adoption of advanced technologies, growing demand for electric vehicles, and high demand for power semiconductors in the military and defense industry are projected to help boost market growth in this region going forward. The United States is projected to lead revenue generation followed by Canada. Efforts of governments in this region to improve their semiconductor manufacturing capacity to reduce reliance on imports from Asia will also offer new opportunities for power semiconductor companies in the long run.
Global Power Semiconductor Market By Region
- Largest
- Fastest
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Power Semiconductor Market Dynamics
Drivers
Electrification of the Automotive Industry
- Popularity of electric vehicles and the growing use of electronics in the automotive industry are projected to be key factors driving up the demand for power semiconductors. Power semiconductors play a crucial role in managing power conversion, distribution, and motor control in electric vehicles, improving energy efficiency and driving performance.
Rising Demand for Renewable Energy
- Growing emphasis on sustainability around the world and rising energy costs and demand have led to a high demand for renewable energy. Power semiconductors play a vital role in the generation, transmission, and distribution of renewable energy thereby creating new opportunities for power semiconductor companies as investments in renewable energy infrastructure increases globally.
Restraints
Supply Chain Disruptions
- Power semiconductor manufacturers can face issues in fulfilling the rising demand due to disruptions in the supply chain. Raw materials required for the production of power semiconductors are subject to these disruptions that lead to higher costs and reduced demand as well. These disruptions can slow down the overall power semiconductor market growth potential going forward.
Thermal Management Issues
- Power semiconductors generate a significant amount of heat during operation in high-power applications such as EVs and industrial equipment. Managing heat dissipation in increasingly compact and high-performance power semiconductor is still a challenge that companies are trying to resolve, which limits the application scope of power semiconductor and hurts market development as well.
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Power Semiconductor Market Competitive Landscape
Companies operating in the power semiconductor market should focus on expanding their production capacity to keep up with the surging demand. Investing in the development of novel products and technologies will also be a popular strategy. Collaborations are slated to be highly vital for power semiconductor companies looking to fast-track their innovation and product development lifecycles. Targeting the automotive industry will offer lucrative returns for almost all power semiconductor providers in the long run.
Top Player’s Company Profiles
- Infineon Technologies AG (Germany)
- Texas Instruments Incorporated (US)
- STMicroelectronics (Switzerland)
- ON Semiconductor Corporation (US)
- Toshiba Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- NXP Semiconductors (Netherlands)
- Renesas Electronics Corporation (Japan)
- Vishay Intertechnology, Inc (US)
- Wolfspeed Inc (US)
- Fuji Electric Co., Ltd (Japan)
- ROHM Co., Ltd (Japan)
- Microchip Technology Inc (US)
- Analog Devices, Inc (US)
- Littelfuse, Inc (US)
- Silicon Laboratories Inc (US)
- Power Integrations, Inc (US)
- Hitachi, Ltd. (Japan)
- Diodes Incorporated (US)
- Alpha and Omega Semiconductor Limited (US)
- Panasonic Corporation (Japan)
- ABB Ltd. (Switzerland)
- Qorvo, Inc. (US)
Recent Developments
- In May 2022, Hitachi Energy, a renowned name in grid power solutions announced the launch of its new power semiconductor module at a trade fair event in Nuremberg, Germany. RoadPak uses state-of-the-art silicon carbide (SiC) technology to provide exceptional power density for electric vehicles whilst improving their performance and range.
- In April 2024, Fuji Electric, a leading Japanese organization specializing in electronics manufacturing announced the launch of its new power semiconductor module. HPnC X series 1700 V, 3,300 V Class module is designed for large power converter usage and is based on insulated-gate bipolar transistor (IGBT) platform.
- In August 2024, Infineon Technologies AG, a leading semiconductor manufacturer announced the opening of its new SiC power semiconductor fab facility in Malaysia. The facility is projected to be the world’s largest of its kind as Infineon focuses on expanding its presence in the global power semiconductor market landscape.
Power Semiconductor Key Market Trends
- Development of Wide Bandgap Semiconductors: Power semiconductor companies should focus on the development of wide bandgap semiconductors. More specifically investing in the development and manufacturing of silicon carbide (SiC) and gallium nitride (GaN) semiconductors is expected to pay off big time for all market players in the long run. Higher voltage, faster switching speeds, and greater energy efficiency are some key benefits of this new type of power semiconductor that will drive their sales in the future.
- Rising Demand for Data Centers and Cloud Computing: Power semiconductor companies should target the rising popularity of cloud computing and data centers to generate new business in the long run. Power semiconductors are crucial in optimizing power conversion and distribution in these energy-intensive data centers and cloud computing establishments thereby offering lucrative new opportunities going forward.
Power Semiconductor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, advancements in semiconductor technologies and rising sales of electric vehicles are projected to uplift the demand for power semiconductors. However, thermal management issues and supply chain disruptions are forecasted to impede power semiconductor market growth in the future. Asia Pacific is estimated to spearhead the global power semiconductor sales outlook owing to the presence of key semiconductor manufacturing companies and automotive companies. Power semiconductor companies can invest in the development of wide bandgap semiconductors to maximize their revenue generation potential in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 48.5 billion |
| Market size value in 2031 | USD 69.63 billion |
| Growth Rate | 4.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Power Semiconductor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Power Semiconductor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Power Semiconductor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Semiconductor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Semiconductor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Semiconductor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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