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

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.