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

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.