New York, USA, September 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” , the valuation is expected to reach USD 97.2 billion by 2030, growing at a CAGR of 6.30% over the evaluation period (2022-2030).
Power Semiconductor Market Overview
The global power semiconductor market is expected to post notable revenue growth. The increasing demand for power semiconductors in military and space applications will predominantly support the growth of the market. Investments in the field of semiconductors are increasing exponentially, as are business diversification activities. Power semiconductors play a causal role in speeding up vehicles, power grids, and solar power generation, with less energy loss. This technology demonstrates considerable stability in the radiation environment, GaN devices, and offers characteristics favorable to terahertz (THz) devices that benefit many military and space applications.
Leading players in power semiconductors include
- Texas Instruments Inc. (USA)
- Infineon Technologies AG (Germany)
- ST Microelectronics (Switzerland)
- NXP Semiconductor (The Netherlands)
- Qualcomm Inc. (USA)
- Fairchild Semiconductor (USA)
- Broadcom Limited (USA)
- Renesas Electronic Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Toshiba Corporation (Japan)
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Advanced power semiconductors are produced on low-power wafers using new materials such as silicon carbide and gallium nitride. The development of energy efficient power semiconductors is crucial for electric cars that need devices that can withstand heat and pressure. Efficient electricity management 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 being damaged. Therefore, they are largely used in power conversion applications such as changing voltages and frequencies and changing DC to AC and AC to DC. Power conductors also help provide a stable source of electricity to various electrical appliances and equipment. Power semiconductor manufacturers take on mass production that can support electric vehicle production.
Scope of the Power Semiconductors Market Report:
|Market size by 2030||97.2 billion|
|CAGR From 2022 to 2030||6.30%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Key market opportunities||Require extensive use of power semiconductors.|
|Key Market Drivers||Increased demand for the use of non-conventional energy sources
Solar energy is driving a widespread need for an energy management system that is efficient
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Power Semiconductor Market Segments
The report is segmented into components, materials, applications, and regions. The Components segment is sub-segmented into Diodes, Switching Devices, Power ICs, 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 divided into automotive, consumer electronics, military and aerospace, and industrial (inverters, wind/solar power generation). The region segment is divided into the Americas, Europe, Asia-Pacific and the Rest of the World.
Geographical analysis of the power semiconductor market
The Asia Pacific region leads the global market for power semiconductors. The further growth of the market is attributed to the rapid growth of the electric vehicle and electronics industry and the adoption of innovative technologies. In addition, the increase in the consumer, telecommunication and data communication and medical sectors corroborates the growth of the power semiconductor market.
North America ranks second in the power semiconductor market. The market is driven by innovations in technology transfer and reliability enhancement of GaN (GREAT2) and the well-established aerospace and automotive sectors. Additionally, growing demand for semiconductor devices in military, offshore oil and gas exploration, and emergency medical service providers provides the impetus for regional market growth.
Europe is emerging as the most promising space, with flourishing end-user industries such as the automotive and consumer electronics industries. In addition, the increasing adoption of gallium nitride semiconductor devices in several well-developed sectors, such as defense and aerospace, information and communication technology, and healthcare., contributes to the region’s power semiconductor market share.
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The greater stability in the radiation environment that GaN semiconductors possess encourages the uses of power semiconductors in the automotive and aerospace sectors. In the coming years, the power semiconductor market size is anticipated to grow further due to the increasing use 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 industry and academic interactions. Technology start-ups expand their entrepreneurial skills and advanced learning, providing components and know-how, innovative semiconductor and power semiconductor technologies. Support centers are established around the world to help resolve queries and assist in learning technologies for research and development.
Technology providers strive to offer advanced design and validation solutions to connect and secure the world with their power device test solutions. High-tech companies specializing in the development and sales of next-generation semiconductor power devices help accelerate industry innovations. These companies are committed to innovation in power semiconductors, providing powerful tools along with waves of advanced industry-critical technology.
On the other hand, the global shortage of semiconductors has affected the production of vehicles, appliances and other goods, fueling inflation in the power semiconductor industry. Manufacturers continually work to increase semiconductor production by improving supply chains.
The main elements of semiconductor supply chains are established by conducting research and development, design, assembly, and test manufacturing in various countries around the world. Manufacturers take advantage of government aid and invest massively in semiconductor production to drive the integration of their supply chains. They also collaborate with electric vehicle manufacturers to expand the production of the lithium industry.
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Competitive landscape of the power semiconductor market
Highly competitive, the power semiconductor market appears fragmented due to the presence of many well-established players. Market players initiate strategies such as collaboration, mergers and acquisitions, expansion, and product/technology launches to gain competitive share. Significant R&D investments are made to update technology and product developments and applications in all industries.
For example, on September 14, 2022, Mitsubishi Electric India Power Semiconductors announced the signing of a memorandum of understanding with the IIT Madras Research Park to develop sustainable technologies. Mitsubishi Electric is a pioneer in semiconductor technology and aims to foster innovation and technology upgrades in India through this partnership. The brand contributes to the advancement of its electrical and electronic products and solutions suited to the various production needs.
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