Global Power Semiconductor Market - 2023-2030

Global Power Semiconductor Market - 2023-2030
Market Overview

The global power semiconductor market reached US$ 56,155 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 171,709 million by 2030. The market is growing at a CAGR of 15.0% during the forecast period (2023-2030).

Power semiconductors are electronic components that are designed to handle high power and high voltage levels. Power semiconductors are widely used in a variety of applications such as power supplies, motor control, lighting, and renewable energy systems and are typically made of materials such as silicon, gallium nitride (GaN), and silicon carbide (SiC). The growth in various industries such as automotive and consumer electronics is driving increasing demand for power semiconductors.

Market Dynamics

Advancements in Material Technologies Used In Power Semiconductors

New power semiconductors are specialized transistors using various competitive technologies such as GaN, SiC, and silicon. GaN and SiC are both wide-bandgap technologies, which means they are more efficient and faster than silicon-based devices. Today, silicon-based devices account for over 90% of the total power semiconductor market. Although GaN and SiC devices have low adoption rates, they are expected to displace silicon in the coming years. Advancements in material technologies could develop faster, more efficient, and long-lasting chips and make them a key factor in driving the global power semiconductor market growth.

Growing Adoption Of Electric Vehicles (EVs)

The adoption of electric vehicles (EVs) is rapidly increasing globally as government policies shift towards decarbonization of transportation to limit global warming. Power semiconductors play a crucial role in the development of EV powertrains. Power semiconductors are used in electric motors, battery management systems, and other components of EVs, making them essential for the growth of the EV market.

COVID-19 Impact Analysis

The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global power semiconductors market is segmented based on component, material, application and region.

Due to High Volume Demand, Automotive Dominates The Application Segment

The automotive segment dominates the application segment with a market share of 35%. The rising expansion of the automotive sector in emerging nations, such as India and China is positively impacting the market's growth in upcoming years. Additionally, growth in the power semiconductor is also driven by the increasing sales of advanced driver assistance systems (ADAS) and electrified powertrains used in various automotive vehicles, bolstering the global market growth.

Geographical Analysis

Increase in Government Support Helps North America Retain A Strong Position In The Global Market

North America comes in second with a share of nearly 22%, only behind Asia-Pacific, which has a share of 56% in the global power semiconductor market. The U.S. proclaimed its goal to maintain its attractiveness as a manufacturing destination and to reduce the country's reliance on imports from Asia. Among other things, U.S. President Joe Biden aims to introduce legislation providing US$ 50 billion for the chip industry to avoid future bottlenecks in chip production. The industry group SEMI (Semiconductor Equipment and Materials International) had previously urged increased government funding for the U.S. semiconductor industry.

Competitive Landscape

The major global players include Infineon Technologies AG, STMicroelectronics, NXP Semiconductors, Renesas Electronics Corporation, Robert Bosch GmbH, Mitsubishi Electric Corporation, Semiconductor Components Industries, LLC, LittelFuse, Texas Instruments, Analog Devices, Qualcomm, Semikron Elektronik GmbH & Co. KG, Toshiba Corporation and Fuji Electric Co., Ltd.

Why Purchase the Report?
• To visualize the global power semiconductors market segmentation based on product, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of power semiconductors market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global power semiconductors market report would provide approximately 79 tables, 60 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies