According to the Market Statsville Group (MSG), the global power semiconductor market size was valued at USD 19.3 billion in 2021. It is expected to reach USD 25.3 billion by 2030, registering a CAGR of 4.8% from 2022 to 2030. Power semiconductors perform similar tasks as regular semiconductor devices. These high-performance components can handle extreme voltages, high electrical currents, and frequencies up to several gigawatts. Like all semiconductor devices, power semiconductors are used to rectify and amplify electrical signals or turn the flow of electricity on and off. These are typically used for industrial applications and the long-distance transmission and distribution of electricity.

The developments by the manufacturers are expected to boost market growth. For instance, in April 2019, Tesla had introduced the new Model S and Model X with silicon carbide power electronics in the drive unit, and BorgWarner introduced new onboard chargers. Volkswagen selected Cree for the Volkswagen Group FAST Program to secure silicon carbide supplies for upcoming Evs.

Further, semiconductors use SiC for reduced energy loss and longer life solar and wind energy power converters. For instance, photovoltaic energy mostly requires high power, low -loss, faster switching, and reliable semiconductor devices to increase efficiency, power density, and reliability.

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Global Power Semiconductor Market Definition

A power Semiconductor is a semiconductor device that is used as a rectifier or switches in power electronics (for instance, in a switch-mode power supply). The study covers components such as modules, power-integrated circuits, discrete, and materials such as silicon carbide, gallium nitride, and others.

Global Power Semiconductor Market Dynamics

Drivers: Growing Demand for Energy-Efficient Battery-Powered Portable Devices

The increasing demand for consumer electronics and wireless communications and other factors, such as the growing demand for energy-efficient battery-powered portable devices, are expected to drive the demand and positively impact market growth.

Today, consumer electronics are powered by Lithium-ion technology, which is considered the best power source yet devised. These contemporary batteries are challenged with certain limitations. The trend in such a segment has been to increase the device's battery life. In a bid to develop energy-efficient batteries, superior solutions are under development in labs worldwide. Manufacturers are increasing the battery capacity of their devices, due to which the demand for shorter charging is driving the market growth.

The trend has been the same for all wearable and portable devices. The manufacturers want their customers to spend less time plugged in and manufacturers like OPPO, one plus, Motorola, Samsung, and Apple provide fast charge adapters out of the box, and fast charging is the key to their marketing strategy

Restraints: Shortage of Silicon Wafers and Variable Driving Requirements

While factors such as increasing demand for consumer electronics and wireless communications and growing demand for energy-efficient battery-powered portable devices are driving the market growth, factors such as the shortage of silicon wafers across the globe coupled with the ROI metrics are anticipated to challenge the market growth.

Also, according to Semiconductor Equipment and Materials International (SEMI), silicon wafer market sales could witness a dip amidst the looming uncertainty surrounding the impact of COVID-19. However, Industry experts believe that the demand could climb on the strength of rebounding chip sales. SEMI also estimates that silicon wafer shipments across the globe are expected to witness a growth of 2.4% year-over-year in 2020, with growth continuing in 2021 and shipments reaching a record high in 2022.

Scope of the Global Power Semiconductor Market

The study categorizes the power semiconductor market based on component, material, end-users, and region

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By Component Outlook (Sales/Revenue, USD Million, 2017-2030)

• Discrete
• Module
• Power Integrated Circuits

By Material Outlook (Sales/Revenue, USD Million, 2017-2030)

• Silicon/Germanium
• Silicon Carbide (Sic)
• Gallium Nitride (Gann)

By End-Users Outlook (Sales/Revenue, USD Million, 2017-2030)

• Automotive
• Consumer Electronics
• IT and Telecommunication
• Military and Aerospace
• Power
• Industrial
• Others

By Region Outlook (Sales/Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The power integrated circuits segment is projected to account for the largest market share

Based on type, the global power semiconductor market is divided into discrete, module, and power integrated circuits. In 2021, the power integrated circuits segment accounted for the largest market share of 54.1% in the global power semiconductor market. Power integrated circuits (ICs) operate as a rectifier or switch in high-voltage applications such as power supplies, automotive, solar, and trains. The ICs allow the flow of electricity in the on state and stop it in the off state. They boost the efficiencies and minimize the energy losses in systems.

With the increasing need for power management in several IoT applications, specific power management ICs are included in the different emitter products. They are also being used in data center applications to cope with the high amounts of information in the cloud. The power management ICs are also being included in the medical market as there is an increased need for power management due to medical wearables and connected healthcare applications.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global power semiconductor market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 5.2% in the global power semiconductor market during the forecast period. China is the largest producer of electricity in the world. The country's energy demand is likely to increase, resulting in energy production growth. For instance, in October 2020, China revealed the world's second-largest solar power plant; its largest solar power plant is connected with the grid. With a capacity of 2 . 2GW, the solar park in Qinghai Province in China's northwest is among the world's most significant, second only to the 2 .245GW -capacity Bhadla solar park in India. The giant power station is expected to be one of the central government's proposals to create a renewable energy super grid in the western part.

After the Asia Pacific, North America is estimated to be the fastest-growing region with a CAGR of 4.7% during the study period. Autonomous vehicles and connected vehicles are key developments in the automotive industry. Economic developments increase the per capita income of customers; thus, there is an increase in the living standard. An increase in the demand for comfort and luxury vehicles can be attributed to the rise in per capita income, which fuels the demand for autonomous vehicles. The increasing demand for autonomous vehicles is driving market growth in the region. For instance, in April 2020, Karma Automotive, a Southern California -based high -tech incubator and creator of luxury electric vehicles, entered the final stage of development for two new Silicon Carbide (SiC) Inverters to enhance electric mobility charging.

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Key Market Players in the Global Power Semiconductor Market

Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the market are:

• Mitsubishi Electric
• NXP Semiconductor Inc.
• Fuji Electric
• Infineon
• ABB
• Semikron
• Hitachi
• Renesas Electronics
• Toshiba
• Broadcom Inc.

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