Power Semiconductors Market Overview
A power semiconductor is a device used as a switch or
rectifier in power electronics. These devices are considered as the fundamental
component of modern power electronic machines and instruments. Due to the higher
demand for semiconductor devices in various industrial sectors because of its
huge application is facilitating the growth of the Power
Semiconductors Market. The extraordinary features of the product,
like lightweight, ensuring a high speed, efficient use of the available power,
and ensuring enhanced portability, are propelling its demand at the global
level. Different growth factors and key drivers are driving the Power
Semiconductors Market.
Power Semiconductor Market Size was valued at USD 59.7
billion in 2021. The power semiconductor market industry is projected to grow
from USD 63.4 billion in 2022 to USD 97.2 billion by 2030, exhibiting a
compound annual growth rate (CAGR) of 6.30% during the forecast period (2022 -
2030).
The power semiconductor devices are an indispensable part of
different machines, electrical appliances, and other systems—the increasing
demand for non-conventional energy sources like solar energy is used as a power
management system. The automotive industries are demanding power semiconductors
with huge applications in this sector. And the increase in interest of the
consumers for the usage of electronic vehicles is propelling the demand for
power semiconductor devices. These driving factors are largely accelerating the
growth rate of the market.
During the COVID-19 pandemic period, the Power
Semiconductors Market faced various challenging situations
when the industries' manufacturing and operational unit were shut down. The
supply chain process was disrupted; these factors have hampered the market's
economy and resulted in a financial crisis. But in the future years, the market
will rise in huge demand due to the reliable properties and advantages of the
power semiconductor devices. The investment of industries and other commercial
sectors on these devices will emerge the market at the global level.
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Power Semiconductors Market Segmentation
The Power Semiconductors Market is
segmented based on material, application, component, module, and product
availability.
The material segment is classified into silicon carbide,
GaN, Silicon. Rectifier, Diode, Thyristor, Power MOSFET, Inverter falls under
the component.
In the application segment, the market is categorized into
telecommunication or data communication, energy and power, computer systems,
industrial, automotive, aerospace, military, and consumer electronics,
equipment for office use, medical requirements, taxi and transportation, and
various industrial units amongst others. The market offers the products as
power modules and power discrete based on the module segment. The product
availability segment is divided into GaN, SiC, Diode or thyristor, MOSFET, and
IGBT, amongst the rest due to the audience's demand, availability of raw
material, and production capacity.
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Power Semiconductors Market Regional Analysis
The geographical status of the Power
Semiconductors Market states about major regions covered
by the market. The major regions where the market is showing tremendous growth
are North America, Asia Pacific, Europe, Latin America, and the Middle East,
and Africa.
The Asia Pacific region is marked as the dominating region
of the market due to the rise in the adoption of semiconductors with the
government's support. The presence of major regions such as South Korea, China,
and Japan is driving the market's regional growth. Other countries such as
Thailand, Singapore, Vietnam, and Malaysia contribute to the market's growth.
North America is even noticed to show a good growth rate during the forecast
period.
Industry News
Navitas to open an electronic vehicle design center in
Shangai to propel the GaN power into the mainstream.
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