Global Power Semiconductor Market Size is Estimated to Reach USD 55 billion by 2030, Growing at a CAGR of 3.3 … – GlobeNewswire
| Source: Reed Intelligence
New York, United States, March 05, 2024 (GLOBE NEWSWIRE) — Power semiconductors perform the same functions as conventional semiconductors, albeit on a much bigger scale. These high-performance components can withstand electrical currents, voltages, and frequencies as high as several gigawatts. Like other semiconductor devices, power semiconductors are utilized to correct and amplify electrical signals and switch on and off the flow of electricity. These are often employed for industrial applications for the transmission and distribution of electricity across large distances.
Semiconductors utilize SiC to reduce energy loss and extend the life of solar and wind energy power converters. SiC (Silicon Carbide) is used for high-power applications due to its broad bandgap. There are numerous polytypes (polymorphs) of SiC. However, 4H-SiC is the optimal material for power devices. Increased research and development efforts to enhance material capabilities are anticipated to boost market expansion substantially.
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Increasing Demand for Consumer Electronics and Wireless Communications to Drive the Global Power Semiconductor Market
According to Straits Research, “The global power semiconductor market revenue was valued at USD 40 billion in 2020. It is estimated to reach an expected value of USD 55 billion by 2030, registering a CAGR of 3.3 % during the forecast period. (2022-2030).” The increasing global usage of consumer electronics gadgets favors the market’s expansion. A vast array of consumer products require semiconductors, including communication devices (smartphones, tablets, smartwatches, and other gadgets), computers (personal and commercial computers containing PCBs), entertainment systems, and home appliances.
In this area, the smartphone is the largest consumer of semiconductors. In recent years, the smartphone market has been highly competitive. The increasing use of mobile phones is predicted to continue driving the global industry. Ericsson predicts that by 2026, the average monthly data flow from smartphone devices worldwide will reach 221 exabytes, up from 32 exabytes in 2019.
According to the India Brand Equity Foundation (IBEF), the Indian appliances and consumer electronics (ACE) industry will reach INR 3.15 trillion (USD 48.37 billion) in 2022, with a CAGR of 9%. This is expected to stimulate market expansion over the predicted period.
Adoption in Different Sectors to Provide Opportunities for the Global Power Semiconductor Market.
Non-conventional energy sources are anticipated to drive the adoption of power semiconductors in the IT & consumer electronics, automotive, power distribution, and rail transportation industries. Consumer desire for more efficient power management and new safety features is driving the car industry’s adoption of this technology. Several EV applications, such as battery chargers, auxiliary DC-DC converters, and solid-state circuit breakers, have already begun employing SiC technology for low-power applications. Engineers can meet high voltage and power needs cost-effectively thanks to more efficient drivetrains using semiconductor technology like Silicon Carbide (SiC). Therefore, such applications provide substantial growth prospects.
Key Highlights
Regional Insights
By region, the global power semiconductor market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Asia-Pacific accounted for the largest market share and is estimated to grow at a CAGR of 3.6% during the forecast period. Asia-Pacific is anticipated to dominate the global market for power semiconductors, as the region controls the global market for semiconductors and is backed by government regulations. Moreover, China, Japan, Taiwan, and South Korea drive the region’s semiconductor industry, which accounts for approximately 65% of the global discrete semiconductor market. Vietnam, Thailand, Malaysia, and Singapore contribute significantly to the region’s market dominance. Indian Electronics and Semiconductor Association projects that the country’s semiconductor component industry will reach USD 32.35 billion by 2025, growing at a CAGR of 10.1%. (2018-2025). The nation is an attractive location for international R&D facilities. Thus, the government’s current Make In India effort is anticipated to result in semiconductor market investments. In addition, the region is a manufacturing center for electronics, producing millions of electronic items annually for local use and export. This large manufacturing of electronic devices and components contributes significantly to the investigated market’s market share.
North America is the second largest region. It is estimated to reach an expected value of USD 8.5 billion by 2030, registering a CAGR of 2.6%. In the semiconductor sector, North America is an early user of innovative manufacturing, design, and research technologies. The expansion of end-user sectors, such as automotive, IT and telecommunications, military and aerospace, consumer electronics, and others, is highly correlated with the expansion of the North American power semiconductor market. According to the Semiconductor Sector Association (SIA), the semiconductor industry had direct sales of USD 40.0 billion in January 2021, a 13.2% rise over the USD 35.3 billion recorded in January 2020. Regarding sales, the SIA represents 98% of the US semiconductor sector and roughly two-thirds of non-US chip companies. A shortage of semiconductors in the region, exacerbated by policy changes in the United States, is also anticipated to increase domestic production and equipment investments.
Europe is the third largest region. Europe is home to some of the world’s most important tech centers and is a significant driver and adopter of contemporary technology. The expansion of the market is driven by the rising usage of advanced technologies and semiconductors in various sectors. Numerous semiconductor-oriented industries have benefited from the increasing engagement of regional government in promoting research initiatives, which is backed by a high technology connectivity environment. By 2020, the German government pledged to increase the number of research firms to 20,000 and innovative firms to 140,000. According to the World Semiconductor Trade Statistics (WSTS) and the Semiconductor Industry Association (SIA), Europe’s semiconductor sales climbed by 6.4% from 2019 to 2020. Such improvements drive market expansion.
Competitive Landscape
The key players in the global power semiconductor market are Infineon Technologies AG, Texas Instruments Inc., United Silicon Carbide Inc., ST Microelectronics NV, NXP semiconductor Inc., ON Semiconductor Corporation, Renesas Electronic Corporation, Broadcom Inc., Toshiba Corporation, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd, Semikron International, Cree Inc., ROHM Co Ltd, Vishay Intertechnology Inc., Nexperia BV, Alpha & Omega Semiconductor, Magnachip Semiconductor Corp, Microchip Technology Inc, Littlefuse Inc., and others.
Market News
Global Power Semiconductor Market: Segmentation
By Component
By Material
By End-user Industry
By Region
Get Detailed Market Segmentation @ https://straitsresearch.com/report/power-semiconductor-market/segmentation
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