Status of the Power Electronics Industry 2023 – Yole Group
Market and Technology Trends
By Yole Intelligence —
YINTR23356
Report objectives
Scope of the report
About the authors
Companies cited
What we got right, what we got wrong
Methodology and definitions
Three-page summary
Executive summary
Context
Market forecast (by segment)
Market trends, split by segment
Market shares and supply chain
Technology trends
Conclusion
Outlook
About Yole Group
The power electronics market continues to grow due to government regulations, the demand for renewables, and the need for increased efficiency. In 2022, the total power electronics market was worth $20.9B, including discrete and modules, and it is expected to grow at a 8.1% CAGR22-28, reaching $33.3B by 2028.
The power device market is split into three main types of materials: Silicon, SiC, and GaN. Silicon will keep the major part of this market, but SiC is gaining momentum with the demand for modules for xEV. GaN’s main application will continue to be power supplies for consumers.
In the long term, the total wafer production is increasing alongside the growing power electronic device demand from renewables, automotive and industrial applications. To cope with the demand, Silicon wafers for power applications will grow to about 47M 8-inch equivalent wafers/year. Meanwhile, wafer players are focusing on 12-inch. SiC’s transition to 8-inch is taking place, and in the coming years, we will see it take a greater share of the market.
Today, China is the major buyer of power components, followed by Asia/Pacific and Europe. New growth areas, previously less active in semiconductor manufacturing, are found where major companies are investing to supply Asia, other than China, such as Malaysia, Vietnam, and Singapore.
The silicon wafer market is dominated by five top players with 88% of the market, led by Sumco, Siltronic, and Global Wafers. Most of the manufacturers are in Asia/Europe.
Top device manufacturers are pushing the different device technologies: Si, GaN, and SiC. We have noticed that a few players pushing GaN have stepped back on R&D to wait for a market increase before investing further (such as onsemi, Alpha and Omega).
China remains the leader in investments for manufacturing expansion in 300mm, but also in 200 and 150mm. Main power IDMs and foundries are constructing/expanding 300mm lines (Infineon, Bosch, Toshiba, Nexperia, etc.). A few 200mm lines are being built worldwide, and 150mm lines are being re-furbished to 200mm (BYD, Infineon, CRCC, Wolfspeed, etc.).
When designing power converters, the key consideration is balancing performance and cost. Multiple factors, such as system design, passive choices, semiconductor materials, and integration, must be considered to achieve the desired results. At the converter level, trends like hybridization, modularity, higher efficiency, and increased power levels influence component decisions. Device-level developments focus on enhancing overall performance and efficiency, with integration and packaging advancements improving thermal performance and reliability. Silicon remains the primary material for power electronics at the wafer level, while research centers explore materials like Bulk GaN, Ga2O3, and Diamond, but large-scale implementation is still in progress.
ABB, Alpha&Omega Semiconductor (AOS), Amkor, Analog components, ASE Group, Bosch, BYD, Cree, CRRC, Danfoss, Denso, Dialog Semiconductor, Diodes Incorporated, Diotec Semiconductor, Episil, EXAGAN, Fuji Electric, GaN Systems, General Electric, Global Wafers, GTA Semiconductor, Hitachi, Honda, Huawei, Infineon, Ingeteam, Littelfuse, MACMIC, Magnachip, Maxim Integrated, Microchip, Mitsubishi Electric, Monolithic Power Systems, Navitas, Nexperia, NXP, Okmetic, onsemi, Panasonic, Powerex, Power Integrations, Qualcomm, Renesas, ROHM Semiconductor, Sanken, Semikron, Shindengen, ShinEtsu, Siemens, Silan Microelectronics, Siltronic, Sino-Microelectronics, Soitec, STMicroelectronics, StarPower, Sumco, Sungrow, Tesla, Texas Instruments, Toshiba, Toyota, Transphorm, UnitedSiC, UTAC, Valeo, Vishay, Volkswagen, and more.
Key features
What’s new
Product objectives
Yole Intelligence has released this report, Status of the Power Electronics Industry 2023, to provide an overview and an update for every power electronics market forecast and technology trend, from wafer level to inverter level for each different segment.
This is an updated version of our report, Status of the Power Electronics Industry 2022.
The 2023 report’s main objectives are as follows:
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