New Packages Materials Power Devices Market Summary
As per MRFR Analysis, the New Packages and Materials for Power Devices Market was valued at 2.88 USD Billion in 2024 and is projected to grow to 6.78 USD Billion by 2035, reflecting a CAGR of 9.44% from 2025 to 2035. The market is driven by the increasing demand for energy-efficient devices, advancements in semiconductor packaging, and the growing electric vehicle sector.
Key Market Trends & Highlights
Key trends shaping the New Packages and Materials for Power Devices Market include technological advancements and a shift towards sustainability.
- Silicon remains the dominant material, valued at 3.0 USD Billion in 2023, expected to grow to 5.0 USD Billion by 2032.
- Silicon Carbide is projected to increase from 1.5 USD Billion in 2023 to 2.5 USD Billion by 2032.
- The electric vehicle sector is significantly driving demand for advanced packaging solutions, enhancing efficiency and performance.
Market Size & Forecast
2024 Market Size: USD 2.88 Billion
2025 Market Size: USD 3.26 Billion
2032 Market Size: USD 6.78 Billion
CAGR (2025 - 2035): 9.44%
Largest Regional Market Share in 2023: Asia Pacific.
Major Players
Key players include STMicroelectronics, Vishay Intertechnology, Infineon Technologies, Power Integrations, and Analog Devices.
Demand Of Better Efficiency And Speed And Collaboration And Partnerships Among Players Is Driving The New Packages And Materials For Power Devices Market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
New Packages And Materials For Power Devices Market Trends
RISING DEMAND OF SUSTAINABLE AND SCALABLE POWER PRODUCTS
The global push for sustainability has ignited a transformative surge in the power electronics industry. This growth is driven by the increasing demand for clean energy solutions and energy-efficient products, necessitating the development of more sustainable and scalable power devices. This demand presents a unique opportunity for symbiotic growth: as the market for sustainable power products flourishes, so too does the market for innovative packaging and materials that enable their efficient operation.
Climate change concerns and growing environmental awareness are fueling a global shift toward renewable energy sources like solar and wind power. These intermittent energy sources require robust power conversion and management systems to integrate seamlessly into the grid. Additionally, the rise of electric vehicles (EVs) necessitates the development of compact, high-efficiency power electronics for battery management and electric motors. Silicon (Si), the traditional workhorse of power electronics, faces limitations in efficiency and power density, resulting in bulkier devices that generate more heat.Â
This negates some of the environmental benefits of renewable energy systems and EVs. Here, new materials like Silicon Carbide (SiC) and Gallium Nitride (GaN) emerge as game-changers, boasting superior electrical properties that enable smaller, lighter devices with significantly higher efficiency compared to Si. This translates to lower energy losses, cooler operation, and a smaller environmental footprint for power electronics systems.
New Packages And Materials For Power Devices Market Segment Insights
Global New Packages And Materials For Power Devices Product Type Insights
Based on Product Type, New Packages and Materials for Power Devices market is segmented into: On-Board (COB), Wire Bonding Packaging, Gallium Arsenide (GaAs), Gallium Nitride (GAN), Silicon Carbide (SIC), Other Packages/Material. The Silicon Carbide (Sic) segment dominated the global market in 2024, while the Gallium Nitride (Gan) is projected to be the fastest–growing segment during the forecast period.
Silicon carbide (SiC) power devices are advanced semiconductor components that utilize silicon carbide as the primary material, offering superior performance compared to traditional silicon-based devices. SiC power devices are known for their high efficiency, high voltage operation, and excellent thermal conductivity. These attributes make SiC power devices ideal for high-power and high-temperature applications, where they provide significant benefits in terms of energy efficiency, size reduction, and overall system performance. Several leading companies in the semiconductor industry are actively involved in the manufacturing of SiC power devices, each employing various techniques and materials to optimize performance and reliability. Infineon Technologies AG specializes in power electronics and has a strong focus on SiC technology for applications in automotive and industrial sectors. Infineon's SiC power devices include MOSFETs and diodes, designed to enhance efficiency and thermal performance in electric vehicles and renewable energy systems.
Global New Packages And Materials For Power Devices By Application Insights
Based on Application, New Packages and Materials for Power Devices market is segmented into: Automotive, Consumer Electronics, Industrial, IT & Telecommunications, Military & Aerospace, Others. The Automotive segment dominated the global market in 2024, while the Consumer Electronics is projected to be the fastest–growing segment during the forecast period.
In the automotive sector, new packaging and materials for power devices are witnessing substantial growth, driven by the increasing adoption of electric vehicles (EVs) and advanced driver-assistance systems (ADAS). Major companies at the forefront of manufacturing these power devices with innovative packaging and materials include Wolfspeed Inc., Infineon Technologies AG, ON Semiconductor, STMicroelectronics, and Texas Instruments. These companies are leveraging advancements in wide bandgap semiconductors, such as silicon carbide (SiC) and gallium nitride (GaN), to develop power devices that offer superior efficiency, thermal management, and reliability.
The growth in new packaging and materials for automotive power devices is primarily driven by the stringent requirements of modern automotive applications. EVs, in particular, demand highly efficient power conversion and management systems to maximize battery life and driving range. SiC and GaN technologies are pivotal in meeting these demands due to their higher efficiency and ability to operate at higher temperatures and voltages compared to traditional silicon-based devices. Additionally, the shift towards more sophisticated ADAS and autonomous driving features necessitates advanced power devices that can support complex electronics and sensor systems while maintaining safety and performance standards.
Figure 1: New Packages And Materials For Power Devices Market, by Grade, 2024 & 2035 (USD BILLION)
Global New Packages And Materials For Power Devices Regional Insights
The New Packages And Materials For Power Devices Market is segmented into North America, Europe, Asia-Pacific, South America/ Latin America and Middle East & Africa. The Asia Pacific region accounted for the largest market share with a market value of USD 1.43 Billion in 2024 and is anticipated to reach USD 3.43 Billion by 2035 witnessing growth at a CAGR of 9.71% from 2024 to 2035. The Middle East & Africa region held the largest market share in the New Packages And Materials For Power Devices Market in 2024.
Asia Pacific remains the largest and fastest-growing region for new packages and materials in power devices, with revenues expected to rise from USD 1,242.50 million in 2023 to USD 3,010.59 million by 2032, reflecting a CAGR of 9.71%. The region's dominance is fueled by rapid industrialization, urbanization, and the adoption of advanced technologies across China, Japan, South Korea, and emerging Southeast Asian markets. Key players like Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics, and Mitsubishi Electric lead in semiconductor manufacturing, capitalizing on expanding market opportunities in automotive electronics, 5G infrastructure, and renewable energy.
The Middle East & Africa region demonstrates robust growth in the market for power devices, with revenues projected to increase from USD 126.00 million in 2023 to USD 314.81 million by 2032, reflecting a CAGR of 10.08%. The region's growth is driven by rapid urbanization, infrastructure development, and increasing investments in renewable energy projects. Companies such as Infineon Technologies AG and ON Semiconductor are expanding their footprint in the region, catering to the rising demand for reliable power solutions in sectors like oil & gas, telecommunications, and defense.
Figure 2: New Packages And Materials For Power Devices Market, by region, 2024 & 2035 (USD BILLION)
Further, the major countries studied in the market report are the U.S., Canada, Germany, U.K., France, Russia, Spain, Netherlands ,Rest Of Europe, Japan, China, India, South Korea, Singapore, Australia & New Zealand, Rest Of Asia Pacific , Brazil, Mexico, Argentina, Rest of Latin America, South Africa, GCC Countries, Turkey , Israel , Rest of Middle East & Africa , and Africa.
Global New Packages And Materials For Power Devices Key Market Players & Competitive Insight
Many global, regional, and local vendors characterize the New Packages And Materials For Power Devices Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.
The major players in the market include Infineon Technologies, STMICROELECTRONICS, Texas Instruments, Mitsubishi Electric Corporation, Rohm Semiconductor, NXP Semiconductors N.V, Analog Devices, On Semiconductors, Microchip Technology, WOLFSPEED, Inc And , among others. The New Packages And Materials For Power Devices Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.
Key Companies in the New Packages And Materials For Power Devices Market include.
- Infineon Technologies, STMICROELECTRONICS
- Texas Instruments
- Mitsubishi Electric Corporation
- Rohm Semiconductor
- NXP Semiconductors N.V
- Analog Devices
- On Semiconductors
- Microchip Technology
- WOLFSPEED, Inc
New Packages And Materials For Power Devices Market Segmentation
New Packages And Materials For Power Devices Market By Product Type Outlook (USD BILLION, 2019-2035)
- Chip-On-Board (COB)
- Wire Bonding Packaging
- Gallium Arsenide (GaAs)
- Gallium Nitride (GaN)
- Silicon Carbide (SiC)
- Other Packages/Material
New Packages And Materials For Power Devices Market By Application Outlook (USD BILLION, 2019-2035)
- Automotive
- Consumer Electronics
- Industrial
- IT & Telecommunications
- Military & Aerospace
- Others
Global New Packages And Materials For Power Devices Regional Outlook
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North America
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Europe
- France
- Russia
- Spain
- Netherlands
- Rest Of Europe
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Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Rest Of Asia Pacific
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South America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
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Middle East
- GCC Countries
- Turkey
- Israel
- Rest of Middle East & Africa
- and Africa
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Report Attribute/Metric
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Details
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Market Size 2024
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USD 2.88 BILLION
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Market Size 2025
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USD 3.26 BILLION
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Market Size 2035
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USD 6.78 BILLION
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Compound Annual Growth Rate (CAGR)
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9.44% (2025-2035)
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Base Year
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2024
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Market Forecast Period
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2025-2035
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Historical Data
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2019- 2023
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Market Forecast Units
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Value (USD BILLION)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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By Product Type, By Application
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Geographies Covered
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North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
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Countries Covered
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The U.S., Canada, Germany, U.K., France, Russia, Spain, Netherlands, Rest Of Europe, Japan, China, India, South Korea, Singapore, Australia & New Zealand, Rest Of Asia Pacific, Brazil, Mexico, Argentina, Rest of Latin America, South Africa, GCC Countries, Turkey, Israel, Rest of Middle East & Africa, and Africa.
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Key Companies Profiled
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Infineon Technologies, STMICROELECTRONICS, Texas Instruments, Mitsubishi Electric Corporation, Rohm Semiconductor, NXP Semiconductors N.V, Analog Devices, On Semiconductors, Microchip Technology, WOLFSPEED, Inc, among others
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Key Market Opportunities
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·        Rising demand of sustainable and scalable power products
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Key Market Dynamics
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Demand Of Better Efficiency And Speed, COLLABORATION And PARTNERSHIPS Among Players
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New Packages Materials Power Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The New Packages And Materials For Power Devices Market size is expected to be valued at USD 6.78 BILLION in 2035.
The global market is projected to grow at a CAGR of 9.44% during the forecast period, 2024-2035.
Asia Pacific had the largest share of the global market.
The key players in the market are Astec Industries Infineon Technologies, STMICROELECTRONICS, Texas Instruments, Mitsubishi Electric Corporation, Rohm Semiconductor, NXP Semiconductors N.V, Analog Devices, On Semiconductors, Microchip Technology, WOLFSPEED, Inc , And among others.
Silicon Carbide (Sic) dominated the market in 2024.
Automotive segment had the largest revenue share of the global market.
