ID: MRFR/SEM/0672-HCR | February 2021 | Region: Global | 100 pages
The power semiconductor market is witnessing major growth during the ongoing forecast period of 2021-2027. The power semiconductor market is expected to grow at a CAGR rate of 5.20% during the period owing to the growing incorporation of the advanced and wide adoption of technology especially in various consumer electronic products like smartphones and smartwatches, alongside others like IoT devices. The market is home to various kinds of small-sized electronic devices and gadgets as they have a major to play while helping in the facilitation of easy access to technology and its acceptability across various vertices.
The power semiconductor market is aiming towards the development of products that are packed with enhanced features of power electronics. Some of these features include the product being lightweight, efficiency use of the available power, ensuring a high speed, alongside ensuring enhanced portability. Power semiconductors are experiencing a huge adoption for use across various industry and marketing vertices as the consumers are showing a larger developed interest towards the use of electronic vehicles that offer better functionality. These factors are likely to help the power semiconductor market operations gain momentum and help the market grow as per the predicted CAGR rate and market valuation as the global forecast period ends in 2027.
COVID 19 Analysis
Since the novel coronavirus was recognized as a pandemic, several kinds of measures have been taken to curb the spread of the pandemic and avoid the pandemic waves that create more hurdles and challenges in the way for both professionals and patients. The pandemic is a major challenge for healthcare professionals and services. It has created other issues like the unavailability of support from the workforce and logistic sector which is hampering the ability of the power semiconductor market players to produce as per the prevailing demand and hence, the result is a major disruption of the supply chain mechanism. Further, the loss of employment has hampered the purchasing power of people to make use of goods and devices based on the ongoing features and technology. This has further declined the sales of the market during the forecast period and hence, the players are unable to meet their functional expenditure. Some of the businesses and production units have shut down their services and units as well.
However, the fast-paced world is pushing people to invest in devices and products that make reliable and advantageous use of technology and ensure ease and convenience while functioning. The power semiconductor manufacturers are hence, investing in the research and development initiatives that will help in introducing quality and technology-based products on a large scale and target the needs of a wider audience globally and help the market grow as per the predictions laid down for the forecast period that ends in 2027.
The power semiconductor devices act as an indispensable part of various machines, electrical appliances, alongside systems. The increase in the demand for using non-conventional energy sources like today and solar energy is pushing a wide need for a power management system that is efficient and makes judicious and smart use of the available resources without causing any wastage or damage. Also, there are new safety features enjoying momentum in the automotive industry that demand a wide use of power semiconductors. This will drive a major demand for power semiconductor market in global growth during the forecast period that ends in 2027.
The power semiconductors are largely dependent on technology and its constant evolution over a specific period. The fact that the power semiconductor market is exposed to limited technological availability of resources and advancements is one of the major restraints for the power semiconductor market on the way to its growth as per the predictions during the ongoing forecast period of 2021-2027. The key market players in power semiconductor market are investing to make a wider and efficient technology available that helps to stimulate global demand for semiconductors across various industry vertices during the forecast period.
The adoption of power semiconductors is on a huge rise across the new market verticals like consumer electronics, information technology, power distribution, rail transportation, and automotive amongst others. The power semiconductor market is witnessing an increasing demand for compact products that are well-catered by the market products and devices. Companies are opting for collaborative growth strategies that are likely to boost the ability of the companies to offer devices and products that are industry specific. There is a widespread trend amongst the players to lay their focus on the development of innovative technologies like using silicon carbide-based devices. Steps like these will help the players enhance their global presence and recognition.
The power semiconductor market report helps in understanding the potential of the market to grow as per the viewpoints laid by the industry leaders and market traders and experts. Also, to help the investors make better, smart, and long-term investment decisions. The power semiconductor market covers the functions of the market segments across various global locations during the forecast period ending in 2027.
The power semiconductor market has been segmented based on the following:
Based on the Module
The power semiconductor companies offer the products to the target audience based on the power modules and power discrete.
Based on Application
The global power semiconductor market through its products and services deals in a variety of applications. Some of them include the telecommunication or data communication sector, energy and power sector, computer systems, equipment for office use, medical requirements, taxi and transportation, and various industrial units amongst others.
Based on Product Availability
Based on the demand of the audience, raw material availability, and production capacity, the market deals in products like GaN, SiC, Diode or thyristor, MOSFET, and IGBT, amongst the rest.
Based on the distribution of resources amongst the various global regions and the spread of audience, the power semiconductor market is functional in 4 major regions. These are North America, the APAC region, the European countries, alongside LAMEA that is Latin America, the Middle East, and Africa.
As per the global market trends, the APAC region is expected to dominate the global market regions. The main reason behind this growth is that the government is increasing its support for the wide adoption of semiconductors by rolling and implementing favorable policies and schemes. Also, the APAC region is home to countries like South Korea, China, and Japan. These countries combine and constitute 65% of the total global market share. Also, countries like Thailand, Singapore, Vietnam, and Malaysia, are taking charge to make meaningful contributions to the significant growth of the region in the international market.
The prominent market players lending their functions to help the market grow during 2017-2023 and also help the industry experts to predict the growth rate are as follows:
Based on the stats released by the Indian Electronics and Semiconductor Association, the market for semiconductor segments is likely to witness profitable growth during the forecast period ending in 2023 and reach a market valuation of USD 32.35 billion. This will impact the demand for semiconductors as well and help the market grow. The Indian market is already working on its Make in India campaign that is expecting an excellent return on investment.
5G technology is both being demanded and developed on a wide and global scale. This demand is backed by the growing advancements in wireless communication ways and is likely to present a significant expansion opportunity for the products and services offered by the market players. Also, there is an increase in the wide-scale adoption of GaN power transistors.
The NITI Aayog Action plan rolled out by the Indian government aims at Clean Transportation. This plan was launched back in 2018. Under this plan, various recommendations have been made the have eliminated all the permit requirements for the EVs and also encourage electric mobility on a grand scale. Following a similar trend, many governments are developing the required infrastructure for the use and adaptability of autonomous and electric vehicles. Also, investments are happening prior and in real-time. This will help in the availability of advanced sensors and hence, the market has the right prospects by the end of the forecast period in 2027.
The power semiconductor market report helps in providing a deep analysis and in-depth view of the market trends that will make a difference to the CAGR growth rate and market valuation. The power semiconductor market report discusses the role of the market segments in various global regions. The market also helps to draw a competitive graph amongst the market players and note their recent developments during the period and their ability to make a difference to the final evaluation.
Frequently Asked Questions (FAQ) :
Semiconductors that are used in power electronics, an application of solid-state electronics that control electric power conversation, is called power semiconductor. They are used in consumer electronics.
Increase in the demand for power semiconductors is expected to impel its market at a CAGR of about 13% across the forecast period (2021 and 2027).
The sale of consumer electronics is high in Asia Pacific. It is due to the presence of numerous electronics developers and the growing inclination towards a luxurious lifestyle. Hence, the global market of power semiconductors in APAC is expected to thrive at a high CAGR in the review period.
Texas Instruments Inc. (U.S.), Qualcomm Inc.(U.S.), ST Microelectronics (Switzerland), NXP Semiconductor (Netherlands), Renesas Electronic Corporation (Japan), Fairchild Semiconductor (U.S.), Broadcom Limited (U.S.), and Toshiba Corporation (Japan) are some major player of the power semiconductor market.
Silicon, gallium nitride (GaN), silicon germanium, silicon carbide (Sic), and gallium arsenide are materials that are used in the fabrication of power semiconductors. However, gallium nitride and silicon carbide are used mostly in the production of power semiconductors as these materials have a wider band gap offering better conductivity.