As per MRFR Analysis, the Global Power Semiconductor Market was valued at USD 65.3 Billion in 2023 and is projected to reach USD 99.9 Billion by 2032, growing at a CAGR of 6% from 2024 to 2032. The automotive industry's rapid expansion and technological advancements, such as x-by-wire technologies, are key drivers of this growth. The increasing demand for consumer electronics, particularly smartphones, is also propelling market expansion, with significant growth expected in battery-powered, energy-efficient devices. The Asia-Pacific region is anticipated to dominate the market, accounting for USD 26.01 Billion in 2021 and exhibiting a CAGR of 43.60%.
Key trends influencing the Power Semiconductor Market include advancements in technology and rising demand across various sectors.
Infineon, Vishay Intertechnology, Renesas Electronics, ON Semiconductor, Texas Instruments, Mitsubishi Electric Corporation, Littelfuse, Toshiba, Fuji Electric, Nexperia, Semekron, STMicroelectronics.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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Power Semiconductor Market Trends
The global market is growing favorably due to the rising use of consumer electronics products. Today, a wide range of consumer products, including communication devices (such as smartphones, tablets, smartwatches, and other gadgets), computers (both personal and corporate computers use PCBs), entertainment systems, and home appliances, require semiconductors. The smartphone is the main user of semiconductors in this sector. The smartphone market has seen a lot of rivalry recently. Additionally, it is anticipated that increased mobile phone usage will fuel the global industry. For instance, Ericsson projects that by 2026, the amount of data used by smartphones worldwide would have increased from 32 exabytes per month in 2019. The Indian appliances and consumer electronics (ACE) industry is anticipated to grow at a 9% CAGR to reach INR 3.15 trillion (USD 48.37 billion) in 2022, according to the India Brand Equity Foundation (IBEF). Thus, this factor is driving the market CAGR.Furthermore, along with the rising need for consumer electronics and wireless communications, factors including the rising need for battery-powered, energy-efficient portable gadgets are anticipated to fuel demand and have a beneficial effect on market expansion. Lithium-ion technology, the most dependable power source, powers consumer electronics. For these new batteries, a few limitations pose a challenge. In this sector, extending battery life has grown popular. Around the world, better methods are being explored to produce batteries that consume less energy. Manufacturers are driving this market expansion by increasing the battery capacity of their products, which increases consumer demand for faster charging times. Across all wearable and portable devices, the pattern has remained constant. Fast charging adapters are included right out of the box by manufacturers like OPPO, one plus, Motorola, Samsung, and Apple. Since they encourage their users to use their products less frequently when plugged in, fast charging is an essential part of their marketing efforts. During the projected period, it is expected that demand for energy-efficient battery technologies would increase.However, power semiconductor adoption is anticipated to be fueled by a constant increase in non-conventional energy sources in the IT & consumer electronics, automotive, power distribution, and rail transportation sectors. The adoption of new consumer safety features and more effective power management is being driven by the car industry. SiC technology, for instance, is already being used in various low-power EV applications, including as battery chargers, auxiliary DC-DC converters, and solid-state circuit breakers. Currently, engineers can meet high voltage and power demands affordably thanks to more efficient drivetrains that use semiconductor technology like Silicon Carbide (SiC). As a result, these applications offer significant growth prospects. Thus, it is anticipated that this aspect will accelerate power semiconductor market revenue globally.
The Power Semiconductor Market data, based on module, Power Modules and Power Discrete. The power discrete segment dominated the power semiconductor market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. One of the main consumers of discrete semiconductors is the smartphone. Since companies are creating smartphone chargers that could charge the device in a lot less time, the current rating for these has significantly increased. As a result, these semiconductors in the adapter play a crucial role in maintaining the necessary current and voltage levels.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Power Semiconductor Market segmentation has been segmented by application into Industrial, Automotive, Aerospace, Military and Consumer Electronics. The automotive segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. With prices dropping and range increasing, electric vehicles are becoming more prevalent on the road today. Additionally, with prices falling and range increasing, electric vehicles are becoming more prevalent on the road today. The International Energy Agency estimates that 6.6 million plug-in electric light car sales will be made worldwide in 2021.
The Power Semiconductor Market segmentation, based on component, Rectifier, Diode and Thyristor. The diode segment dominated the power semiconductor market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. A diode is a two-terminal electrical component that only allows one direction of electric current flow. In many different applications, including power supplies, solar inverters, welding gear, uninterruptible power supplies, and others, diodes power semiconductors are frequently utilised.
The global power semiconductor industry, based on material, silicon carbide, Gan and silicon. The silicon carbide segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. In terms of heat loss, switching speed, and size, silicon carbide (SiC) semiconductors are industry leaders. Reduced heat loss of 50% is achieved with the help of power electronics. This energy savings translates into more energy for the electric motor and better power electronics, which ultimately increases the battery range.
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific power semiconductor market accounted for USD 26.01 billion in 2021 and is expected to exhibit a 43.60% CAGR during the study period. It is anticipated that the Asia-Pacific region will dominate the market for power semiconductors due to its domination of the global semiconductor industry and the support of governmental laws. Approximately 65% of the global market for discrete semiconductors is made up of China, Japan, Taiwan, and South Korea. Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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North America power semiconductor market accounts for the fastest growing market share. The expansion of end-user industries like automotive, IT and telecommunications, military and aerospace, consumer electronics, and others is closely correlated with the growth of the power semiconductor market in North America. Moreover, US power semiconductor market held the largest market share, and the Canada power semiconductor market was the fastest-growing market in this region.Europe power semiconductor market is expected to grow at a substantial CAGR from 2024 to 2032. The market is expanding due to the rising adoption of advanced technologies and semiconductors across numerous sectors. Many sectors focused on semiconductors have benefited from the increasing regional government involvement in research programme promotion, which is backed by a high-tech networking environment. Further, the UK power semiconductor market held the largest market share, and the Germany power semiconductor market was the fastest-growing market in the region.
Major market players are spending a lot on R&D to increase their product lines, which will help the power semiconductor industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.One of the primary business strategies manufacturers adopt in the global power semiconductor industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, power semiconductor industry has provided medicine with some of the most significant benefits. The power semiconductor market major player such as Infineon, Vishay Intertechnology, Renesas Electronics, ON Semiconductor, Texas Instruments, Mitsubishi Electric Corporation, Littelfuse, Toshiba, Fuji Electric, Nexperia, Semekron and STMicroelectronics.A global Japanese manufacturer of electronics and electrical equipment with its headquarters in Tokyo, Japan, Mitsubishi Electric Corporation was founded on January 15, 1921. It is one of Mitsubishi's primary businesses. In February 2022, the SLIMDIP-X power semiconductor module from Mitsubishi Electric Corporation, which offers low thermal resistance and noise for household appliance inverter systems, was recently released. The new SLIMDIPTM series module is intended to streamline and minimise the size of inverter systems used in appliances including refrigerators, washing machines, and air conditioners.The Netherlands' Nijmegen is home to the headquarters of the semiconductor firm Nexperia. It is a division of the Chinese business Wingtech Technology, which is partly owned by the government. It has front-end plants in Greater Manchester, England, and Hamburg, Germany. In April 2021, the availability of Nexperia's second-generation 650 V GaN FETs, which support 80 PLUS Titanium-class power supply running at 2 kW and higher, was announced. In comparison to earlier technology and rival gadgets, it provides a significant performance boost.
In July 2024, Boeing stated that it would be taking over Spirit AeroSystems. With this acquisition, the company aims to expand the aerospace industry in the North American region as a whole.
In June 2024, US semiconductor Texas Instruments joined Delta Electronics Taiwan in promoting advanced power semiconductors for electric vehicles. During the first phase of the project, they attempted to design a new 11 kW onboard charger that is lighter and cheaper. This partnership wasn't just the beginning of the next major milestone for both companies as both envisioned their joint innovation lab in Pingzhen, Taiwan. Enhance power density, improve the performance of the components and decrease their size; their aim is to facilitate the production of electric cars that are more demanding and cheaper to manufacture while still being safer and efficient.
April 2024-Samsung Electronics has started to grow its workforce in power semiconductor development with its Device Solutions (DS) division this year. The growth is consequently due to the rising power consumption propelled by the growth in the server semiconductor market, potential growth in markets for electric vehicles and PCs, and increased demand for chips related to this sector. Samsung Electronics is allegedly thinking of further funds to grow its production capacity for power semiconductors. Industry insiders informed on Apr. 24 that Samsung Electronics is constantly hiring top talent to design and create power semiconductors. This follows the founding of the Compound Semiconductor Solutions (CSS) business group, which was devoted to the power semiconductor sector late last year.
In April 2024, Infineon Technologies AG signed an agreement with a top company in the field of green energy, FOXESS, to provide its power semiconductor devices. Infineon gave FOXESS CoolSiC MOSFETs 1200V for usage together with EiceDRIVER gate drivers in industrial energy storage systems. Additionally, string PV inverters produced by FOXESS included Infineon’s IGBT7 H7 1200 V power semiconductor devices. Such a partnership was supposed to bring further progress in green energy solutions innovations.
In February 2024, Renesas Electronics Corporation introduced in Japan the RZ Family of microprocessors (MPUs). RZ Family of microprocessors (MPUs) is a group of power semiconductor devices useful predominantly within the robotics industry.
In February 2024, Murata released alleged three new power product solutions. The trio of products includes two step-down DC-DC converters as well as a new charge pump IC developed to address the challenges faced by the power electronics industry.
In January 2024, Tesla unveiled the new Model 3 in the North American market. This model provides level 2 autonomous driving and an electric drivetrain system with a driving range of over 341 miles.
October 2023 – Kia Corporation and Hyundai Motor Company on Oct. 16 announced a deliberate collaboration with Infineon Technologies AG, a universal semiconductor lead, in order to secure power semiconductors in support of the rising electric vehicle demand across the globe. As per the deal, Kia and Hyundai will buy core power semiconductors for automobiles, such as insulated-gate bipolar transistor (IGBT), diode, and silicon carbide (SiC) power modules. Infineon began offering power semiconductors to the companies in the mid-2000s, and both entities operated a joint research center between 2007 and 2020 to enhance the electricity performance of vehicles; with this collaboration, Kia and Hyundai Motor plan to work closely with Infineon to enhance the performance of their electrified vehicles, such as hybrid, all-electric, and plug-in hybrid lineups. Additionally, Kia and Hyundai Motor will receive supplies of power semiconductors required for their electrified models from Infineon through 2030. The semiconductors are anticipated to be used on the new electrified models from Kia, Hyundai, and Genesis to be launched through 2030.
July 2023: A multi-year volume contract for the supply of the silicon-based electromobility chips has just been signed by Infineon Technologies AG and Semikron Danfoss. Semikron Danfoss will get chipsets from Infineon that include insulated gate bipolar transistors and diodes for use in power modules for inverters in electric cars. The need for power semiconductors is being driven by the explosive expansion of e-mobility. By 2028, two thirds of all new automobiles will have totally or mostly electric drivetrains, predict the partners, who have secured a crucial supply of semiconductors for that time period. The need for power semiconductors is being driven by the explosive expansion of e-mobility. By 2028, two thirds of all new automobiles will have totally or mostly electric drivetrains, predict the partners that have secured a crucial supply of semiconductors for that time period.
March 2023: E-tronic, a supplier of electric vehicle power semiconductors & system solutions, recently announced the conclusion of its series A+ fundraising round, which raised tens of millions of yuan. Sinovation Ventures was the only investor, and the money would be used to build cutting-edge packaging facilities. The primary goal of E-tronic is to create SiC power modules of third-generation for EVs. The SiC motor controller that the business is currently developing provides high power density, higher efficiency, higher reliability, & high operating temperature.
July 2023: NoMIS Power, an Albany-based power semiconductor business, has signed a contract with the United States Air Force Research Laboratory, marking a highly significant accomplishment. Since a few years ago, the business, which was created as a spinoff from SUNY Polytechnic Institute, in fact has been attempting to market its product.
July 2023: Samsung Electronics has just recently declared its entry into the market for the next-generation power semiconductors after concentrating on the auto semiconductor business.
| Attribute/Metric | Details |
| Market Size 2023 | USD 65.3 Billion |
| Market Size 2024 | USD 69.4 Billion |
| Market Size 2032 | USD 99.9 Billion |
| Compound Annual Growth Rate (CAGR) | 6% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2021 & 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Module, Application, Component, Material, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Infineon, Vishay Intertechnology, Renesas Electronics, ON Semiconductor, Texas Instruments, Mitsubishi Electric Corporation |
| Key Market Opportunities | Increasing need for battery-powered portable devices that are energy-efficient |
| Key Market Dynamics | Increased adoption of power semiconductors in various end-use sectors Demand for consumer electronics and wireless communications is rising |
Power Semiconductor Market Highlights:
Frequently Asked Questions (FAQ) :
The market size was expected to be USD 65.3 billion in 2023.
The market is expected to register a CAGR of ~6% over the next ten years.
Asia Pacific held the largest market share in the market.
Infineon, Vishay Intertechnology, Renesas Electronics, ON Semiconductor, Texas Instruments, Mitsubishi Electric Corporation are the key players in the market.
The automotive category led the segment in the market.
The diode category had the largest market share in the market.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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