The Global Power Semiconductor Market size is expected to reach $67 billion by 2030, rising at a market growth of 4.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,233.6 million units, experiencing a growth of 2.7% (2019-2022).
Power semiconductors are often found in automotive equipment, including steering, braking, fuel distribution, and safety systems with electrical components and integrated chips. Thus, the Automotive segment captured $1,709.7 million revenue in the year 2022. Power semiconductors aid in the need for high-efficiency power conversion, the development of advanced lighting systems, and the implementation of stricter emission regulations. The rapid adoption of electric and hybrid vehicles, improvements in autonomous driving technology, and rising demand for vehicle connectivity and V2X communication are propelling the growth of this segment. Additionally, power semiconductors aid in the need for high-efficiency power conversion, the development of advanced lighting systems, and the implementation of stricter emission regulations.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, Onsemi joined hands with BorgWarner Inc., to enhance the performance of electric vehicles. Additionally, In February, 2023, Infineon Technologies teamed up with Infinitum, to bring enhanced energy-efficient motor controls with silicon carbide and other materials to the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG. Texas Instruments Inc., STMicroelectronics N.V., NXP Semiconductors N.V., ON Semiconductor Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Toshiba Corporation, Fuji Electric Co., Ltd. and Hitachi, Ltd.
Power semiconductors are often found in automotive equipment, including steering, braking, fuel distribution, and safety systems with electrical components and integrated chips. Thus, the Automotive segment captured $1,709.7 million revenue in the year 2022. Power semiconductors aid in the need for high-efficiency power conversion, the development of advanced lighting systems, and the implementation of stricter emission regulations. The rapid adoption of electric and hybrid vehicles, improvements in autonomous driving technology, and rising demand for vehicle connectivity and V2X communication are propelling the growth of this segment. Additionally, power semiconductors aid in the need for high-efficiency power conversion, the development of advanced lighting systems, and the implementation of stricter emission regulations.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, Onsemi joined hands with BorgWarner Inc., to enhance the performance of electric vehicles. Additionally, In February, 2023, Infineon Technologies teamed up with Infinitum, to bring enhanced energy-efficient motor controls with silicon carbide and other materials to the market.
The Cardinal Matrix - Market Competition Analysis
Based on the analysis presented in the The Cardinal Matrix; Texas Instruments Inc. is the forerunners in the Market. In December, 2022, Texas Instruments signed a partnership with Chicony Power, to decrease the size of the chicony's adapter by 50% and enhance efficiency by up to 94% with the help of TI's half-bridge GaN FET with an integrated gate driver. Companies such as ON Semiconductor Corporation, Renesas Electronics Corporation, and Infineon Technologies AG are some of the key innovators in the Market.
Market Growth Factors
Circuits are crucial in the automotive industry
Automobile components, motors, air conditioning systems, and silicon-based power metal-oxide-semiconductor field-effect transistors (MOSFETs) in electric vehicles all require power electronic circuits and semiconductors. Power semiconductors are often found in automotive equipment, including steering, braking, fuel distribution, and safety systems with electrical components and integrated chips. Silicon carbide and other high wideband semiconductors are used close to temperature sites in circuits. They reduce the circuit area, have high breakdown voltage, and allow switching at higher frequencies. Additionally, several technological developments are boosting market growth, such as using x-by-wire or drive-by-wire technologies that help reduce vehicle weight, fuel efficiency, and emissions.Consumer electronics and wireless communications are in greater demand
The market is growing favourably due to the rising consumption of consumer electronics products worldwide. Today, many consumer products, including communication devices (such as smartphones, tablets, smartwatches, and other gadgets), computers (personal and corporate computers feature PCBs), entertainment systems, and home appliances, require semiconductors. The smartphone is the main consumer of semiconductors in this sector. The smartphone industry has experienced intense competition in recent years due to increased mobile phone usage. The demand for smart devices and the growing use of Internet of Things (IoT) devices are expected to be significantly fuelled by connected home technology. The power semiconductor’s widespread use in portable, lightweight consumer gadgets, including smartphones, tablets, smartwatches, fitness bands, and communication devices, contributes to the market's expansion.Market Restraining Factors
Complexity of the SiC semiconductor production network and planning cycle
While the market is expanding as a result of factors like increased consumer electronics and wireless communication devices’ demand, factors such as the global silicon wafer shortage combined with ROI metrics, are predicted to pose a threat to that expansion. However, the intricacy of the SiC semiconductor technology's supply chain and production process is a constraint that could make it difficult to keep up with the rising demand. Due to the requirement for additional DC-DC drivers or specific batteries with three connectors (+, 0V, and -) could make it difficult for them to be used in portable equipment. Therefore, these constraints may limit market expansion in the coming years.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
Material Outlook
Based on material, the market is classified into silicon carbide (SiC), gallium nitride (GaN), and others. In 2022, the SiC segment dominated the market with the maximum revenue share. The growth of the segment is owed to the increasing usage of SiC power devices along with the increased popularity of electric vehicles and photovoltaic inverters. In order to create novel power devices with excellent performance, it is convenient to take advantage of silicon carbide's wider bandgap energy (3.2eV), high breakdown voltage, and usual critical electric field.
Product Outlook
Based on product, the market is segmented into power MOSFET, IGBT, thyristor, power diode, and others. In 2022, the power MOSFET segment witnessed the largest revenue share in the market. The power MOSFET is the world's most widely used power semiconductor device because of its low gate drive power, quick switching speed, wide bandwidth, simple advanced paralleling capability, robustness, easy drive, easy biasing, simplicity of application, and ease of repair. It is particularly the most often used low-voltage switch (less than 200 V).Application Outlook
On the basis of application, the market is classified into IT & telecom, electronics, industrial, automotive, aerospace & defence, healthcare, energy & power, and others. The energy & power segment covered a considerable revenue share in the market in 2022. In the energy & power sector, power semiconductor devices have many advantages. To ensure cost-effectiveness, these devices are ideal for use in power distribution and utility systems, such as distribution grids, transmission systems, and renewable energy infrastructure. These features include a wide band gap, enhanced energy efficiency, and reduced cooling requirements.Regional Outlook
Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated the highest revenue share in the market. The market will expand in the Asia Pacific region due to the region's dominance in the global semiconductor industry and the support of government laws. Vietnam, Thailand, Malaysia, and Singapore are some nations that considerably contribute to the region's market share. As a result, the government's present Make in India initiative is anticipated to lead to investments in the semiconductor industry.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG. Texas Instruments Inc., STMicroelectronics N.V., NXP Semiconductors N.V., ON Semiconductor Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Toshiba Corporation, Fuji Electric Co., Ltd. and Hitachi, Ltd.
Strategies Deployed in the Market
Partnerships, Collaborations and Agreements:
- Jul-2023: onsemi joined hands with BorgWarner Inc., a global company engaged in offering advanced sustainable mobility solutions. Through this collaboration, BorgWarner would combine onsemi EliteSiC 1200 V and 750 V power devices into its VIPER power modules for solutions of its traction inverter to enhance the performance of electric vehicles.
- Jun-2023: Renesas Electronics Corporation collaborated with Nidec Corporation, a Japanese manufacturer and distributor of electric motors. This collaboration aims to develop the semiconductor solutions for E-Axle (X-in-1 system) that combines power electronics and an EV drive motor for electric vehicles (EVs).
- Feb-2023: Infineon Technologies teamed up with Infinitum, a creator of the breakthrough, sustainable air core motor. The collaboration aims to bring enhanced energy-efficient motor controls with silicon carbide and other materials to the market.
- Jan-2023: Infineon Technologies AG came into partnership with Resonac Corporation, a Japan-based chemical company. Under this partnership, companies would go on with the supply of SiC materials for power semiconductors to Infineon and together develop technologies related to SiC materials.
- Dec-2022: NXP Semiconductors came into an agreement with Delta Electronics, Inc., a provider of power and thermal management solutions globally. Under this collaboration, both companies would develop traction inverter and power conversion platforms for next-generation electric vehicles.
- Dec-2022: Texas Instruments signed a partnership with Chicony Power, a manufacturer, and marketer of power supplies and LED lighting products. Following this partnership, companies would design 65-W laptop power adapters. Furthermore, both companies would decrease the size of the chicony's adapter by 50% and enhance efficiency by up to 94% with the help of TI's half-bridge GaN FET with an integrated gate driver.
- Sep-2022: Renesas Electronics Corporation signed an agreement with VinFast, a Vietnam-based global EV maker. This agreement would include the development of automotive technology for electric vehicles (EVs) and delivery of system components. Moreover, Renesas would offer a wide range of products to VinFast, which consists of SoCs, microcontrollers, analog and power semiconductors.
- Jul-2022: STMicroelectronics N.V. partnered with GlobalFoundries Inc., a global semiconductor contract manufacturing and design company. Under this partnership, companies would aim to open a brand new, high-volume semiconductor manufacturing facility in Crolles (France). This partnership helped STMicroelectronics to expand its feet in the French market. Additionally, it will reinforce the European and French FD-SOI ecosystem.
- Jun-2022: Renesas Electronics Corporation partnered with Tata Motors Ltd. (TML) and Tejas Networks Ltd., both subsidiaries of Tata Group, an India-based global company. Under this partnership, both companies aim to enhance semiconductor solutions across electronic systems for Indian and growing markets. Additionally, both companies accelerated the growth in advanced electronics and its multitudes of applications for the market.
- Mar-2022: NXP teamed up with Hitachi Energy, a global technology company engaged in advancing a sustainable energy future. Following this collaboration, both companies would integrate NXP’s GD3160 isolated gate driver and Hitachi Energy’s RoadPak SiC power modules to bring reliable, functionally safe, and efficient ePowertrains to commercialize more rapidly.
Product Launches and Product Expansions:
- Dec-2022: Toshiba introduced TK055U60Z1, the first MOSFET of the 600V DTMOSVI series. The launched product provides a 13 percent RDS (on) advancement over similar devices released in its earlier DTMOSIV-H series.
- May-2022: Hitachi Energy released RoadPak, a leading power semiconductor module for electric vehicles. The RoadPak module utilizes advanced silicon carbide (SiC) technology to achieve outstanding levels of power density for reliability, faster charging, over the vehicle's lifetime, and the minimum possible power losses for the highest potential driving range.
Acquisitions and Mergers:
- Feb-2023: Mitsubishi Electric Corporation completed the acquisition of Scibreak AB, a Sweden-based company engaged in commercializing new technology for interrupting electric current. Through this acquisition, both companies would work together on developing DCCB technologies for high-voltage direct current (HVDC) systems, and Mitsubishi Electric utilizing Scibreak’s technology.
- Nov-2021: onsemi acquired GT Advanced Technologies, a company engaged in providing silicon carbide (SiC). This acquisition strengthens onsemi’s capability to secure and grow the supply of SiC. Moreover, the acquisition empowers onsemi's ability to propel innovation and invest in dynamic, high-growth technologies.
- Jun-2021: Texas Instruments Incorporated signed an agreement to acquire the 300-mm semiconductor factory of Micron Technology, a company specializing in innovative memory and storage solutions. This acquisition strengthens competitive advantage in manufacturing and technology and is part of long-term capacity planning.
Geographical Expansions:
- Sep-2021: Infineon opened a new facility in Villach, Austria. The high-tech chip factory for power electronics on 300-millimeter thin wafers aims to fulfil the growing demand for power semiconductors. Moreover, the additional capacity would help Infineon to serve its customers globally.
Scope of the Study
By Product(Volume, Million Units, USD Million, 2019-2030)
- Power MOSFET
- IGBT
- Thyristor
- Power Diode
- Others
By Application(Volume, Million Units, USD Million, 2019-2030)
- IT & Telecom
- Aerospace & Defense
- Industrial
- Automotive
- Electronics
- Energy & Power
- Healthcare
- Others
By Material(Volume, Million Units, USD Million, 2019-2030)
- SiC
- GaN
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Infineon Technologies AG
- Texas Instruments Inc.
- STMicroelectronics N.V.
- NXP Semiconductors N.V.
- ON Semiconductor Corporation
- Mitsubishi Electric Corporation
- Renesas Electronics Corporation
- Toshiba Corporation
- Fuji Electric Co., Ltd.
- Hitachi, Ltd.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Power Semiconductor Market by Product
Chapter 6. Global Power Semiconductor Market by Application
Chapter 7. Global Power Semiconductor Market by Material
Chapter 8. Global Power Semiconductor Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Infineon Technologies AG
- Texas Instruments Inc.
- STMicroelectronics N.V.
- NXP Semiconductors N.V.
- ON Semiconductor Corporation
- Mitsubishi Electric Corporation
- Renesas Electronics Corporation
- Toshiba Corporation
- Fuji Electric Co., Ltd.
- Hitachi, Ltd.
Methodology
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