Power Semiconductor Market- Global Industry Analysis and Forecast (2024-2030)

Power Semiconductor Market Overview:

Power semiconductors are used in inverters. Specifically, they are used to convert the direct current output from the battery, which is the power source, into alternating current. Power electronics efficiently and accurately operate electronic devices by controlling and converting electric power. The need for power semiconductors in electric vehicles is quickly increasing, as the electric vehicle market is expected to substantially increase in the forecasted period. For instance, the growing use of ADAS in cars equipped with the chips to manage functions like adaptive cruise control, lane departure warning, and automatic emergency braking. The increasing popularity of electric cars creates more potential for growth in the power semiconductor market during the projected timeframe.

 

The power semiconductor industry is rapidly growing owing to the rising need for energy-efficient solutions in sectors like renewable energy, electric vehicles (EVs), and industrial applications. Additionally, the Power Semiconductor market is growing favorably thanks to the rising consumption of consumer electronics products global. Many consumer products, including communication computers (personal and corporate computers feature PCBs), entertainment systems, and home appliances, require semiconductors. The smartphone is the main consumer of semiconductors in the sector.

 

• March 2024 - According to state government officials of Gujarat, the Tata group was given approximately 160 acres in Dholera, Gujarat, to establish the nation's first large-scale semiconductor production plant, with an investment of Rs 91,000 crore. The offer-cum-allotment (OCA) of 28 acres in Sanand, on the other hand, was granted to CG Power for its ATMP (assembly, testing, marking, and packaging) factory, which is expected to be constructed for Rs 7,600 crore.

 

 

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Power Semiconductor Market Dynamics:

Rising Renewable Energy and EV Adoption Fuel Growth in Power Semiconductor Market amid Environmental Focus

The rising adoption of solar and wind power is leading to higher demand for power semiconductors in the power and energy sector. They are mainly used in various power and energy applications, including HVDC transmission systems, solar inverters, and wind turbine converters. Solar inverters convert the DC electricity generated by solar panels into AC power, which then be either stored in batteries or directly fed into power grids for use in homes and businesses.

 

Additionally, wind turbine converters convert the AC power generated by wind turbines into DC electricity, which is transmitted to the grid for various applications in industrial, commercial, and residential areas. The Power Semiconductor market is expected to experience growth owing to the increase in demand for energy-efficient battery-powered portable gadgets, as well as the rise in consumer electronics and wireless communications needs.

 

The Power Semiconductor market is growing, thanks to the increasing popularity of electric vehicles. The electric vehicle industry is increasing, which has increased demand for advanced power semiconductor technologies. It is due to the growing emphasis on lowering carbon emissions and meeting energy efficiency targets. It is expected that the power semiconductor industry gains a great deal from automakers, continued investments in electric and hybrid vehicles. The development of semiconductor solutions specifically designed to meet the demands of the electric mobility sector. Eco-friendly and renewable Power Semiconductor solutions are becoming more popular as environmental concerns and lowering carbon footprints gain traction.

 

 

Public Opposition and Misinformation Hinder Adoption of Power Semiconductor Solutions in Renewable Energy Applications

Market adoption and implementation of power semiconductor solutions are severely hampered by negative public views or resistance, especially when these solutions are applied in renewable energy applications. For example, local communities frequently have aesthetic and noise problems with solar panels and wind turbines, which heavily rely on power semiconductors. Particularly noisy and aesthetically unsettling wind turbines have led to opposition from the public against their construction. These objections cause project cancellations or delays, which impedes the growth and uptake of power semiconductor-based renewable energy solutions.

 

In addition, these unfavorable opinions are made worse by false information or a lack of knowledge about the advantages and developments in power semiconductor technology. The sector faces extra obstacles as a result of public opposition to local government policies, zoning regulations, and regulatory choices.

 

Power Semiconductor Market Segment Analysis:

By Device Types, the Power integrated circuits (ICs) segment held the largest share in 2023 for the Power Semiconductor Market. Power integrated circuits (ICs) function as rectifiers or switches in high-voltage scenarios, including power supply systems, cars, solar panels, and trains. The advancement in the demand for communication devices, such as call-enabled tablets and portable navigational devices (PNDs), also scales the requirement for power ICs.

 

Consumer electronic products have also transformed substantially recently, with vendors introducing advanced electronic gadgets with smart features such as touchscreen displays, keypads, and in-built memory, which in turn has increased the need for power ICs in the Power Semiconductor. They increase system efficiencies and reduce energy losses. Power ICs are used in various power supply applications because they have a much smaller overall physical size than discrete circuits. Their smaller size results in lower power consumption, which increases demand.

 

 

• Power integrated circuits (ICs) import shipments in the World stood at 142.3K, imported by 6,654 World Importers from 7,657 Suppliers.

The top 3 importers of Power integrated circuits (ICs)

Country                                             Shipments

India                                                    74,704

Vietnam                                              42,736

Indonesia                                           8,329

 

The top 3 exporters of Power integrated circuits (ICs)

Country                                             Shipments

South Korea                                       9,479

 

 

 

 

 

Power Semiconductor Market Regional Insight:

Asia Pacific is the dominant region in 2023 for the Power Semiconductor Market. The region benefits from the presence of leading semiconductor manufacturers, electronics OEMs, and automotive suppliers, driving Power Semiconductor market growth through innovation, cost competitiveness, and supply chain efficiencies. China, Japan, Taiwan, and South Korea are the world's discrete semiconductor markets. Other countries, including Vietnam, Thailand, Malaysia, and Singapore, contribute significantly to the region's Power Semiconductor market domination.

 

Power semiconductors and associated technologies were among the cutting-edge technical advancements and trends in power electronics that were showcased at the PowerUP Asia conference and exhibition in April 2023. Power semiconductor manufacturers concentrate on power efficiency, carbon reduction, and "greener" energy. The power electronics industry is growing owing to the growing electric vehicle (EV) industry, growing calls for the adoption of renewable energy, trends in industrial automation, and rising consumer electronics demand.

 

The region also serves as a manufacturing powerhouse for electronics, producing millions of electrical products annually for local consumption and export. Several local governments are also working hard to promote renewable energy source usage. It is expected to boost the market for power electronics as these devices find numerous uses in the energy sector. For instance, the Indian government announced plans in April 2023 to add 250 GW of renewable energy capacity over five years to meet its goal of 500 GW of clean energy by 2030. In China, increasing manufacturing of power devices significantly boost the growth of Power Semiconductor market. One of the significant trends in discrete semiconductors is efficient power management.

 

The Japanese government and private businesses are working together to progress semiconductor technologies, with a particular emphasis on upcoming power semiconductors such as SiC and GaN. Initiatives are being led by companies such as Renesas, Mitsubishi Electric Corporation, and Toshiba. For Instance,

 

• In June 2023, Mitsubishi Electric Corporation announced that the company would begin shipping samples of its new NX-type full-SiC (silicon carbide) power semiconductor module for industrial equipment. The module, which reduces internal inductance and incorporates a second-generation SiC chip, is expected to contribute to the realization of more efficient, smaller, and lighter-weight industrial equipment.

 

 

Power Semiconductor Market Competitive Landscape:

The Power Semiconductor market is set to keep increasing, fueled by technological progress, rising demand in industries, and strategic moves by major companies to improve their market standing. Technological advancements, partnerships, mergers, and a focus on efficient power semiconductor solutions all impact the market.

 

Infineon’s "CoolSiC" MOSFETs are designed to enhance efficiency and thermal performance in industrial and automotive applications. Their SiC-based products are known for reducing energy loss and increasing system reliability.

 

• In May 2023, Infineon Technologies AG unveiled its OptiMOS7 40V MOSFET family, marking a breakthrough in power MOSFETs designed specifically for automotive applications. Leveraging the advantages of 300 mm thin-wafer technology and innovative packaging, this latest generation offers substantial performance enhancements within compact packages. The OptiMUS L7 series is well-suited for a wide range of standard and upcoming automotive 40V MOSFET applications, including electric power steering, braking systems, disconnect switches, and emerging zone architectures.

 

Texas Instruments "GaN FET" solutions are designed to deliver high power efficiency and compactness for data centers and telecom power supplies. Their "LMG3410R070" GaN power stage provides significant efficiency gains in power conversion applications.

 

• In May 2023, Texas Instruments, a leader in high-voltage technology, debuted a highly integrated, functional safety-compliant, isolated gate driver that enables engineers to design more efficient traction inverters and maximize electric vehicle (EV) driving range. The new UCC5880-Q1 reinforced isolated gate driver offers features that enable EV powertrain engineers to increase power density and reduce system design complexity and cost while achieving their safety and performance goals.

 

Power Semiconductor Market Scope:

Power Semiconductor Market
Market Size I n 2023	USD 47.26 Billion.
Market Size in 2030	USD 64.16 Billion.
CAGR (2024-2030)	4.46%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segments	By Device Type Discrete Power Devices Power Modules Power ICs   Others
	By Application              Power Conversion Renewable Energy Systems Electric Vehicles (EVs) Consumer Electronics Smart Grids  Others
Regional Scope	North America- United States, Canada, and Mexico Europe – United Kingdom, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Power Semiconductor Market Key Players:

1. Infineon Technologies- Germany
2. STMicroelectronics - Switzerland
3. ON Semiconductor- USA
4. Mitsubishi Electric- Japan
5. Texas Instruments - USA
6. Toshiba Electronic Devices & Storage- Japan
7. Rohm Semiconductor - Japan
8. NXP Semiconductors- Netherlands
9. Renesas Electronics- Japan
10. Vishay Intertechnology - USA
11. Microchip Technology - USA
12. ABB- Switzerland
13. Semikron – Germany
14. Others