Global Power Semiconductors Market Size to Reach USD 59.92 Billion in 2032 | Emergen Research
Global Power Semiconductors Market Shows Steady Growth, Led by Automotive and Consumer Electronics Sectors
Vancouver, Oct. 30, 2023 (GLOBE NEWSWIRE) — The global power semiconductors market size was USD 41.60 Billion in 2022 and is expected to register a revenue CAGR of 3.8% during the forecast period. The market’s growth is attributed to various factors, including the increasing adoption of power semiconductors in automobiles and consumer electronics, rising demand for wireless communication technologies, and a growing focus on renewable energy and sustainability.
Power semiconductors are essential components in numerous high-tech industries and specialized applications, ranging from electrical and electronics to aerospace, solar energy, optics, and communications. Their importance has surged in recent years, especially in the automotive sector, driven by the rising popularity of electric vehicles and the expanding requirements for sensors, power systems, and infotainment systems.
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To meet the escalating demand for electric vehicles, manufacturers are increasingly relying on power semiconductors known for their high voltage, temperature, and current capabilities. Infineon Technologies, a prominent semiconductor manufacturer, is expanding its cooperation with silicon carbide (SiC) suppliers to secure a significant share of projected demand over the next decade. The demand for SiC materials is primarily driven by the automotive industry.
However, the market faces challenges, including high production costs and technological complexity. The complex manufacturing process requires advanced technology, specialized equipment, and skilled labor, which leads to increased production costs. Stringent quality control measures further escalate expenses. Manufacturing errors and a shortage of skilled experts can disrupt production, affecting the market’s competitiveness.
The market’s product segment highlights the significant growth of silicon carbide semiconductors due to their increasing demand in electronics, automotive, and aerospace applications. Silicon carbide semiconductors offer exceptional hardness, thermal conductivity, low thermal expansion, and resistance to physical and thermal stress, making them ideal for electronic systems.
In terms of components, the discrete power semiconductor segment dominated the market in 2022, driven by their use in digital devices like smartphones and tablets. Discrete power semiconductors enhance efficiency and reliability and are suitable for operation in harsh environments, catering to industries where even slight impurities can impact performance.
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The application segment reveals that home appliances accounted for a large revenue share in 2022 due to the rising demand for energy-efficient consumer electronics. Power semiconductors facilitate power consumption and reduce energy waste, ensuring the longevity and performance of appliances. Their corrosion resistance makes them ideal for converting Alternating Current (AC) to Direct Current (DC) power.
In terms of end-use, the automotive sector is expected to experience rapid revenue growth, driven by the increasing demand for electric vehicles, plug-in vehicles, and hybrid electric vehicles. The advent of drive-by-wire technology has boosted the role of electrical components in vehicles, leading to reduced vehicle weight, improved fuel efficiency, and lower emissions.
Regionally, Asia Pacific dominated the market in 2022, mainly due to the proliferation of chip start-ups in countries like China, Japan, South Korea, and India. China is the world’s largest consumer of power semiconductors, and it has witnessed substantial growth in its semiconductor industry.
North America is also poised for fast revenue growth, driven by the demand for solar panels and electric vehicles. The U.S. and Canada have seen significant investment in semiconductor manufacturing, reflecting a rising trend in chip manufacturing incentives.
Europe, particularly the U.K., Germany, and France, is experiencing moderate revenue growth. Electric vehicle sales are on the rise in Europe, with electric cars accounting for over 20% of all cars sold. The EU’s focus on the semiconductor industry as a key enabler of green and digital transitions is contributing to market growth.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 41.60 Billion |
| CAGR (2023–2032) | 3.8% |
| Revenue forecast to 2032 | USD 59.92 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, components, application, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | ON Semiconductor Corporation, Renesas Electronics Corporation, NXP Semiconductors, Fuji Electric Co. Ltd, Infineon Technologies, Texas Instruments Incorporated, STMicroelectronics, Mitsubishi Electric Corporation, Hitachi Ltd, Vishay Intertechnology Inc., Nexperia Littlefuse Inc., Semekron Donfoss, ROHM Co. Ltd and Qualcomm Technologies Inc |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global power semiconductors market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective power semiconductors. Some of the major companies included in the global power semiconductors market report are:
- ON Semiconductor Corporation
- Renesas Electronics Corporation
- NXP Semiconductors
- Fuji Electric Co. Ltd
- Infineon Technologies
- Texas Instruments Incorporated
- STMicroelectronics
- Mitsubishi Electric Corporation
- Hitachi Ltd.
- Vishay Intertechnology Inc.
- Nexperia
- Littlefuse Inc.
- Semekron Donfoss
- ROHM Co. Ltd
- Qualcomm Technologies Inc.
Strategic Development
- On June 20, 2023, Airbus, a global pioneer in the aerospace industry, and STMicroelectronics, a world-leading semiconductor company, signed an agreement to cooperate in research and development of power electronics to support more efficient and lighter power electronics essential for future hybrid drives. For aircraft and fully electric urban aircraft. The collaboration builds on evaluations already conducted by both companies to explore the benefits of wide bandgap semiconductor materials in aircraft electrification. Wide bandgap semiconductors such as Silicon Carbide (SiC) and Gallium Nitride (GaN) have superior electrical properties compared to conventional semiconductors such as silicon.
- On September 14, 2023, Mitsubishi Electric Corporation announced that sample shipments of a new Gallium Nitride (GaN) power amplifier module for 5G Massive MIMO1 (mMIMO) base stations will begin on September 21. did. Power amplifier modules help reduce power consumption in 5G mMIMO base stations. 5G mobile networks, which enable high-speed, large-capacity communications, are becoming more widespread around the world, and 5G mMIMO base stations are being installed mainly in metropolitan areas.
Browse the complete Global Power Semiconductors Market Research Report – Industry Analysis, Size, Share, Growth, Trends @ https://www.emergenresearch.com/industry-report/power-semiconductors-market
Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global power semiconductors market on the basis of product, components application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Silicon Carbide Semiconductors
- Gallium Nitride Semiconductors
- Others
- Components Outlook (Revenue, USD Billion; 2019-2032)
- Discrete
- Modules
- Power Integrated Circuits
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Electric Vehicles
- Solar Panels
- Uninterruptible Power Supplies
- Medical devices
- Home Appliances
- Transmission systems
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- IT and Telecom
- Energy and power
- Automotive
- Aerospace & Defense
- Transportation
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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