As per Market Research Future 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.
Additionally, a number of technological developments, like as the use of x-by-wire or drive-by-wire technologies that help reduce vehicle weight, improve fuel efficiency, and reduce emissions, are boosting market growth.
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.
| 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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