Power Semiconductor Market By Material (Gallium Nitride (GaN), Silicon, and Silicon Carbide (SiC)), By Component (Power Module (Standard & Power Integrated Module (IGBT Module and MOSFET Module) and Intelligent Power Module (IPMs)), Power Discrete (Transistors, Thyristor, and Diode) and Power Integrated Circuits), By Industry Vertical (Automotive & Transportation, Energy & Power, Aerospace & Defense, Consumer Electronics, and Other Industries) – Global Analysis & Forecast 2020-2030

Power Semiconductor Market Introduction & Overview

Power semiconductors are components utilized to convert energy from one form to another at different stages between the points of energy generation and energy consumption. They can handle large currents and high voltages. They have a different structure when compared with regular semiconductors, allowing them to handle high voltages and large currents without getting damaged. Failures may occur due to high temperatures due to the heat generated from large power handling. Power semiconductors are primarily utilized in power conversion, such as changing voltages and frequencies and changing DC to AC & AC to DC. Power semiconductors play a significant role in accurately driving motors from low to high speeds, providing power to power grids from solar cells with reduced power losses, and providing a reliable source of electricity for various home appliances and electrical equipment.

The power semiconductor market is driven by factors such as increasing demand for power semiconductors in consumer electronic devices and the increasing adoption of renewable energy and electric vehicles. Moreover, the focus of mobile & consumer electronics is to deliver processing performance at the lowest possible power and price. Silicon-based semiconductors are ideal power semiconductors with each new generation delivering smaller & faster transistors with low-power demands.

However, the complex design and integration processes associated with power semiconductors are likely to restrain the market growth.

The global power semiconductor market can be segmented into material, component, industry vertical, and region.

Power Semiconductor Market By Material

Based on the material, the market can be segmented into Gallium Nitride (GaN), silicon, Silicon Carbide (SiC), and others. The Gallium Nitride (GaN) segment is expected to grow at the highest CAGR owing to factors such as cost-effectiveness for power switching, superior performance when compared with both silicon & silicon carbide, and efficient monolithic power integrated circuits utilizing GaN-on-silicon.

Power Semiconductor Market By Component

Based on component, the market can be classified into power module, power discrete, and power integrated circuits. The power modules are classified into standard & power integrated module and Intelligent Power Module (IPMs). The standard & power integrated module is further classified into the IGBT module and the MOSFET module. The power discrete is classified into transistors, thyristors, and diodes. The power modules segment is expected to grow at the highest CAGR owing to factors such as growing industrialization, adoption of EV/HEV (electric vehicles/hybrid electric vehicles), and the increasing number of charging stations.

Power Semiconductor Market By Industry Vertical

Based on the industry vertical, the market can be classified into automotive & transportation, energy & power, aerospace & defense, consumer electronics, and others. The automotive & transportation industry vertical is expected to grow at the highest CAGR  owing to factors such as the increasing adoption of power semiconductors in electric vehicles such as electric buses, taxis, and lorries, as well as passenger cars.

Power Semiconductor Market By Region

Based on the region, the market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). Asia Pacific dominated the global power semiconductor market and is expected to grow at the highest CAGR owing to the increasing adoption of gadgets such as wearable devices, adoption of electric vehicles and favorable government policies aimed at the growth of the power semiconductor market. Also, the increasing adoption of power semiconductors across industry verticals such as automotive & transportation, consumer electronics, energy, and power is supplementing the growth of the power semiconductor market.

Power Semiconductor Market Prominent Players

Some of the key players operating in the power semiconductor market include Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Semiconductor Components Industries, LLC, Infineon Technologies AG, SEMIKRON, Texas Instruments Incorporated, Hitachi Power Semiconductor Device, Ltd., TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, STMicroelectronics, and others.