Power Semiconductor Market s anticipated to grow at a CAGR of 4.6% from 2020 to 2030.

Market Industry Reports (MIR) has published a new report titled “Power Semiconductor Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Power Semiconductor Market accounted for over ~US$ 33 billion in 2019. It is anticipated to grow at a CAGR of 4.6% from 2020 to 2030.

Power semiconductors are primarily utilized in power conversion such as changing voltages and frequencies and changing DC to AC & AC to DC. The growth of the power semiconductor market can be attributed to several factors, such as industrial automation, rising electrification in the automotive industry, growing industrialization, and developing economies. Also, an increase in the demand for electronic vehicles and the adoption of power semiconductors in electric vehicles, such as electric buses, taxis, lorries, and passenger cars, are boosting the growth of the power semiconductor market.

Factors, such as the growing demand for power semiconductors in consumer electronic devices and the increasing adoption of renewable energy & electric vehicles, is boosting the demand for power semiconductors. Silicon-based devices have been primarily utilized in the past for high-voltage applications; however material properties of silicon limit how high a voltage can be utilized. To take advantage of superior material properties, new materials for power applications are being used. Silicon carbide (SiC) and Gallium nitride (GaN) have higher bandgap energies than silicon, further leading to reduced leakage of the current. Other favorable material properties of SiC and GaN over conventional silicon include improved heat conduction and lower resistance in bulk structures.

However, complex design & integration processes of power semiconductors are likely to hamper the growth of the power semiconductors market.

Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/power-semiconductor-market/366

Asia Pacific is estimated to account for the highest CAGR in the power semiconductor market during the forecast period owing to factors such as rising economies, increasing adoption of intelligent modules in consumer appliances, increasing high-power applications of electrical appliances, transportation, power generation & distribution, medical equipment, and others. Governments in multiple countries of the region are encouraging the shift toward renewable energy generation, primarily photovoltaic (PV) or solar, in the form of numerous offers and subsidies.

Some of the prominent players 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.

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