Global Power Semiconductor Market to 2028: Increasing Demand for Electric Vehicles (EVs) and Escalating Adoption of Industrial Automation Drives Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Power Semiconductor Market: Analysis By Type (Power IC, MOSFET, IGBT, Diode, Thyristor, and BJT), By Application (Automotive, Consumer Electronics, Industrial, Telecommunication, and Other), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global power semiconductor market was valued at US$46.72 billion in 2022. The market value is expected to reach US$62.26 billion by 2028.

Power semiconductors are used to rectify and amplify electrical signals or turn the flow of electricity on and off. Unlike regular semiconductors, however, these devices are designed to handle high electrical currents and high voltages of up to several gigawatts, which is their main difference from other semiconductor devices.

Based on operating features, power devices are used in power transmission and distribution, automotive and transport, renewable energy, consumer electronics, and other industrial applications. They play a key role in the sustainable and efficient use of energy, and can be used to transport energy over long distances with minimal losses.

Moreover, the demand for power management devices such as voltage regulators, power switches, and power drivers is increasing due to the growing complexity of electronic systems, which is further contributing to the power semiconductor market growth. The market is expected to grow at a CAGR of approx. 5% during the forecasted period of 2023-2028.

Market Segmentation Analysis:

• By Type: The report provides the bifurcation of the market into six types: Power IC, MOSFET, IGBT, Diode, Thyristor, and BJT. Power integrated circuits (ICs) held the highest share of the market, whereas MOSFET is expected to be the fastest-growing segment in the forthcoming years. The use of renewable energy sources such as solar and wind power is increasing, and it requires power ICs to convert and control the energy generated by these sources. Hence, with the increasing use of renewable energy, the demand for power ICs is increasing.
• By Application: The report further provides the analysis based on applications: Automotive, Consumer Electronics, Industrial, Telecommunication, and Others. Automotive held the highest share in the market and is also expected to be the fastest-growing segment in the forecasted period. Electrification has been a major factor in driving technological developments in the automotive industry. The growing use of automotive electronics in modern vehicles necessitates the adoption of power semiconductors in the automotive segment during the forecast period.
• By Region: The report provides insight into the power semiconductor market based on the regions namely, Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific held the major share of the market in 2022. China is the world’s largest automotive market, and its growth potential remains high. In particular, high rates of growth for electric-powered vehicles make China one of the largest markets for electromobility. With the increasing electrification, the demand for power semiconductors would rise in China in the forthcoming years. Germany has strong semiconductor industries with established research centers and leading semiconductor companies. For example, Germany is known for its expertise in power electronics and semiconductor manufacturing, with companies like Infineon Technologies and Siemens leading the way.
• The existing power grid infrastructure in the US is aging and in need of modernization. Smart grids are an upgrade to the traditional power grid, enabling better monitoring and control of the power system, and improved efficiency and reliability. Therefore, the demand for smart grids is increasing in the US which is significantly contributing to the demand for power semiconductors.

Market Dynamics

Growth Drivers

• Increasing Demand for Electric Vehicles (EVs)
• Escalating Adoption of Industrial Automation
• Growing Demand for Consumer Electronics
• Increasing Demand for Renewable Energy
• Increasing Disposable Income
• Surging Smart Grid Market
• Increasing Role of Power Semiconductor in Rail Transportation

Challenges

• High Development Cost
• Supply Chain Disruptions
• Power Failure

Market Trends

• Growing Automotive Electronics Market
• The Advent of 5G Networks
• Rising Inverterization Rate of Home Appliance
• Increasing Demand for Wide Bandgap (WBG) Semiconductors
• Growing Demand for Miniaturized Power Semiconductors

Companies Mentioned

• Infineon Technology
• ON Semiconductor Corporation
• STMicroelectronics N.V.
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Fuji Electric Co., Ltd.
• Vishay Intertechnology, Inc.
• Renesas Electronics Corporation
• ROHM Semiconductor
• Texas Instruments Incorporated
• Nexperia
• StarPower Semiconductor

For more information about this report visit https://www.researchandmarkets.com/r/5qfz6v

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