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The power semiconductor market size is valued to increase by USD 12.42 billion, at a CAGR of 8.3% from 2023 to 2028. Increasing electrification in vehicles will drive the power semiconductor market.
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In the dynamic the market, advancements in power loss reduction through the adoption of GaN transistors and power integrated circuits have led to significant efficiency improvements, resulting in a 10% decrease in energy consumption for AC-DC converters in high-voltage applications. Switching speed enhancements, as seen in power MOSFETs and IGBT modules, have enabled frequency increases of up to 25% in electric vehicle charging systems, reducing charging times and improving overall customer experience. Protection circuits, such as overcurrent and overvoltage protection, ensure compliance with EMI/EMC regulations, preventing potential system failures and ensuring reliable performance. Thermal management advancements, including heat sink design and packaging technology, have increased dielectric strength and thermal runaway prevention, ensuring semiconductor reliability in high-power applications. The integration of reverse recovery time reduction in gate driver ICs and voltage regulation advancements in silicon carbide MOSFets have further boosted the market's competitiveness, enabling short-circuit protection and current control in various power conversion applications. The market continues to evolve, driving innovation in renewable energy and other high-voltage industries.
The significant growth in the electrification of vehicles serves as the primary market catalyst.
The increasing demand for vehicles that operate on alternative fuels represents a significant market trend. This trend reflects a growing preference for more sustainable and eco-friendly transportation solutions.
The supply-demand gap poses a significant challenge to the industry's growth trajectory, necessitating careful attention and strategic adjustments to balance supply with evolving consumer demand.
The power semiconductor industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The automotive segment is estimated to witness significant growth during the forecast period.
Power semiconductors play a crucial role in the efficient management and control of electric power in various applications, particularly in the automotive industry. These components, including controllers, gate drivers, power integrated circuits, and converters, are essential for supplying and regulating power systems such as DC/DC, DC/AC, and AC/DC. The automotive sector's increasing focus on reducing exhaust gas emissions, improving fuel efficiency, and integrating advanced technologies has led to the widespread adoption of power semiconductors. Power semiconductors offer numerous benefits, including high switching frequency, enhanced protection circuits, and improved thermal management through innovative packaging technologies. GAN transistors, IGBT modules, and silicon carbide MOSFETs are some of the advanced power semiconductor devices that enable high voltage applications and efficiency improvement.
Additionally, power semiconductors are integral to electric vehicle charging infrastructure and renewable energy systems. To ensure reliability and performance, power semiconductors undergo rigorous testing for factors such as breakdown voltage, thermal runaway, reverse recovery time, overcurrent protection, switching speed, and EMI/EMC compliance. The integration of gate driver ICs, voltage regulation circuits, and current control further enhances their functionality. By addressing the challenges of thermal management and dielectric strength, power semiconductors contribute to the development of more efficient and reliable power systems.
The Automotive segment was valued at USD 6.91 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 66% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing continuous evolution, driven by key applications and underlying dynamics. companies are adopting strategies such as cost reduction and technological simplification to attract OEMs as customers. The market's interconnected nature is evident as semiconductor companies serve as essential suppliers to manufacturers of various end-user devices, making demand fluctuations in these sectors directly impact power semiconductor demand. Innovations are on the rise, with an increasing number of companies introducing products boasting enhanced stability and performance. APAC dominates the consumption volume, accounting for a significant market share.
The region's the market is projected to generate substantial demand, contributing significantly to the overall revenue growth during the forecast period. With a growing emphasis on efficiency gains and regulatory compliance, the market's potential for expansion remains robust.
Customer Landscape of Power Semiconductor Industry
Companies are implementing various strategies, such as strategic alliances, power semiconductor market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB Ltd. - Power semiconductors, including Insulated Gate Bipolar Transistors (IGBTs) and Metal-Oxide-Semiconductor Field-Effect Transistors (MOSFETs), as well as diodes, are essential components in numerous applications, such as industrial equipment and renewable energy systems. These semiconductors enable efficient power control and conversion, contributing significantly to technological advancements and sustainability efforts.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Power Semiconductor Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
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Market growth 2024-2028 |
USD 12418.7 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.5 |
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Key countries |
China, US, Japan, Germany, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."
The market is experiencing significant growth, driven by the increasing demand for energy-efficient and high-performance electronic systems. Silicon carbide MOSFET gate drivers and gallium nitride (GaN) transistors are leading this trend, offering improved efficiency and thermal management solutions for high-voltage IGBT modules. Reliability is a critical factor in the power semiconductor industry, with power semiconductor device failure mechanisms posing a significant challenge. Advanced packaging techniques for power ICs, such as 3D stacking and system-in-package, are being employed to enhance reliability and reduce power loss in applications like electric vehicle chargers and high-frequency resonant converter designs. Efficiency optimization is another key focus area, with pulse width modulation techniques for inverters and advanced control strategies for motor drives enabling significant improvements. Semiconductor device physics and modeling play a crucial role in designing gate drive circuits for IGBT modules and overcurrent protection circuits for MOSFETs. Thermal modeling of power semiconductor devices is essential for effective thermal management, with thermal stress testing and reliability analysis of power semiconductor modules being crucial for supply chain planning and operational efficiency. Electromagnetic compatibility testing standards are also important for ensuring regulatory compliance and reducing design iterations. Power loss reduction in electric vehicle chargers and high-power converters is a significant challenge, with design considerations including thermal stress testing, gate drive circuit design, and high-frequency resonant converter design. In the competitive the market, companies that can effectively address these challenges and deliver reliable, efficient, and cost-effective solutions will gain a competitive edge. For instance, a leading power semiconductor manufacturer reported a 20% reduction in power loss in their latest IGBT module compared to their previous generation, enabling them to offer more efficient and cost-effective solutions to their customers. This not only enhances their product offering but also strengthens their position in the market.
What is the expected growth of the Power Semiconductor Market between 2024 and 2028?
USD 12.42 billion, at a CAGR of 8.3%
What segmentation does the market report cover?
The report is segmented by Application (Automotive, Industrial power control, and Others) and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
Which regions are analyzed in the report?
APAC, Europe, North America, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Increasing electrification in vehicles, Supply-demand gap
Who are the major players in the Power Semiconductor Market?
ABB Ltd., Alpha and Omega Semiconductor Ltd., Fuji Electric Co. Ltd., Hitachi Ltd., Infineon Technologies AG, Littelfuse Inc., MagnaChip Semiconductor Corp., Microchip Technology Inc., Mitsubishi Electric Corp., Nexperia BV, NXP Semiconductors NV, ON Semiconductor Corp., Renesas Electronics Corp., ROHM Co. Ltd., SEMIKRON Elektronik GmbH and Co. KG, TDK Corp., Texas Instruments Inc., Toshiba Corp., Vishay Intertechnology Inc., and Wolfspeed Inc.
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Five Forces Analysis
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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