Global Power Semiconductor Market growing at a CAGR of 4.10% from 2023 to 2031
Category : Semiconductor And Electronics | Published Date : Sep 2023 | Type : Press Release
Key Market Overview
The Global Power Semiconductor Market was valued at USD 43.21 Billion in 2022 and is expected to grow by USD 44.14 Billion in 2023 to register a compound annual growth rate of 4.10% to reach USD 60.86 Billion in 2031.
The report highlights the growing demand for power semiconductor from various industries for varied end use application. Consegic Business Intelligence provides an inclusive research report on the power semiconductor market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Power Semiconductor Market By Overview
The report analyses significant segments such as type, material, end use, and region to identify emerging trends and potential opportunities. The end use segment is expected to grow due to the increasing application of power semiconductors in controlling of voltage or frequency for high-performance devices. Moreover, the MOSFET segment is projected to drive the market growth for power semiconductor due to its wide variety of applications in solar inverters, wind turbine converters, and electric vehicles.
Get Free SampleMarket Dynamics
Driver:
- Growing demand for power semiconductor in power and energy sector is driving the market growth.
- Increasing demand for power semiconductor in varied industries for controlling of switches is driving the market growth.
Restraints:
- Increased expense towards research and development process is hindering the market growth
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Diodes, Transistors, Insulated-gate bipolar transistors (IGBTs), Gate turn-off thyristors (GTOs), and MOSFET |
| By Material | Silicon, Silicon Carbide (SiC), and Gallium Nitride (GaN) |
| By End Use | Consumer Electronics, Automotive, IT & Telecommunication, Electrical & Electronics, Power & Energy, and Aerospace & Defense |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The global power semiconductor market is highly competitive due to the presence of major players such as NXP Semiconductors N.V., Mitsubishi Electric Corporation, Toshiba Corporation, and others operating in the global market. The market players are adopting new ways through product innovations, mergers and acquisitions, and business strategies to remain hold strong market position. Thus, evolving research and developments in power semiconductor market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various industries.
- NXP Semiconductors N.V.
- Mitsubishi Electric Corporation
- Toshiba Corporation
- On Semiconductor Corporation
- Hitachi Power Semiconductor Device, Ltd.
- Texas Instruments Incorporated
- Infineon Technologies AG
- Beneq
- STMicroelectronics N. V.
- Renesas Electronics Corporation
- QORVO Inc.
