A power semiconductor is a device used as a switch or rectifier in power electronics. These devices are considered as the fundamental component of modern power electronic machines and instruments. Due to the higher demand for semiconductor devices in various industrial sectors because of its huge application is facilitating the growth of the Power Semiconductors Market. The extraordinary features of the product, like lightweight, ensuring a high speed, efficient use of the available power, and ensuring enhanced portability, are propelling its demand at the global level. Different growth factors and key drivers are driving the Power Semiconductors Market.
Power Semiconductor Market Size was valued at USD 59.7 billion in 2021. The power semiconductor market industry is projected to grow from USD 63.4 billion in 2022 to USD 97.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.30% during the forecast period (2022 - 2030).
The power semiconductor devices are an indispensable part of different machines, electrical appliances, and other systems—the increasing demand for non-conventional energy sources like solar energy is used as a power management system. The automotive industries are demanding power semiconductors with huge applications in this sector. And the increase in interest of the consumers for the usage of electronic vehicles is propelling the demand for power semiconductor devices. These driving factors are largely accelerating the growth rate of the market.
During the COVID-19 pandemic period, the Power Semiconductors Market faced various challenging situations when the industries' manufacturing and operational unit were shut down. The supply chain process was disrupted; these factors have hampered the market's economy and resulted in a financial crisis. But in the future years, the market will rise in huge demand due to the reliable properties and advantages of the power semiconductor devices. The investment of industries and other commercial sectors on these devices will emerge the market at the global level.
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Power Semiconductors Market Segmentation
The Power Semiconductors Market is segmented based on material, application, component, module, and product availability.
The material segment is classified into silicon carbide, GaN, Silicon. Rectifier, Diode, Thyristor, Power MOSFET, Inverter falls under the component.
In the application segment, the market is categorized into telecommunication or data communication, energy and power, computer systems, industrial, automotive, aerospace, military, and consumer electronics, equipment for office use, medical requirements, taxi and transportation, and various industrial units amongst others. The market offers the products as power modules and power discrete based on the module segment. The product availability segment is divided into GaN, SiC, Diode or thyristor, MOSFET, and IGBT, amongst the rest due to the audience's demand, availability of raw material, and production capacity.
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Power Semiconductors Market Regional Analysis
The geographical status of the Power Semiconductors Market states about major regions covered by the market. The major regions where the market is showing tremendous growth are North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.
The Asia Pacific region is marked as the dominating region of the market due to the rise in the adoption of semiconductors with the government's support. The presence of major regions such as South Korea, China, and Japan is driving the market's regional growth. Other countries such as Thailand, Singapore, Vietnam, and Malaysia contribute to the market's growth. North America is even noticed to show a good growth rate during the forecast period.
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