Power Semiconductor Market: Market Size to Grow by USD 10.48 Billion | Growth, Trends, and Forecasts (2022 - 2026)

Highlights-

• Segmentation- The report extensively covers market segmentation by Application (automotive, industrial power control, and others) and Geography (APAC, Europe, North America, South America, and MEA).
• Key Companies- Fuji Electric Co. Ltd., Infineon Technologies AG, Littelfuse Inc., Mitsubishi Electric Corp., Nexperia BV, Renesas Electronics Corp., Semiconductor Components Industries LLC, Texas Instruments Inc., Toshiba Corp., and Vishay Intertechnology Inc. among others.
• Driver- Increasing electrification in vehicles to drive the market.
• Challenge- Supply-demand gap to hamper the market growth.

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Segmentation by Application (In-Scope/Out-of-Scope)

• In-Scope:
• Automotive:

The power semiconductor market share growth by the automotive segment will be significant during the forecast period. Power electronics make automotive technology cheaper, leading to their widespread adoption. Electrification has been a major factor in driving technological developments in the automotive industry. Automotive systems such as fuel delivery systems, braking systems, steering systems, and safety systems are increasingly fitted with electronic components with integrated chips to help fine-tune every operation and increase the efficiency of the overall system. The growing use of automotive electronics in modern vehicles necessitates the adoption of the automotive segment during the forecast period.

• Out-of-Scope:
• Industrial power control
• Others

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Vendor Insights-

The power semiconductor market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

• Fuji Electric Co. Ltd.- The company offers power semiconductors that are used as switching elements for the power converters of variable-speed drives for motors, uninterruptable power supplies, and others, under the brand name of Fuji Electric.
• Infineon Technologies AG- The company offers power semiconductors that offers unbiased design-in support for Si, GaN and SiC which reduce system complexity, leading to decreased system cost and size in mid- to high-power systems, under the brand name of CoolSiC.
• Littelfuse Inc.- The company offers power semiconductors that include high-power devices and power modules for high frequency devices ranging from satellite communications to radios and mobile phones, and an array of modules that help improve information interface, under the brand name of Littelfuse.

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Learn More about Key Driver & Challenge of the Market-

• Power Semiconductor Market Driver:
• Increasing electrification in vehicles:

Customers prefer vehicles with increased safety, convenience, and connectivity features. Vehicles equipped with advanced driver assistance systems (ADAS) have onboard diagnostic systems that record errors in the system and store them in the vehicle log. Furthermore, safety features such as adaptive cruise control and emergency braking systems use the lower levels of automotive artificial intelligence to enhance driving safety. The increasing penetration of electronics and the dependence of vehicles on them have made power semiconductors one of the inevitable electronic components in vehicles. Such factors will enhance the growth of the market during the forecast period.

• Power Semiconductor Market Challenge:
• Privacy issues concerning data leakage of genetic information:

Silicon carbide (SiC) semiconductors are innovative options for improving system efficiency, supporting higher operating temperatures, and reducing costs in power electronics designs. Therefore, the growing significant demand for SiC has made it challenging for their suppliers to meet the rapid demand of growth. The power devices are not commoditized, and there are real differences in the performance and reliability of the product. Silicon carbide is not available as a natural mineral. SiC doping is a difficult process, and the challenges of producing larger SiC wafers with fewer defects have kept manufacturing and processing costs high. Such factors will hinder the market growth during the forecast period.

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