ALBANY, New York, Feb. 15, 2019 /PRNewswire/ -- The global power semiconductor market is expected to be highly fragmented in nature due to the presence of a large number of players of different sizes. This analysis is presented in a recent report published by Transparency Market Research. The report also elucidates on the competitive landscape seen in this market, which states that leading companies in this market are engaged in mergers and acquisitions to get a firm hold. Product differentiation and upgrade are additional areas in which companies are putting their efforts. Moreover, to attain a larger geographical reach these companies are engaged in partnerships and setting agreements with other smaller companies operating in this market. Some of the prominent players in the power semiconductor market are ON Semiconductor, Texas Instruments, Fuji Electric Co. Ltd., Mitsubishi Electric Group, and ST Microelectronics N.V.
According to the report, the global power semiconductor market is likely to attain a valuation of US$54.88 bn by the end of 2025. During the forecast period, between 2017 and 2025, the power semiconductor market is expected to progress at a steady CAGR of 5.1%.
Based on end user, the demand for power semiconductors is seen largely in the automotive industry. Rapidly rising demand for installation of semiconductors in vehicles has boosted the demand for electric vehicles. The segment has also benefitted from growing number of hybrid electric vehicles and plug-in electric vehicles. Based on geographical analysis, Asia Pacific is projected to hold a dominant share in the power semiconductor market. China is the leading country in this market as it has the highest demand for automotive and passenger vehicles in the world.
Rising Application in Automotive Industry to Boost Power Semiconductor Market
Rising application of power semiconductors in various end-use industries including automotive, telecommunication, consumer electronics, aerospace and defense, and healthcare has accelerated the growth in the global power semiconductor market. Among these, the automotive sector has shown huge interest by integrating power semiconductors at a high rate and will install them in upcoming electric vehicles. This will provide a significant boost to the market.
Growing demand for compact products and services, such as advanced control of electric drives, wireless communication, and motion control and servo drives, has further augmented the demand for power semiconductors. Adding further, rising use of advanced computer systems, propagation and satellite systems, and broadband wireless techniques are also expected to expand the global power semiconductor market in the near future.
Limited Technological Advancements to Deter Market's Performance
Even though the application of power semiconductor in the automotive and other industries has grown, some factors might hamper the growth of the market. Lack of rapid technological advancement in power semiconductors is acting as a key factor that might hamper the growth in this market. In addition, growing shortage of silicon wafers across the globe, attributed to paucity of vendors, are factors posing considerable challenge to market players. However, several improvements taking place in power electronics such as those pertaining to lightweight, power efficiency, and speed are expected to stoke the demand for power semiconductors.
The information presented in this review is based on a TMR report, titled "Power Semiconductor Market (Component - Power MOSFET, Rectifiers, Thyristors, IGBT, and Diode; Material - Silicon/ Germanium, Silicon Carbide (SiC), and Gallium Nitride (GaN); End-use - Automotive, Industrial, Telecommunication, Consumer Electronics, Aerospace & Defense, and Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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