Power Semiconductor Market: 4.62% CAGR Expected
Evolve Business Intelligence has published a research report on the Global Power Semiconductor Market, 2024–2034. The global Power Semiconductor Market is projected to exhibit a CAGR of around 4.62% during the forecast period of 2024 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Power Semiconductor Market: Infineon technologies, Texas instruments, ST Microelectronics, Qualcomm, NXP semiconductor, Fairchild semiconductor, Renesas electronic corporation, Broadcom limited, Toshiba corporation and Mitsubishi.
Market Highlights
The Global Power Semiconductor Market is projected to be valued at USD 81.32 Billion by 2034, recording a CAGR of around 4.62% during the forecast period. The Power Semiconductor Market refers to the industry that produces and sells semiconductor devices designed for controlling and converting electrical power. These semiconductors are key components in various electronic devices and systems, enabling efficient power management in applications such as power generation, distribution, and consumption. They are widely used in industries like automotive, consumer electronics, telecommunications, industrial equipment, and renewable energy systems.
The market is driven by the growing demand for energy-efficient systems, electric vehicles (EVs), and renewable energy solutions, along with advancements in semiconductor technology. The power semiconductor market is a dynamic and rapidly evolving industry.
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Segmental Analysis
The global Power Semiconductor Market has been segmented based on Application, Component and Material.
Based on Application, the Power Semiconductor Market is segmented into Automotive, Consumer Electronics, Military & Aerospace and Others. The Consumer Electronics segment is anticipated to dominate the market.
Based on Component, the global Power Semiconductor Market has been divided into Thyristor, Power MOSFET and Rectifiers. The Power MOSFET segment is anticipated to dominate the market.
Based on Material, the global Power Semiconductor Market has been divided into Silicon, Silicon Carbide, Gallium Nitride and Others. The Silicon Carbide segment is anticipated to dominate the market.
Regional Analysis
The Power Semiconductor Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America region is a significant market for advanced power semiconductor technologies, especially in the automotive, industrial, and aerospace sectors. The growing number of data centers and the rollout of 5G infrastructure create opportunities for power semiconductor components in power management and communication systems and the region is expected to maintain steady growth, with a focus on SiC and GaN-based power semiconductors for high-efficiency applications. Europe’s strong emphasis on sustainability and renewable energy initiatives is driving demand for power semiconductors and Europe’s push for carbon neutrality and its support for electric vehicles and clean energy technologies create a growing need for power semiconductors in automotive and energy sectors. APAC dominates the power semiconductor market, driven by its robust manufacturing base and the presence of leading semiconductor companies, particularly in countries like China, Japan, South Korea, and Taiwan. APAC is a major hub for the production of consumer electronics, where power semiconductors play a vital role in energy-efficient devices. Latin America is gradually expanding its power semiconductor market, particularly through investments in renewable energy. Countries like Brazil, Chile, and Mexico are investing in solar and wind energy projects, driving demand for power semiconductors in energy conversion and storage. The Middle East & Africa (MEA) region is increasingly focusing on renewable energy and infrastructure development, driving demand for power semiconductors in solar and energy storage systems and growing industrialization and the need for power management solutions in the region are boosting demand.
