Power Semiconductor Market Size to Hit USD 75.13 Billion by 2032 | SNS Insider

The Power Semiconductor Market is driven by energy efficiency, renewable energy adoption, and rising EV demand.

Austin, Feb. 04, 2025 (GLOBE NEWSWIRE) — Market Size & Growth Analysis:

The SNS Insider report indicates that,“The Power Semiconductor Market size was valued at USD 48.77 Billion in 2023 and is expected to reach USD 75.13 Billion by 2032 and grow at a CAGR of 4.94% over the forecast period 2024-2032.”

Power Semiconductor Market Growth Driven by Global Energy Efficiency and Technological Advancements

The Power Semiconductor Market has gained significant momentum in 2023 and 2024, fueled by increased global focus on energy efficiency, renewable energy adoption, and industrial electrification. Countries like China, Japan, the USA, Germany, India, and France are leading this growth through the adoption of advanced technologies and supportive government policies. For instance, China has emphasized clean energy, including subsidies for electric vehicle (EV) manufacturers, and has become a world leader in this sector. The USA’s Inflation Reduction Act (IRA) incentivizes investments in clean technologies. Japan’s green growth strategy prioritizes energy-efficient semiconductors for industrial and automotive sectors. Technological advancements such as the commercialization of silicon carbide (SiC) and gallium nitride (GaN) semiconductors are offering better energy efficiency, higher power density, and reduced energy losses. Global EV sales increased by more than 33% in 2023, and solar capacity grew by 27% worldwide in 2023. These trends are driving demand for power semiconductors in EV fast chargers, solar inverters, and wind turbines.

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Dominant Market Players with their Products Listed in this Report are:

  • Infineon Technologies (IGBT Modules, MOSFETs)
  • ON Semiconductor (Power MOSFETs, Gate Drivers)
  • Mitsubishi Electric (Power Modules, SiC Devices)
  • Toshiba Corporation (Power Transistors, Diodes)
  • STMicroelectronics (SiC MOSFETs, Power ICs)
  • Texas Instruments (Power Amplifiers, Voltage Regulators)
  • Vishay Intertechnology (Rectifiers, Optoelectronics)
  • Fuji Electric (IGBT Modules, Inverters)
  • NXP Semiconductors (Power Management ICs, RF Power Devices)
  • Renesas Electronics (Power MOSFETs, Gate Drivers)
  • ABB Ltd (Power Converters, HVDC Systems)
  • Broadcom Inc. (Optoelectronic Devices, Power Amplifiers)
  • Wolfspeed (SiC Substrates, GaN Devices)
  • Rohm Semiconductor (SiC Power Devices, ICs)
  • Hitachi Energy (IGBT Modules, SiC Diodes)
  • Semikron (IGBT Modules, Power Assemblies)
  • Littelfuse (Protection Relays, Fuses)
  • Microchip Technology (Gate Drivers, Power Modules)
  • Analog Devices (Power Management ICs, Signal Chains)
  • Delta Electronics (Power Converters, UPS Systems).

Power Semiconductor Market Breakdown: Leading Segments by Component and Application

By Component

The Discrete segment led the Power Semiconductor Market in 2023, holding 53% of the market share, due to its widespread use in automotive and consumer electronics, especially in high-efficiency and reliable applications like inverters and motor drives.

The Module segment is expected to grow at the highest CAGR of 5.50% from 2024 to 2032, driven by increasing applications in renewable energy systems and industrial automation. Power ICs, integrating multiple functions into compact designs, are also seeing high demand in portable consumer products and IoT applications. Advancements in SiC and GaN materials are further boosting efficiency in energy-intensive applications.

By Application

The IT & Telecommunication segment dominated the market in 2023, holding 29.67% of the share, driven by the rapid expansion of 5G infrastructure and data centers that require high-performance power semiconductors for energy efficiency and heat management.

The Automotive segment is projected to grow at the fastest CAGR of 5.59% from 2024 to 2032, fueled by the rise of electric vehicles and autonomous driving technologies. Industrial applications, including automation and smart manufacturing, also play a key role in the market’s growth. The increasing use of power semiconductors across diverse industries emphasizes their importance in improving operational efficiency and sustainability.

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Key Market Segments:

By Component

  • Discrete
  • Module
  • Power Integrated Circuits

By Application

  • Automotive
  • Consumer Electronics
  • IT & Telecommunications
  • Military & Aerospace
  • Power
  • Industrial
  • Other

By Material

  • Silicon Carbide
  • GaN Silicon
  • Other

Regional Dynamics in the Power Semiconductor Market: North America and Asia Pacific

In 2023, North America led the Power Semiconductor Market with a 38% market share, fueled by substantial investments in renewable energy projects and electric vehicle infrastructure, particularly in the USA. Government incentives, including tax credits for clean energy technologies, have further spurred market demand. On the other hand, Asia Pacific is expected to experience the fastest growth, with a projected CAGR of 6.07% from 2024 to 2032. The region’s rapid industrialization and urbanization, especially in countries like China and India, are major growth drivers. Significant government initiatives, such as China’s 2060 carbon neutrality goal and India’s solar energy expansion, are accelerating the adoption of advanced power semiconductor technologies, positioning the region for strong market growth in the coming years.

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Recent Development

  • On September 11, 2024, Infineon introduced the world’s first 300 mm GaN wafer technology, establishing itself as a leader in scalable, high-volume GaN chip production. This innovation boosts chip output by 2.3 times compared to 200 mm wafers, enhancing energy efficiency, reducing costs, and improving performance in industries requiring high voltages.
  • On July 11, 2024, Toshiba emphasized that power semiconductors are crucial in the electrification of vehicles, improving performance and efficiency while aiding in the reduction of CO2 emissions.

Table of Contents – Key Points Analysis

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Wafer Production Volumes, by Region (2023)

5.2 Chip Design Trends (Historic and Future)

5.3 Fab Capacity Utilization (2023)

5.4 Supply Chain Metrics

6. Competitive Landscape

7. Power Semiconductor Market Segmentation, by Component

8. Power Semiconductor Market Segmentation, by Application

9. Power Semiconductor Market Segmentation, by Material

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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