Power Semiconductor Market is Projected to Witness Augmented Demand from Automotive Sector Over the Coming Years

Global Power Semiconductor Market Report provides complete industry analysis, market outlook, size, growth, opportunities and forecast 2024. This report will assist in analyzing the current and future business trends, sales and revenue forecast. It provides top manufacturers information along with manufacturing cost analysis, industrial chain, sourcing strategy and growth.

The power semiconductor market will experience growth that can be attributed to the growing demand from the automotive sector. The trend of self-driving, green, and connected cars will propel the demand for these semiconductors. The rise in the number of electric vehicles coupled with the need for fuel-efficient systems will support the market growth. There is a fast growth in the sale of hybrid and electric vehicles owing to the growing environmental concerns. Power devices find applications in anti-lock braking systems, electric power steering, tire pressure monitoring, and electronic stability control. Advanced Driver Assistance Systems (ADAS) will see a fast adoption of cameras, sensors, and interconnectivity systems in cars thereby propelling the power semiconductor market.

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The growing environmental concerns have stressed the importance of renewable energy sources. Solar power electronics inventions are driven by the growing requirement for lowering costs and enhancing the efficiency & service life. Advancements in the Insulated-Gate Bipolar Transistor (IGBT) technologies enhancing their applications in the renewable energy sector will fuel the power semiconductor market growth. These semiconductors are being used for power conversion in wind turbines and transmitting the power to the grid. The increasing need to obtain the highest efficiency of the energy source will propel the market growth.

In the power semiconductor market, the IGBT segment is expected to grow at a rapid rate owing to the high-power applications of these transistors in solar inverters, uninterruptible power supplies, electric vehicle motor drives, high-frequency welders, induction heaters, and power factor correction converters. The use of IGBTs offers advantages such as high voltage capability, relatively fast switching speeds, and the simplicity with which it can be turned on. These transistors find applications for high voltage and moderate speed applications such as switch mode power supplies, pulse width modulated variable speed control, and solar-powered inverters operating in hundreds of kilohertz range.

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The growing automotive sector in countries including China and India is anticipated to provide an impetus to the power semiconductor market. The development of smart manufacturing in China will spur the demand for power devices. Furthermore, the expanding power sector in the region will create growth opportunities for the Asia Pacific power semiconductor market. The semiconductor industry in China is flourishing owing to the increased government spending in wafer fab equipment. Several government initiatives such as Digital India and Make in India will favor the industry growth in India.

Key players in the power semiconductor market are Semikron International GmbH, Fuji Electric Co., Ltd., Mitsubishi Electric Group, Texas Instruments, Infineon Technologies AG, ST Microelectronics N.V., Toshiba Corporation, and ABB Ltd. The leading players are trying to introduce advanced solutions that implement the latest technologies.