Pune, March 20, 2023 (GLOBE NEWSWIRE) — Based on SNS Insider analysis, the rise of the Internet of Things (IoT) and the need for connected devices is expected to drive the growth of the power semiconductors market. As per SNS Insider, the Power Semiconductors Market had a valuation of USD 40.70 billion in 2022, and it is anticipated to attain a worth of USD 53.60 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period spanning 2023 to 2030.
Power semiconductors are a type of electronic component that is specifically designed to handle high power levels. These components are commonly used in a wide range of applications, including power supplies, motor drives, lighting systems, and renewable energy systems. Compared to traditional electrical components, power semiconductors offer superior performance and reliability, making them a popular choice for a wide range of industries and applications.
Power Semiconductors Market Report Scope
|Market Size in 2022||US$ 40.70 Billion|
|Market Size by 2030||US$ 53.60 Billion|
|CAGR 2023-2030||CAGR of 3.5%|
|Key Segments||• By Components (Diodes, Switches, Rectifiers, Others)
• By Application (Automotive, Consumer Electronics, Military & Aerospace)
• By Material (SILICON CARBIDE, Gan SILICON, Other)
|Company Profiles||Fuji Electric, Toshiba, Mitsubishi, Littelfuse, Infineon, STMicroelectronics, International Rectifier, Vishay, Semikron, NXP Semiconductors, Renesas, Fairchild and Other players.|
|Key Drivers||• Indispensable part of various machines.
• Non-conventional energy sources.
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The global market has experienced a remarkable surge in recent times, largely due to the rise in disposable income and improved standards of living. As people have more money to spend, they are increasingly investing in electronics and other power-intensive devices, which has led to a growing demand for power semiconductors. Moreover, the growth in urbanization has also played a significant role in driving the demand for power semiconductors. As cities continue to expand and become more densely populated, there is a greater need for power semiconductor devices in corporate houses, hypermarkets, and other commercial buildings.
Impact of Recession
A recession can have both positive and negative impacts on the power semiconductors market. While a decrease in consumer spending and research and development budgets can lead to a decline in demand for power semiconductors, the need for energy-efficient solutions and government stimulus packages can help to mitigate the effects of a downturn. As with any industry, the market must be prepared to adapt and respond to the challenges posed by economic downturns.
Key Regional Development
The global power semiconductors market is expected to witness significant growth in the coming years, with the Asia Pacific and North America leading the charge. Power semiconductors are crucial components in power electronics, which are used in various applications such as industrial machinery, consumer electronics, and electric vehicles. As countries in the Asia Pacific region continue to develop and modernize, the demand for energy-efficient solutions is expected to increase rapidly. This has led to a surge in demand for power semiconductors that can handle high power densities and operate at high temperatures while maintaining reliability.
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Recent Developments Related to Power Semiconductors Market
- Navitas Semiconductor, a leading provider of GaN and SiC power semiconductors, has announced a new distribution deal with Richardson Electronics. The partnership will expand Navitas’ presence in the Americas, allowing for greater access to next-generation SiC semiconductors.
- Alpha and Omega Semiconductor, a leading semiconductor supplier, has unveiled a robust new set of protection switches designed for Type C EPR 3.1. These switches offer superior protection and performance to meet the increasing demands of modern electronic devices.
Key Takeaway from Power Semiconductors Market Study
- The automotive segment now holds a significant share in the power semiconductor market. With the increasing demand for electric vehicles and advanced driver-assistance systems (ADAS), the need for efficient and high-performance power semiconductors has become more critical than ever before.
- While silicon and germanium have been the traditional workhorses of the semiconductor industry, new materials such as Gallium Nitride and Silicon Carbide are rapidly gaining popularity in the power semiconductor market.
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