Global Power Semiconductor Market

Power Semiconductor Market Size, Share, Growth Analysis, By Component(Discrete, Module and Power Integrated Circuits), By End User(Automotive, Consumer Electronics, IT and Telecommunication, Military and Aerospace and Power), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45O2036 | Region: Global | Published Date: February, 2024
Pages: 197 |Tables: 63 |Figures: 75

Power Semiconductor Market Insights

Global Power Semiconductor Market size was valued at USD 59.70 billion in 2021 and is poised to grow from USD 63.46 billion in 2022 to USD 103.46 billion by 2030, growing at a CAGR of 6.30% in the forecast period (2023-2030).

The hasty growth of the power semiconductor industry is driven by the surge in vehicle electrification, carbon emission reduction goals, and the growing stress on clean energy production.

This tendency is anticipated to drive a considerable rise in demand in the coming years, encouraging technological advancements and investments in production capacity. Power devices, whether in the form of discrete devices, power modules, or integrated with IC functionalities, play an essential role in diverse applications.

Power transistors, counting MOSFETs and IGBTs, contribute meaningfully to the swift degeneracy of heat, anticipation of overheating, and the decrease of Co2 emissions and electricity costs.

Their vital role in numerous electronic products highlights their importance. The rising population and continued reliance on fossil fuels further amplify the demand for electronic devices that are not only efficient but also ecologically aware.

Furthermore, intricate systems containing surround and application processors, along with various components, require multiple power rails and domains.

The operation of discrete devices for power management in these systems can lead to substantial expenses. Power Management Integrated Circuits, which merge numerous voltage regulators and control circuits into a singular chip, demonstrate to be advantageous for executing inclusive power supply solutions. They efficiently reduce both component count and board space, contributing a cost-efficient approach to managing system power.

However, Silicon Carbide devices meet challenges associated with their driving requirements. While the primary objective of SiC-based devices is to substitute IGBT, it is crucial to note that the driving requirements decidedly differ between these two types of devices. Most transistors incorporate driving requirements using symmetric rails.

In disparity, SiC devices require asymmetric rails, ranging from -1V to -20V, due to the need for a small negative voltage to confirm complete defusing. This unique condition may posture challenges in applications involving portable equipment, as it demands additional DC-DC drivers or specialized batteries with three connections. These factors have the potential to bound market growth in this domain.

Market Snapshot - 2023-2030

Global Market Size

USD 59.70 billion

Largest Segment

Power Integrated Circuits

Fastest Growth

Power Integrated Circuits

Growth Rate

6.30% CAGR

Global Power Semiconductor Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Power Semiconductor Market Segmental Analysis

The global power semiconductor market is segmented on the basis of component, material, end-user and region. By component, the market is segmented into discrete, module and power integrated circuits. By material, the market is segmented into silicon/germanium, silicon carbide (sic) and gallium nitride (gann). By end-user, the market is segmented into automotive, consumer electronics, it and telecommunication, military and aerospace and power. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Component

The power integrated circuits segment dominates the market share and is anticipated to exhibit a Compound Annual Growth Rate of 1.9% during the forecast period. Power integrated circuits (ICs) serve as rectifiers or switches in high-voltage applications, encompassing power supply systems, automobiles, solar panels, and trains. The on-state of these ICs facilitates the flow of electricity, while the off-state halts it, contributing to enhanced system efficiencies and reduced energy losses. Their compact physical size, compared to discrete circuits, makes power ICs favorable in various power supply applications, leading to increased demand and lower power consumption.

The discrete segment, the second largest, involves power semiconductors utilized in power management systems, comprising power switches and rectifiers (diodes). Power switches, including MOSFETs, IGBTs, and BJTs (bipolar junction transistors), are available in discrete forms, each housed in a single package. An essential trend in discrete semiconductors is efficient power management, particularly evident in smartphones, major consumers of discrete semiconductors. These semiconductors, present in adapters, play a crucial role in maintaining the required current and voltage levels. With companies developing smartphone chargers capable of significantly reducing charging durations, the current rating for these semiconductors has substantially increased. This trend is anticipated to drive the development of more robust discrete power semiconductors. Analysis By Material

The silicon/germanium segment holds the largest market share and is projected to grow at a CAGR of 1% during the forecast period, driven by numerous product innovations within the segment. An example of this innovation is evident in Nexperia's announcement in May 2020, introducing a range of new silicon-germanium (SiGe) rectifiers featuring reverse voltages of 120 V, 150 V, and 200 V. These rectifiers combine the high efficiency of Schottky counterparts with the thermal stability of fast recovery diodes. Tailored for automotive, communications infrastructure, and server markets, these 1-3 A SiGe rectifiers prove particularly advantageous in high-temperature applications such as LED lighting, engine control units, or fuel injection.

The silicon carbide (SiC) segment, the second largest, is characterized by semiconductors that set stringent standards for heat loss, switching speed, and size. SiC power electronics contribute to a 50% reduction in energy loss in the form of heat, resulting in more energy for the electric motor and enhanced efficiency in power electronics, thereby extending the battery range. SiC, with its wide-bandgap technologies, competes with and surpasses the performance of silicon-based devices like IGBTs and MOSFETs in various applications. These factors collectively contribute to the evident growth within the SiC segment.

Global Power Semiconductor Market By Component, 2021 (%)

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Power Semiconductor Market Regional Insights

The Asia-Pacific is the largest market share and is projected to experience a CAGR of 3.6% during the forecast period. This dominance is credited to the region's reputation in the semiconductor industry. The Indian Electronics and Semiconductor Association suggests that India, with its conducive environment for international R&D facilities, is poised to attract investments in the semiconductor industry, aligning with the government's Make in India initiative. The region also serves as a manufacturing powerhouse for electronics, producing millions of electrical products annually for local consumption and export. The augmented production of electronic goods and components influences the market share of the industry under examination.

North America is the second-largest region, expected to reach a value of USD 8.5 billion by 2030, with a projected CAGR of 2.6%. North America is an initial adopter of new technology in semiconductor manufacturing, design, and research. The growth of the market in this region is closely tied to advancements in end-user industrie. According to the Semiconductor Industry Association, sales in the semiconductor industry in January 2021 reached USD 40.0 billion, marking a 13.2% increase compared to January 2020. The SIA, representing 98% of the US semiconductor industry by revenue and nearly two-thirds of non-US chip firms, indicates that a semiconductor supply shortage in the region, coupled with US policy adjustments, is expected to stimulate domestic manufacturing and equipment investments.

Global Power Semiconductor Market By Region, 2023-2030
  • Largest
  • Fastest

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Power Semiconductor Market Dynamics

Drivers

Increasing Demand for Energy-Efficient Devices

  • The power semiconductor market is viewing a considerable rush in demand determined by the increasing emphasis on energy efficiency in electronic devices. With a rising awareness of environmental sustainability and the need to decrease power consumption, there is a sensitive focus on developing and adopting energy-efficient devices across various industries. Power semiconductors play an essential role in ornamental efficiency of electronic systems by managing power consumption, reducing energy losses, and cultivating overall performance. This surge in demand is chiefly obvious in sectors, where energy-efficient devices are becoming a key priority. As manufacturers struggle to meet stringent energy efficiency standards and consumer preferences, the power semiconductor market is undergoing a distinguished expansion to meet the evolving needs of a more sustainable and mechanically advanced future.

Rising Adoption of Electric Vehicles (EVs)

  • The market is experiencing significant growth, driven in part by the rising adoption of electric vehicles. As the automotive industry undergoes a transformative shift toward sustainability, the demand for power semiconductors has surged, chiefly in the situation of electric propulsion systems. Power semiconductors play a crucial role in the well-organized conversion and management of electrical energy within EVs, influencing factors. The increasing focus on dropping carbon emissions and achieving energy efficiency goals has propelled the expansion of the electric vehicle market, thereby intensifying the demand for advanced power semiconductor technologies. As automakers continue to invest in the development of electric and hybrid vehicles, the power semiconductor market is poised to be a key beneficiary, fostering innovations and advancements in semiconductor solutions custom-made for the unique supplies of the electric mobility ecosystem.

Restraints

Complex Design and Integration Challenges

  • Economic uncertainties and budget constraints play a pivotal role in shaping the dynamics of the Power Semiconductor market. During periods of economic uncertainty, businesses often face challenges in making substantial investments in Power Semiconductor due to concerns about financial stability and unpredictable market conditions. Furthermore, budget constraints, whether forced by economic downturns or internal financial considerations, can bound the spending capacity of organizations on non-essential items. Therefore, these factors influence purchasing decisions, prompting businesses to arrange cost-effective solutions, opt for modular and scalable furniture, or postpone furniture upgrades.

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Power Semiconductor Market Competitive Landscape

The market exhibitions a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Additionally, their focus extends to performing strategic initiatives, including partnerships, product launches, and collaborations, enhancing their overall market presence.

Top Player’s Company Profiles

  • Infineon Technologies AG
  • Texas Instruments Incorporated
  • STMicroelectronics N.V.
  • ON Semiconductor Corporation
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • NXP Semiconductors N.V.
  • Renesas Electronics Corporation
  • Vishay Intertechnology, Inc.
  • Fairchild Semiconductor International, Inc.
  • Fuji Electric Co., Ltd.
  • Maxim Integrated Products, Inc.
  • ROHM Co., Ltd.
  • Microchip Technology Inc.
  • Analog Devices, Inc.
  • Semikron International GmbH
  • IXYS Corporation
  • Littelfuse, Inc.
  • Silicon Laboratories Inc.
  • Power Integrations, Inc.

Recent Developments

  • In May 2023, Infineon Technologies AG unveiled its OptiMOS7 40V MOSFET family, marking a breakthrough in power MOSFETs designed specifically for automotive applications. Leveraging the advantages of 300 mm thin-wafer technology and innovative packaging, this latest generation offers substantial performance enhancements within compact packages. The OptiMUS L7 series is well-suited for a wide range of standard and upcoming automotive 40V MOSFET applications, including electric power steering, braking systems, disconnect switches, and emerging zone architectures.
  • In March 2023, Mitsubishi Electric Corporation discovered its decision to expand a previously outlined investment scheme, now aiming to allocate around 260 billion yen over the next five years until March 2026. The primary focus of this increased investment will be the establishment of a new wafer plant, dedicated to scaling up the production of silicon carbide (SiC) power semiconductors. This initiative underlines Mitsubishi Electric's intensified commitment to bolstering the capacity and output of critical semiconductor components.

Power Semiconductor Key Market Trends

Increased Demand for Electric Vehicles (EVs)

  • The power semiconductor market has knowledgeable a significant surge, driven mainly by the exponential growth in demand for electric vehicles. As the automotive industry shifts working toward electrification, there's an extraordinary need for power semiconductors to enable the efficient conversion and management of electrical energy within EVs. These semiconductors play a pivotal role in allowing crucial functionalities contributing to the improved performance and range of electric vehicles. This increased demand for power semiconductors is not only reforming the automotive landscape but also urging innovation and investments in semiconductor technologies to meet the evolving requirements of the growing EV market.

Power Semiconductor Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analyses, the power semiconductor market is a rapidly evolving sector, driven by the growing demand for energy-efficient electronic devices and the extensive adoption of electric vehicles and renewable energy sources. These semiconductors play a pivotal role in power management, conversion, and control across various industries. As technological advancements continue to push the boundaries of power electronics, innovations such as wide-bandgap semiconductors are gaining prominence for their improved efficiency and performance characteristics. The market is characterized by intense competition, with key players investing in research and development to familiarize cutting-edge solutions. Moreover, the growing focus on smart grids, IoT-enabled devices, and the electrification of transportation is expected to further drive the power semiconductor market's growth in the coming years.

Report Metric Details
Market size value in 2021 USD 59.70 billion
Market size value in 2030 USD 103.46 billion
Growth Rate 6.30%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Discrete, Module and Power Integrated Circuits
  • End User
    • Automotive, Consumer Electronics, IT and Telecommunication, Military and Aerospace and Power
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Infineon Technologies AG
  • Texas Instruments Incorporated
  • STMicroelectronics N.V.
  • ON Semiconductor Corporation
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • NXP Semiconductors N.V.
  • Renesas Electronics Corporation
  • Vishay Intertechnology, Inc.
  • Fairchild Semiconductor International, Inc.
  • Fuji Electric Co., Ltd.
  • Maxim Integrated Products, Inc.
  • ROHM Co., Ltd.
  • Microchip Technology Inc.
  • Analog Devices, Inc.
  • Semikron International GmbH
  • IXYS Corporation
  • Littelfuse, Inc.
  • Silicon Laboratories Inc.
  • Power Integrations, Inc.
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Power Semiconductor Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Power Semiconductor Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Power Semiconductor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Semiconductor Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Semiconductor Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Power Semiconductor Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Power Semiconductor Market size was valued at USD 59.70 billion in 2021 and is poised to grow from USD 63.46 billion in 2022 to USD 103.46 billion by 2030, growing at a CAGR of 6.30% in the forecast period (2023-2030).

The market exhibitions a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Additionally, their focus extends to performing strategic initiatives, including partnerships, product launches, and collaborations, enhancing their overall market presence. 'Infineon Technologies AG', 'Texas Instruments Incorporated', 'STMicroelectronics N.V.', 'ON Semiconductor Corporation', 'Toshiba Corporation', 'Mitsubishi Electric Corporation', 'NXP Semiconductors N.V.', 'Renesas Electronics Corporation', 'Vishay Intertechnology, Inc.', 'Fairchild Semiconductor International, Inc.', 'Fuji Electric Co., Ltd.', 'Maxim Integrated Products, Inc.', 'ROHM Co., Ltd.', 'Microchip Technology Inc.', 'Analog Devices, Inc.', 'Semikron International GmbH', 'IXYS Corporation', 'Littelfuse, Inc.', 'Silicon Laboratories Inc.', 'Power Integrations, Inc.'

The power semiconductor market is viewing a considerable rush in demand determined by the increasing emphasis on energy efficiency in electronic devices. With a rising awareness of environmental sustainability and the need to decrease power consumption, there is a sensitive focus on developing and adopting energy-efficient devices across various industries. Power semiconductors play an essential role in ornamental efficiency of electronic systems by managing power consumption, reducing energy losses, and cultivating overall performance. This surge in demand is chiefly obvious in sectors, where energy-efficient devices are becoming a key priority. As manufacturers struggle to meet stringent energy efficiency standards and consumer preferences, the power semiconductor market is undergoing a distinguished expansion to meet the evolving needs of a more sustainable and mechanically advanced future.

The power semiconductor market has knowledgeable a significant surge, driven mainly by the exponential growth in demand for electric vehicles. As the automotive industry shifts working toward electrification, there's an extraordinary need for power semiconductors to enable the efficient conversion and management of electrical energy within EVs. These semiconductors play a pivotal role in allowing crucial functionalities contributing to the improved performance and range of electric vehicles. This increased demand for power semiconductors is not only reforming the automotive landscape but also urging innovation and investments in semiconductor technologies to meet the evolving requirements of the growing EV market.

The Asia-Pacific is the largest market share and is projected to experience a CAGR of 3.6% during the forecast period. This dominance is credited to the region's reputation in the semiconductor industry. The Indian Electronics and Semiconductor Association suggests that India, with its conducive environment for international R&D facilities, is poised to attract investments in the semiconductor industry, aligning with the government's Make in India initiative. The region also serves as a manufacturing powerhouse for electronics, producing millions of electrical products annually for local consumption and export. The augmented production of electronic goods and components influences the market share of the industry under examination.

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