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

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.