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

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.