Power Semiconductor Market Size

The global power semiconductor market reached US$ 56,155 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 171,709 million by 2031. The market is growing at a CAGR of 15.0% during the forecast period (2024-2031).

These devices control the flow of electricity, allowing current to pass when activated and stopping it when off, enhancing system efficiency and reducing energy losses. For years, silicon-based devices like power MOSFETs and insulated-gate bipolar transistors (IGBTs) have dominated the power semiconductor market. While both are well-established and cost-effective, they have reached their theoretical performance limits in several areas. In response, gallium nitride (GaN) and silicon carbide (SiC) devices have emerged as strong competitors, challenging IGBTs and MOSFETs in various market segments.

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Power Semiconductor Market Dynamics
The rising demand for power semiconductors in automobiles and consumer electronics is expected to drive market growth. Power semiconductors are widely used in consumer electronics like video game consoles, televisions, and smartwatches. Hybrid electric vehicles (HEVs) and electric vehicles (EVs) are particularly significant for power semiconductor demand, as they contain more semiconductors than traditional combustion-engine vehicles. As the demand for HEVs and EVs continues to grow, their market share will expand, subsequently increasing the demand for power semiconductors and fueling the global market's growth.

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Power Semiconductor Market is segmented
By Component: Discrete, Module, Power Integrated Circuit
By Material: Silicon, Silicon Carbide, Gallium Nitride, IGBT, MOSFET
By Application: Automotive, Consumer Electronics, Military & Aerospace, Industrial
By Region: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa

Power Semiconductor Market Companies
• Infineon Technologies AG
• STMicroelectronics
• NXP Semiconductors
• Renesas Electronics Corporation
• Robert Bosch GmbH
• Mitsubishi Electric Corporation
• Semiconductor Components Industries, LLC
• Littelfuse
• Texas Instruments
• Analog Devices
• Qualcomm

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