A power semiconductor is a semiconductor device used to control the flow of power in electronic devices. Semiconductors also known as chips have been growing at a whopping pace in the last few decades, as there has been an increase in the use of electronic devices like computers, mobile phones, supercomputers, etc.
According to the Consegic Business Intelligence report the power semiconductor industry is expected to rise to 60.86 Billion Dollars by 2031 from 43.21 Billion Dollars in 2022. This accounts as much of a 4.1% CAGR from 2023 to 2031. The vast applications of power semiconductors across several industries contribute to this growth.
Power Semiconductor is segregated into five types which are diodes, transistors, insulated-gate bipolar transistors (IGBTs), gate turn-off thyristors (GTOs), and MOSFET. Out of these MOSFET has the highest market share in 2022. MOSFET has a high-speed switching. Also, do not cause much disturbance and produce a very low noise. Due to these features, the MOSFET is expected to keep up with the demand in the next few years.
Power Semiconductors are made from 3 different types of materials silicon, silicon carbide (SiC), and gallium nitride (GaN). In 2022, the GaN hold the largest market share due to its higher breakdown voltage, wider bandgap, reduced power loss, lower on-resistance, and higher efficiency.
Power semiconductor has several applications in various industries. They are used in transistors, microprocessors, converters, inverters, solar devices, and switches. Also, used in 5G wireless networks, radar systems, and satellite communications. They are also used in the designing of logic gates and digital circuits, and also in analog circuits like amplifiers and oscillators. Around 33.7% of the market share comes from customer electronics. Followed by automotive services, IT & Telecommunication, Electrical & Electronics devices, and Power & Energy Industry.
The North American region alone contributed the largest revenue of 15.77 Billion Dollars in 2022 and is expected to rise 22.34 Billion Dollars by 2031. The proportion shared is due to the expansion of IT and Telecommunications in the last few years in this region. Also, the fact that the use of solar and wind energy is enlarged and promoted for the transformation and transmission of electricity.
The power semiconductors are manufactured and distributed by big tech giants across the globe. A few of them are NXP Semiconductors N.V., Mitsubishi Electric Corporation, Beneq, STMicroelectronics N. V., Renesas Electronics Corporation, QORVO Inc., Toshiba Corporation, and On Semiconductor Corporation. In the recent industry developments, Qorvo acquired United Silicon Carbide which is a key player of SiC semiconductors.
The power semiconductors play a vital role in the technological advancements of mankind. In the future power semiconductors are expected to have an immense rise due to their applications in the electronics and IT industry.
