Global Power Semiconductor Market Industry Analysis is Expected to Grow at a CAGR of 4%, for the Forecast Period 2019-2024
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Dallas, United states – August 24, 2019 /MarketersMedia/ —
The power semiconductor market is expected to grow at a CAGR of 4%, for the forecast period 2019-2024. The power semiconductor market is growing due to the incorporation of the advanced technologies in consumer electronics, such as smartwatches, smartphones and IoT devices, to work as small electronic gadgets and in order to facilitate easy access of technology.
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The enhanced features of power electronics, such as lightweight, power efficiency, high speed, and enhanced portability are some of the drivers which will further augment the growth of the power semiconductor market, over the forecast period. Apart from technological advantages, power semiconductors are trending, due to increasing consumer interest toward electric vehicles. – Due to the increasing usage of power semiconductors in consumer electronic devices the demand is increasing. The growing penetration of smartphones and increasing industrial usage of smartphones are also responsible for the growth of the market.
– There is increasing adoption of power semiconductors in electric automotive. Silicon carbide devices are in use for the onboard battery chargers of electric buses, taxis, and lorries, as well as for passenger cars.
– Consumer demand is exceeding the factory capacity and global shortage of silicon wafer exists due to the presence of the limited number of vendors, and this will further hinder the growth of the power semiconductor market.
– The rising adoption of 5G technology and growing advancement in wireless communication is going to be a significant market for power semiconductor. The increasing adoption of GaN power transistors could be useful for telecom vendors.
Scope of the Report
Power semiconductors are the fundamental component of modern power electronic circuitry machines and instruments. These devices are being used for wireless communication, advanced control of electric drives, motion control & servo drives, advanced computer systems, antennas, propagation & satellite systems, broadband wireless techniques, and others. They form an indispensable part of electrical appliances, machines, and systems.
Automotive Expected to Have Significant Growth
The Automotive industry accounts for a major portion of global power semiconductor market by the End user. It is mainly due to its increasing adoption of Electric vehicles and Hybrid vehicles. The growing government regulations in favour of electric vehicles market globally is also fueling the demand for power semiconductors.
– For instance in India, The NITI Aayog action plan for Clean Transportation released in 2018 has already recommended eliminating all permit requirements for EVs to encourage electric mobility. Many governments are also developing the infrastructure for Electric and autonomous vehicles. Hence they are also investing in advance sensors and semiconductor market.
– The rising adoption of power integrated circuits in the automotive industry for electric vehicles or multiplexed bus systems with distributed power integrated circuits for control of lights, motors, and air conditioning, is also transforming the automotive sector. The increasing application of Power MOSFET in Electric and hybrid vehicles is also attracting many semiconductor vendors to develop industry-specific devices.
– The growing trend for the smart city is also opening an opportunity for the automotive industry. Many power semiconductors are also trying to monetise this opportunity to grow market share. For instance, NXP Semiconductors N.V has announced the next phase in its Smart City collaboration with Columbus, USA. NXP will contribute critical technologies for smart and safe mobility to the Smart Columbus Experience Center.
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Asia-Pacific Expected to Have Significant Growth
Asia-Pacific is the fastest growing market for power semiconductors, mainly due to government policies favoring semiconductor market growth. The region is the largest producer and consumer of consumer electronics due to the growing demand for smart consumer electronic products.
The technology boom is powering Asia’s economies. Explosive growth in new-era gadgets such as wearable devices and internet-linked connected appliances stoking fresh demand for components such as semiconductors and displays. China, India, Japan, South Korea, and Taiwan would be among the economies expected to benefit the most.
– China is the largest maker of electric vehicles, sold 507,000 buses and commercial vehicles, according to the China Association of Automobile Manufacturers. The demand for electric cars has also increased significantly in other parts of the region.
– The Chinese government is working to create a techno authoritarian state powered by artificial intelligence and sensors to track and monitor its 1.4 billion citizens. As many other countries have adopted the same programs in the region, this will also develop the market for power semiconductor.
– The semiconductor industry gave a significant boost to the Southeast Asia economic growth last year, especially in Singapore where semiconductor output is having surged 48 % in 2017, according to data from the Economic Development Board.
Competitive Landscape
The power semiconductor market is a consolidated market dominated by a few major players. In terms of market share, few of the major players dominate the market. Various acquisitions and collaboration of large companies are expected to take place shortly which focuses on innovation. Some of the key players in the market are Infineon Technologies and Texas Instruments.
– July 2018 – Cadence Design Systems, Inc. announced that it had enhanced the Cadence Voltus IC Power Integrity Solution with an extensively parallel (XP) algorithm option employing distributed processing technology for power grid signoff at advanced-node process technologies.
– May 2018 – Infineon Technologies AG launched a new development centre for artificial intelligence and automotive electronics based in Dresden, Germany. It is likely to boost the usage of production of discrete semiconductor, which will open new avenues for a revenue stream.
– February 2018 – NXP Semiconductors announced the launch of its new IoT-on-a-Chip, which significantly advances the future of edge computing. The scalable offering packs NXP’s ARM-based i.MX applications processor, Wi-Fi, and Bluetooth into a much smaller size, thereby offering a broad range of functionality, security, and connectivity to IoT devices.
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