Frost & Sullivan expects the global power semiconductors market to witness unprecedented growth during the next 10 years as industries look for energy-efficient and high-performance electronics. This analysis focuses on Si-, SiC- and GaN-based power discrete devices, modules, and GaN ICs, which are gaining prominence across end-user industries due to their characteristics supporting high voltage, switching frequency, and efficiency. The report analyzes power semiconductor growth potential in each end-user industry. As electric mobility, 5G deployments, data center expansion, and renewable electricity are gaining full steam, the study showcases how power semiconductors will support these Megatrends.
The study identifies key growth opportunities and which factors will boost or restrain market growth. Using 2023 as the base year, the report estimates the market size and future growth prospects up to 2033. It follows a specific methodology that includes discussions with senior management in the power semiconductor ecosystem supported by secondary research.
The study analyzes the market based on end user, material, component, device type, voltage ratings, and geography. It offers an in-depth analysis with segmentation by end users, including automotive, industrial, consumer electronics, communications & IT, and energy & utility. The segmentation by voltage ratings is less than 650 V, 650 V to 1700 V, and more than 1700 V. Segmentation by materials is silicon (Si), silicon carbide (SiC) and gallium nitride (GaN); and component type analysis is segmented by discrete semiconductors and modules.
The study offers a regional perspective of demand patterns in various advanced and emerging markets in 3 main regions: the Americas; Europe, Middle East, and Africa (EMEA), including Russia; and Asia-Pacific.
A few factors driving the power semiconductors market are rising green energy demand, the transition of eMobility from 400 V to 800 V battery systems, growth in generative AI and cloud networking, rapid adoption of wide bandgap (WBG) semiconductors, accelerated launch of electric vehicles, government initiatives and regulations, and the need for high-speed, power, performance, and efficiency in modern-day electronic devices. The study identifies relatively less technological maturity of WBG semiconductors, economic slowdown, global geopolitical chaos, lack of industry standards, high cost and crystal defects in WBG substrates, and the supply-demand imbalance as the primary power semiconductors market restraints.
Revenue Forecast
The revenue estimate for the base year 2023 is $32.24 billion, with a CAGR of 6.4% during the study period 2023–2033.
The Impact of the Top 3 Strategic Imperatives on the Power Semiconductor Industry:
Geopolitical Chaos
Why:
The post-pandemic supply chain disruptions highlighted the semiconductor industry’s over-reliance on the South Asian region. Countries are investing heavily in domestic semiconductor industries, sparking a race for self-sufficiency and technological dominance. Trade wars (e.g., the US–China) and the imposition of sanctions and tariffs across industries have negatively impacted the power semiconductor supply chains. The Russo-Ukrainian War and the China-Taiwan conflict have destabilized international markets.
Frost Perspective:
The industry needs an electronics ecosystem that connects all parts of the value chain. The global ecosystem for semiconductors is so extensive that making it completely self-sufficient is not a viable goal. Western countries cannot compete with Asian countries’ cost advantages. Instead of reshoring, Western countries should focus on friend-shoring and near-shoring in nearby countries/regions with cost benefits. Establishing back-end fabs for power semiconductors can help developing markets make their mark in the semiconductor supply chain.
Disruptive Technologies
Why:
Wide-bandgap (WBG) semiconductors (silicon carbide [SiC] and gallium nitride [GaN]) are making significant inroads in the power semiconductor landscape. SiC is gaining traction, mostly because of the EV industry’s move to 800-volt (V) battery systems. The sweet spot is 650 V for GaN, which is seeing rapid adoption in fast smartphone chargers. The industry is continuously working on technological advancements for WBG semiconductors and researching the next generation of WBG materials, such as diamonds and gallium oxide.
Frost Perspective:
The demand for high efficiency and performance has made the move to WBG semiconductors inevitable. WBG semiconductors are making significant inroads in automotive, industrial, and energy sectors. GaN has achieved price parity with silicon (Si) and is undergoing developments for reliability and performance. Vendors are preparing strategies, such as vertical integration and direct collaboration with end-users, to support the increasing demand for WBG semiconductors.
Competitive Intensity
Why:
Expansion, R&D, and M&As are increasing in the power semiconductor market, intensifying the competitive landscape. The prime market driver has been the rapid adoption of SiC and GaN-based power devices. Established vendors are focusing on inorganic growth, while new entrants and smaller companies are focusing on specific product lines and technological advancements. Demand for high quality, performance, reliability, and supply security from end-user industries has intensified the competition.
Frost Perspective:
A wide product portfolio, quality, reliability, and supply security serve as some of the main attributes vendors must offer to differentiate themselves in the market. Vendors must work closely with customers to design and develop products according to their needs and build long-term collaborations. Vendors will use vertical integration to gain more control over the quality of their product supply chains. For instance, more vendors will venture into fabless semiconductor manufacturing through organic and inorganic growth paths.
Scope of Analysis
• Power semiconductors convert energy from one form to another in electronic systems. Power electronics use power semiconductors as switches or rectifiers, as they can withstand high voltages and currents with low leakage, voltage drop, and power loss.
• Power semiconductors are applicable across end-user sectors, such as energy and utility, automotive, industrial, and consumer electronics. Power semiconductors are essential for sustainably and efficiently utilizing energy and can facilitate energy flow over extended distances with minimal energy losses.
• The study splits the power semiconductor market into Si-, SiC-, and GaN-based power semiconductor devices.
• The study segments the power semiconductor market by device type. These segments are insulated-gate bipolar transistors (IGBTs), metal-oxide-semiconductor field-effect transistors (MOSFETs), intelligent power modules, IGBT modules, SiC modules, diodes, and others (thyristors, junction field-effect transistors [JFETs], GaN high-electron-mobility transistors [HEMTs], GaN modules, GaN ICs, and hybrid modules).
• The study covers the following end users:
- Automotive
- Industrial
- Communication and information technology (IT)
- Energy and utility
- Consumer electronics
| Geographic Coverage | Global |
|---|---|
| Study Period | 2023–2033 |
| Base Year | 2023 |
| Forecast Period | 2024–2033 |
| Monetary Unit | US Dollars |
• The study segments the power semiconductor market by component type (i.e., discrete semiconductors and modules) and voltage range.
• The study has global geographic coverage and separates the power semiconductor market into the following regions:
- Americas: Includes North America (the United States and Canada), Latin America (Brazil, Mexico, Argentina, and Central and South America), and others (e.g., the Caribbean Islands)
- Europe, the Middle East, and Africa (EMEA): Includes Russia
- Asia-Pacific (APAC): Includes countries on the western pole of the Pacific Ocean (including those on the Indo-Chinese Peninsula and the Pacific Islands) and in Central Asia
Segmentation by End User
Power Semiconductors:
Automotive
Includes infotainment and telematics, advanced driver assistance systems (ADASs), powertrains (including internal combustion engine [ICE], hybrid, and electric), chassis and safety, body and convenience, instrument clusters, lighting, eMobility (eBikes, including electric 2-wheelers and electric 3-wheelers)Industrial
Includes factory automation and control (Industry 4.0), industrial equipment, EV charging infrastructure, building automation, medical and healthcare, aerospace and defense (A&D), railways, industrial motor drives, test and measurement, shipbuilding, and smart city infrastructureConsumer Electronics
Includes white goods, smart home appliances, wearables, gaming, connected peripherals and printers, desktop personal computers, laptops/notebooks, tablets, smartphones, and chargersCommunication & IT
Includes base stations, radios, routers, small cells, backhauls, core networks, data centers, and enterprise computing
Energy & Utility
Includes grid infrastructure, energy storage systems (ESSs), inverters, uninterruptible power supplies (UPSes), and renewable electricity generation
Competitive Environment
| Number of Competitors | More than 50 |
| Competitive Factors | Cost, performance, technology, product portfolio, supply chain resilience, reliability, supplier relationships, original equipment manufacturer (OEM) relationships, and distribution channel |
| Key End-user Industry Verticals | Automotive, industrial, consumer electronics, communications and IT, and energy and utility |
| Leading Competitors | Infineon Technologies, STMicroelectronics, Onsemi, Mitsubishi Electric, Fuji Electric, Vishay Intertechnology, Toshiba Electronic Devices & Storage, and ROHM |
| Revenue Share of Top 8 Competitors 2023 | 55.8% |
| Other Notable Competitors | Nexperia, Power Integrations, Navitas Semiconductor, Efficient Power Conversion, Innoscen, Transphorm, Microchip Technology, BYD Semiconductor, Robert Bosch, Leapers Semiconductor, Semikron-Danfoss, Qorvo, CR Micro, Star Semiconductor Corp., Littelfuse, VisIC Technologies, Sanken Electric, Alpha and Omega Semiconductor, Diodes Inc., KEC Corporation, Magnachip, Wolfspeed, Sanan IC, Renesas Electronics, MaxPower Semiconductor, Texas Instruments, Kyocera, Cambridge GaN Devices, GaN Power International, Coheunis, Danxi, Tagore Technology, Wise Integration, SemiQ, MinbeMitsumi Inc., Polar Semiconductor, Power Master Semiconductor, Silan Microelectronics, Power Semiconductors Inc., C&H Technology Inc., Yangzhou Positioning Group, Dynex Semiconductor Ltd., Powerex Inc., WeEn Semiconductors, SiPower Inc., Sirettifier Corp., Vinotech GmbH, Actron Technology Corp., Sansha Electric Manufacturing Co. Ltd., Diotec Semiconductor AG, and PFC Device Inc |
| Distribution Structure | Direct sales and distributors |
| Notable M&As | Renesas Electronics acquired Transphorm in 2024; MinbeaMitsumi acquired Hitachi Power Semiconductor in 2024; Power Integrations acquired Odyssey Semiconductor in 2024; Infineon Technologies acquired GaN Systems in 2023; Onsemi acquired GT Advanced Technologies in 2021; Navitas Semiconductor acquired GeneSiC Semiconductor in 2022; Onsemi acquired GT Advanced Technologies in 2021 |
Key Competitors
Global
- Diodes Inc.
- Efficient Power Conversion
- Fuji Electric
- Infineon Technologies
- Innocone
- Microchip Technology
- MINEBAE MITSUMI Inc.
- Mitsubishi Electric
- Navitas Semiconductor
- Nexperia
- Onsemi
- Power Integrations
- Renesas Electronics
- ROHM
- Sanan IC
- Semikron-Danfoss
- STMicroelectronics
- Texas Instruments
- Toshiba Electronic Devices
- Transphorm
- Vincotech GmbH
- Vishay Intertechnology
- Wolfspeed
APAC
- Actron Technology Corp.
- BYD Semiconductor
- CR Micro
- Fuji Electric
- Innocone
- KEC Corporation
- Kyocera
- Leapers Semiconductor
- Magnachip
- MINEBAE MITSUMI Inc.
- Mitsubishi Electric
- Power Master Semiconductor
- Renesas Electronics
- ROHM
- Sanan IC
- Sanken Electric
- Semi
- Silan Microelectronics
- SIRECTIFIER Corp.
- Star Semiconductor Corp.
- Toshiba Electronic Devices
- WeEn Semiconductors
EMEA
- Cambridge GaN Devices
- Diotec Semiconductor AG
- Dynex Semiconductor Ltd.
- Infineon Technologies
- Nexperia
- Robert Bosch
- Semikron-Danfoss
- STMicroelectronics
- Vincotech GmbH
- VisIC Technologies
Americas
- Alpha and Omega Semiconductor
- C&H Technology Inc.
- Diodes Inc.
- Efficient Power Conversion
- GaN Power International
- Littlefuse
- MaxPower Semiconductor
- Microchip Technology
- Navitas Semiconductor
- Onsemi
- Polar Semiconductor
- Power Integrations
- Power Semiconductors Inc.
- Powerex Inc.
- Oorvo
- SiPower Inc.
- Texas Instruments
- Transphorm
- Vishay Intertechnology
- Wolfspeed
Revenue Forecast
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Power Semiconductor Industry
Scope of Analysis
Classification of Power Semiconductors*
The Power Semiconductor Landscape: Materials, Applications, and Future Trends
Power Semiconductor Wafer Size Evolution
Power Semiconductor Wafer Size Evolution (continued)
Move from Planar to Trench SiC Transistor Structures for Higher Power Density and Lower Conduction Resistance
Packaging Trends in WBG Semiconductor Power Modules
Packaging Trends in WBG Semiconductor Power Modules (continued)
Segmentation by End User
Segmentation by Voltage Rating
Distribution Channels
Competitive Environment
Key Competitors
Growth Metrics
Growth Drivers
Growth Driver Analysis
Growth Driver Analysis (continued)
Growth Driver Analysis (continued)
Growth Driver Analysis (continued)
Growth Driver Analysis (continued)
Growth Driver Analysis (continued)
Growth Driver Analysis (continued)
Growth Restraints
Growth Restraint Analysis
Growth Restraint Analysis (continued)
Growth Restraint Analysis (continued)
Growth Restraint Analysis (continued)
Growth Restraint Analysis (continued)
Forecast Considerations
Revenue Forecast
Revenue Forecast by Material
SiC Manufacturing Value Chain
GaN Manufacturing Value Chain
GaN Power Opportunities: 10-Year Outlook across End-user Industries
Revenue Forecast by Voltage Ratings
Revenue Forecast by End User
Revenue Forecast by Device Type
Revenue Forecast by Component
Revenue Forecast by Region
Revenue Forecast by Key Countries
Revenue Forecast Analysis
Revenue Forecast Analysis (continued)
Top Challenges in the Power Semiconductor Landscape
Power Semiconductors Market: Application Split by Materials
Power Semiconductors Market: Voltage Ratings Split by Materials
Power Semiconductor Stock Keeping Unit (SKU) Analysis: Comparing Si, SiC, and GaN by Voltage Ratings
Pricing Trends and Forecast Analysis
Pricing Trends and Forecast Analysis (continued)
Revenue Share
Revenue Share Analysis
Revenue Share Analysis (continued)
Competitiveness of Major Companies
Analysis of Competition
Analysis of Competition (continued)
Key M&As Shaping the Power Semiconductor Ecosystem: 2015–2024
Key M&As Shaping the Power Semiconductor Ecosystem: 2015–2024 (continued)
Power Semiconductor Market: M&A Analysis
Power Semiconductors Market: M&A Analysis (continued)
Power Semiconductors Market: M&A Analysis (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Material
Revenue Forecast by Component
Revenue Forecast by Voltage Ratings
Revenue Forecast by Region
Forecast Analysis
Forecast Analysis (continued)
Typical Automotive Power Semiconductor Supply Chain
Growth Metrics
Revenue Forecast
Revenue Forecast by Material
Revenue Forecast by Component
Revenue Forecast by Voltage Ratings
Revenue Forecast by Region
Forecast Analysis
Forecast Analysis (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Material
Revenue Forecast by Component
Revenue Forecast by Voltage Ratings
Revenue Forecast by Region
Forecast Analysis
Forecast Analysis (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Material
Revenue Forecast by Component
Revenue Forecast by Voltage Ratings
Revenue Forecast by Region
Forecast Analysis
Forecast Analysis (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Material
Revenue Forecast by Component
Revenue Forecast by Voltage Ratings
Revenue Forecast by Region
Forecast Analysis
Forecast Analysis (continued)
WBG Semiconductors: Enabling the Green H2 Economy
Indian Semiconductor Industry
Indian Semiconductor Policy
Indian Semiconductor Policy (continued)
Notable Developments in the Indian Semiconductor Sector
Notable Developments in the Indian Semiconductor Sector (continued)
Indian Semiconductor Ecosystem: Current Capabilities
Revenue Forecast
Forecast Analysis
Powering India’s Power Semiconductor Future: Key Packaging for ATMP/OSAT Success
Top 5 Trends for Sustainability and the Circular Economy
Semiconductor Ecosystem Alignment with United Nations (UN) SDGs Critical to Paving the Path to Decarbonization
Semiconductor Ecosystem Alignment with United Nations (UN) SDGs Critical to Paving the Path to Decarbonization (continued)
UN Sustainable Development Goals
Notable Power Semiconductor Companies Leading the Green Charge
Infineon Technologies
STMicroelectronics
Onsemi
Navitas Semiconductor
Growth Opportunity 1: Reducing Data Centers’ Environmental Impact
Growth Opportunity 1: Reducing Data Centers’ Environmental Impact (continued)
Growth Opportunity 2: Advancements in Power Gallium Nitride (GaN) Landscape
Growth Opportunity 2: Advancements in Power Gallium Nitride (GaN) Landscape (continued)
Growth Opportunity 3: Simulation-based Tools for Modeling and Analyzing Power Semiconductor Behavior
Growth Opportunity 3: Simulation-based Tools for Modeling and Analyzing Power Semiconductor Behavior (continued)
Growth Opportunity 4: Power Efficiency Legislation across End-user Industries
Growth Opportunity 4: Power Efficiency Legislation across End-user Industries (continued)
Growth Opportunity 5: Quality and Supply Security with Vertical Integration
Growth Opportunity 5: Quality and Supply Security with Vertical Integration (continued)
Growth Opportunity 6: Fablite Strategy for Streamlined Operations and Improved Margins
Growth Opportunity 6: Fablite Strategy for Streamlined Operations and Improved Margins (continued)
Growth Opportunity 7: Developments in Next-Generation Power Semiconductor Materials
Growth Opportunity 7: Developments in Next-Generation Power Semiconductor Materials (continued)
Best Practice Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
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List of Exhibits (continued)
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Key Features
In addition, the study offers the following:
- A dedicated chapter on the Indian power semiconductors landscape
- Analysis of pricing trends in the power semiconductors market
- In-depth analysis of each end-user sector and the opportunity for power semiconductors
- Si, SiC, and GaN penetration in the global semiconductors landscape
- Discussion of power semiconductor wafer size evolution
- Comparison of WBG semiconductors with silicon
- Key market trend analysis including the development of vertical GaN, the evolution of the transistor structure, the green hydrogen economy, and the emergence and potential of next-generation WBG technologies
- Analysis of the SiC and GaN manufacturing value chain
- 10-year growth outlook across end-user industries and applications
- M&A analysis in the power semiconductors ecosystem
- Competitive analysis with market share of key players
Author: Navdeep Saboo
| Deliverable Type | Market Research |
|---|---|
| Author | Navdeep Saboo |
| Industries | Electronics and Sensors |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Power Semiconductor Industry Trends |
| Keyword 2 | Market Analysis Power Semiconductors |
| Keyword 3 | Power Semiconductor Opportunities |
| Podcast | No |
| Predecessor | K877-01-00-00-00 |
| WIP Number | K9EC-01-00-00-00 |
Power Semiconductors Market, Global, 2024 2033
Power Semiconductors are Experiencing Transformational Growth Due to Rapid Electrification Across Industries, the AI Boom, Growing Renewable Energy Demand, and Focus on Sustainability
12-Aug-2024
Global
Market Research