Power Semiconductor Market to Hit US$ 60.86 Billion By 2031 | Research Insights

New York, Oct. 09, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Power Semiconductor Market” published by Consegic Business Intelligence, the market was worth USD 43.21 Billion in 2022 and is projected to grow by USD 44.14 Billion in 2023. In addition, the market is anticipated to reach over USD 60.86 Billion by the year 2031, growing at a CAGR of 4.10%.

A power semiconductor is a component employed in power management subsystem for applications such as for switching devices and as a rectifier. The key role of a power semiconductor is to change the frequency or voltage of an electrical current. New power electronics technologies including silicon carbide (SiC) and gallium nitride (GaN), are offering higher efficiency and power density than traditional silicon-based power semiconductors. Owing to the aforementioned features offered by power semiconductors, it is leading to the adoption of new technologies in a wider range of applications including wind turbine converters, solar inverters, and electric vehicles.

Get Sample Report@ https://www.consegicbusinessintelligence.com/request-sample/1299 

Moreover, its application in consumer electronics as a switching regulator is fuelling the demand for power semiconductors. Switching regulators are used to regulate the voltage of a power suppl and are used in a wide variety of consumer electronics devices, such as smartphones, laptops, and TVs. Power semiconductors are used in switching regulators to improve the efficiency and performance of the devices.

Furthermore, its application in industrial sector including motor drives to control the speed and torque of motors. Power semiconductors are used in motor drives to improve efficiency and performance. In a similar application, power converters are used to convert electrical energy from one form to another thus allowing the devices to maintain a certain limit of current flow through the devices.

Immediate Delivery Available, Buy Now @ https://www.consegicbusinessintelligence.com/secure-checkout/1299 

Power Semiconductor Market Growth Drivers:

• Growing demand for power semiconductor in power and energy sector is driving the market growth
• Increasing demand for power semiconductor in varied industries for controlling of switches is driving the market growth

Restraints

• Increased expense towards research and development process is hindering the market growth

Opportunities

• Growing demand for power semiconductor from automotive industry is expected to create market growth opportunity

Global Power Semiconductor Market Segmentation Details:

Based on Type, MOSFET segment contributed the largest shares to the market growth in 2022. The advent of technology in the field of automotive, power and energy, telecommunication, and others have been proliferating the demand for power semiconductor. Power MOSFETs are the most widely used power semiconductor devices in the market owing to their application in a wide variety of applications, including solar inverters, wind turbine converters, and electric vehicles. Moreover, the demand for power MOSFETs is expected to continue to grow in the coming years, driven by the increasing adoption of renewable energy technologies and the growth of the electric vehicle market.

Based on Material, gallium nitride (GaN)segment contributed the largest shares to the market growth in 2022. The key factors attributing to the growth of gallium nitride (GaN) in overall power semiconductor market is due to its wider bandgap and reduced power loss. In addition, GaN offers increased efficiency and best performance in electronic devices including RF applications is promoting the market growth of the segment. Moreover, key attributing factors towards the growth of the segment include higher switching speed of GaN, higher breakdown voltage, lower on-resistance, among others is proliferating the market growth.

Get Sample Report@ https://www.consegicbusinessintelligence.com/request-sample/1299 

Based on End Use, consumer electronics by end use of power semiconductor segment contributed the largest shares to the market growth in 2022. Owing to the high demand for power semiconductors in designing and manufacturing high-performance consumer electronic products including smartphones, laptops, and TVs is driving the market growth of the segment.

Based on region, North America region accounted for the largest revenue share in the year 2022. The adoption of power semiconductors in North America is primarily driven by factors owing to the strong presence of semiconductor and electronics industries such as NXP Semiconductors N.V., Infineon Technologies AG, and Texas Instruments. In addition, North America is a leading region in the adoption of renewable energy technologies, such as solar and wind power. Power semiconductors are essential for the conversion and transmission of electricity from aforementioned sources, thus proliferating its market growth in the region.

List of Major Global Power Semiconductor Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• NXP Semiconductors N.V.
• Mitsubishi Electric Corporation
• Toshiba Corporation
• On Semiconductor Corporation
• Hitachi Power Semiconductor Device, Ltd.
• Texas Instruments Incorporated
• Infineon Technologies AG
• Beneq
• STMicroelectronics N. V.
• Renesas Electronics Corporation
• QORVO Inc.

Browse Full Report & TOC @ https://www.consegicbusinessintelligence.com/power-semiconductor-market 

Global Power Semiconductor Market Segmentation: 

• By Type
  • Diodes
  • Transistors
  • Insulated-gate bipolar transistors (IGBTs)
  • Gate turn-off thyristors (GTOs)
  • MOSFET
• Material
  • Silicon
  • Silicon Carbide (SiC)
  • Gallium Nitride (GaN
• By End Use
  • Consumer Electronics
  • Automotive
  • IT & Telecommunication
  • Electrical & Electronics
  • Power & Energy
  • Aerospace & Defense

Key Market Highlights

• Globally, the power semiconductor market is divided based on the type into diodes, transistors, insulated-gate bipolar transistors (IGBTs), gate turn-off thyristors (GTOs), and MOSFET.
• Based on material, the power semiconductor market is segmented into silicon, silicon carbide (SiC), and gallium nitride (GaN).
• On the basis of end use, the power semiconductor market is categorized into consumer electronics, automotive, IT & telecommunication, electrical & electronics, power & energy, and aerospace & defense.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia Pacific is estimated to support the market growth during the forecast period in terms of the adoption of the latest technology combined with expenditures on advancements in infrastructure.

Request for Customization @ https://www.consegicbusinessintelligence.com/request-customization/1299 

Key Questions Covered in the Power Semiconductor Market Report

• What is Power Semiconductor?

• A power semiconductor is a component employed in power management subsystem for applications such as for switching devices and as a rectifier. The key role of a power semiconductor is to change the frequency or voltage of an electrical current.

• What is the dominating segment in the Power Semiconductor market by end use?

• In 2022, the consumer electronics segment in end use is accounted for the highest market share in the overall power semiconductor market.

• Based on current market trends and future predictions, which geographical region will have the largest impact on Power Semiconductor growth in the coming years?
  • North America accounted for the largest revenue share in the year 2022. The increasing demand for power semiconductors from multiple industries including automotive, telecommunication, among others is driving the growth of the regional market.
• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
  • Asia-Pacific is anticipated to register the fastest CAGR during the forecast period due to rapid growth in telecommunication and semiconductor infrastructure in the region.

Our Other Research Reports here:-

Smart Exoskeleton Market Size, Share, Growth, Trends | Analysis Forecast 2023 - 2030

KVM Switch Market Size, Share, Growth, Trends | Analysis Forecast 2023 - 2030

LAN cable Market Size, Share, Growth, Trends | Analysis Forecast 2023 - 2030

Cross Point Switch Market Size, Share, Growth, Trends | Analysis Forecast 2023 - 2030

Bluetooth IC Market Size, Share, Growth, Trends | Analysis Forecast 2023 - 2030

About Consegic Business Intelligence Pvt Ltd.

Consegic Business Intelligence Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.

Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by Consegic Business Intelligence Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in foremost countries around the globe.

Press Releases:- https://www.consegicbusinessintelligence.com/press-release/power-semiconductor-market 

Contact:

Consegic Business intelligence Pvt Ltd.

Contact no.: (US) (505) 715-4344

Email: sales@consegicbusinessintelligence.com