According to the recent study the power semiconductor market is projected to reach an estimated $42.9 billion by 2028 from $31.3 billion in 2023, at a CAGR of 6.5% from 2023 to 2028. Growth in this market is primarily driven by growing demand of consumer electronics devices and wireless communications globally along with rising need for new safety features and more efficient power management in the automotive industry.
A more than 150-page report is developed to understand trends, opportunities and forecast in power semiconductor market by component (discrete, module, and power integrated circuits), material (silicon/germanium, silicon carbide (SiC), gallium nitride (GaN)), application (automotive, consumer electronics, IT & telecommunications, military & aerospace, power & energy, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Power integrated circuits market is expected to remain the largest segment during the forecast period.”
Based on component, the power semiconductor market is segmented into discrete, module, and power integrated circuits. Lucintel forecasts that the power integrated circuits market is expected to remain the largest segment due to because of increasing usage of these semiconductors in high voltage applications, such as solar panels, power supply, automobiles, and trains.
“Asia pacific will dominate the power semiconductor market in near future”
Asia Pacific region is expected to witness the highest growth during the forecast period due to growing electronics and electric vehicle industry along with supporting government policies.
Major players of power semiconductor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. ABB, Broadcom, Fuji Electric, Hitachi, Infineon Technologies, Microchip Technology, Mitsubishi Electric, NXP Semiconductor, Onsemi are among the major power semiconductor providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/power-semiconductor-market.aspx or helpdesk@lucintel.com
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