IFNNY - Global Power Semiconductor Market Size is Estimated to Reach USD 55 billion by 2030 Growing at a CAGR of 3.3%: Straits Research | Benzinga
New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Power semiconductors perform the same functions as conventional semiconductors, albeit on a much bigger scale. These high-performance components can withstand electrical currents, voltages, and frequencies as high as several gigawatts. Like other semiconductor devices, power semiconductors are utilized to correct and amplify electrical signals and switch on and off the flow of electricity. These are often employed for industrial applications for the transmission and distribution of electricity across large distances.
Semiconductors utilize SiC to reduce energy loss and extend the life of solar and wind energy power converters. SiC (Silicon Carbide) is used for high-power applications due to its broad bandgap. There are numerous polytypes (polymorphs) of SiC. However, 4H-SiC is the optimal material for power devices. Increased research and development efforts to enhance material capabilities are anticipated to boost market expansion substantially.
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Increasing Demand for Consumer Electronics and Wireless Communications to Drive the Global Power Semiconductor Market
According to Straits Research, "The global power semiconductor market revenue was valued at USD 40 billion in 2020. It is estimated to reach an expected value of USD 55 billion by 2030, registering a CAGR of 3.3 % during the forecast period. (2022-2030)." The increasing global usage of consumer electronics gadgets favors the market's expansion. A vast array of consumer products require semiconductors, including communication devices (smartphones, tablets, smartwatches, and other gadgets), computers (personal and commercial computers containing PCBs), entertainment systems, and home appliances.
In this area, the smartphone is the largest consumer of semiconductors. In recent years, the smartphone market has been highly competitive. The increasing use of mobile phones is predicted to continue driving the global industry. Ericsson predicts that by 2026, the average monthly data flow from smartphone devices worldwide will reach 221 exabytes, up from 32 exabytes in 2019.
According to the India Brand Equity Foundation (IBEF), the Indian appliances and consumer electronics (ACE) industry will reach INR 3.15 trillion (USD 48.37 billion) in 2022, with a CAGR of 9%. This is expected to stimulate market expansion over the predicted period.
Adoption in Different Sectors to Provide Opportunities for the Global Power Semiconductor Market.
Non-conventional energy sources are anticipated to drive the adoption of power semiconductors in the IT & consumer electronics, automotive, power distribution, and rail transportation industries. Consumer desire for more efficient power management and new safety features is driving the car industry's adoption of this technology. Several EV applications, such as battery chargers, auxiliary DC-DC converters, and solid-state circuit breakers, have already begun employing SiC technology for low-power applications. Engineers can meet high voltage and power needs cost-effectively thanks to more efficient drivetrains using semiconductor technology like Silicon Carbide (SiC). Therefore, such applications provide substantial growth prospects.
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