Market Research Future (MRFR) predicts that the next-generation power semiconductors market could achieve a high CAGR during the forecast period (2016-2027).
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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The global next-generation power semiconductors market can be segmented with respect to product material, device, and application.
Depending on the product material, the market can be considered for gallium nitride (GaN) and silicon carbide (SiC). Between these, GaN could account for the largest share owing to the rising demand for the material in semiconductors compared to SiC. Gallium nitride semiconductors enjoy immense demand compared to silicon technology as these are able to handle high-intensity power as well as temperature. Other features are low resistance, high-speed switching capacity, high current density, and high dielectric strength.
In terms of the device, the market can be split into MOSFET/IPD, IGBT/Power module, and diode. MOSFET is considered a cost-effective solution that is compatible with higher voltage and current, compared to BJT. MOSFET aids in power management which helps improve energy conservation in different applications, including consumer electronics, electric vehicle, and industrial systems.
Application-wise, Covid 19 Next-Generation Power Semiconductors Market includes hybrid & electric vehicle, renewable energy, LED lights, smart homes, and others.
The Americas, Asia Pacific (APAC), Europe, and the rest of the world (RoW) are the primary markets for next-generation power semiconductors.
North America is reigning over the worldwide next-generation power semiconductors market, says MRFR. The region owns a thriving automotive industry and also notes an intense demand and consumption of devices such as tablets, laptops, and smartphones. This factor benefits the regional market to a great extent. The United States (U.S.), Canada and Mexico are home to a number of prominent vendors that are putting efforts in the development of new-generation power semiconductors.
APAC is forecasted to expand at the fastest rate in the global next-generation power semiconductor market. The region is known for its huge consumer base and the steady rise in disposable income of the local people, which is instrumental in market growth. India, China, and Japan are the leading markets for next-generation power semiconductors in the region, thanks to the enormous consumer base for personal devices.
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The players leading the worldwide next-generation power semiconductors include Semikron (U.S.), Renesas Electronics (Japan), Toshiba (Japan), Fairchild (U.S.), NXP Semiconductors (Netherlands), Infineon Technologies (Germany), Mitsubishi Motors (Japan), Vishay Intertechnology (U.S.), Fuji Electric (Japan), STMicroelectronics (Switzerland), to name a few.
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