Market Research Future (MRFR)’s latest study reveals that the global power semiconductor market is set to expand saliently at a strong CAGR of 13% during the forecast period 2017 to 2023. The application of power semiconductors across different industry verticals is likely to fuel demand in the global market over the next couple of years.
The growth of the power semiconductor market is directly dependent on the growth of the electronics industry. The boom witnessed in the electronics industry has boosted the sales of power semiconductors, and the trend is likely to perpetuate over the projection period. Additionally, the shift towards renewable energy coupled with a surge in demand for power generation is projected to catapult the power semiconductor market on an upward trajectory.
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The growth trajectory of the power semiconductor market is guided by the increasing demand from developing economies that have merged as potential markets. Other factors responsible for aiding the market proliferation are increasing disposable income, urbanization, industrialization, demand from the aerospace industry, etc.
By component, the power semiconductor market has been segmented into thyristor, power MOSFET, diode, inverter, and rectifiers.
By material, the global power semiconductor market is segmented into silicon, Silicon Carbide (Sic), Gallium Nitride (GaN), gallium arsenide, and silicon germanium.
By application, the power semiconductor market has been segmented into industrial, automotive, aerospace, military, and consumer electronics.
By region, the global Power Semiconductor Market Share has been segmented into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific is estimated to hold the most significant share of the global market through the forecast period. The increasing demand from the end-user industries such as automotive, telecommunication, electronics is likely to drive the growth of the market. Additionally, factors such as increasing per capita income, the presence of fast-developing economies, rapid industrialization, adoption of novel technologies, etc. have augured well for the power semiconductor market. The increasing count of market players coupled with massive investments in the power semiconductor industry is prognosticated to influence the expansion of the market positively.
Europe is likely to remain a highly lucrative market over the assessment period. The growth is attributable to the highly developed automotive sector and large-scale renewable energy production. North America is an important growth pocket and is estimated to exhibit substantial growth across the review period.
Some of the key players profiled in the report are Infineon Technologies AG (Germany), ST Microelectronics (Switzerland), Qualcomm Inc. (U.S.), Texas Instruments Inc. (U.S.), NXP semiconductor (Netherlands), Broadcom limited (U.S.), Toshiba Corporation (Japan), Fairchild Semiconductor (U.S.), Renesas electronic corporation (Japan), and Mitsubishi Electric Corporation (Japan).
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