Global Power (Semiconductor) Device Market: Key Research Findings 2023
Global Power Device Market Projected to Expand to US$36,980 Million, Backed by Popularization of IoT and Increased Demand for Realization of Decarbonized Society
Yano Research Institute (the President, Takashi Mizukoshi) has carried out a survey on the global power semiconductor device (or power device) market and found out the capital investment plans and the product strategies at each manufacturer, in addition to market conditions and trend of applications. This paper discloses the global power device market size forecast until 2030.
In 2021 the global power semiconductor device (hereafter power device) market size by manufacturer shipment value increased by 20.1% on a YoY basis to US$22,370 million. Although having leveled off for the past several years, power device manufacturers received a pile of orders since the second quarter of 2021, which improved the market since the latter half of that year and to a double-digit growth for a full-year period.
In 2022, despite favorable orders at power device manufacturers, tight supply for materials and devices needed for semiconductor manufacturing, as well as parts needed for power electronics caused the component procurement for power modules to be continuously severe, which made the prediction of the global power device market size to remain at US$23,890 million, up by 6.8% on YoY.
In 2023, the demand for power devices geared to consumer white goods, industrial equipment for new energy, and EVs has expanded. Especially power modules that are used for photovoltaic as well as wind power generation systems, converters as well as inverters for HEVs and EVs are expected to grow enormously. Therefore, the global power device market is projected to rise by 8.0% on a YoY basis to US$25,810 million.
SiC Power Device Market Size for 2022 to Reach US$1,460 Million
The global market size for silicon carbide (SiC) power devices by manufacturer shipment value is projected to reach US$1,460 million, up by 13.2% on a YoY basis. With its superior properties that contribute to energy efficiency, SiC power device is widely used as auxiliary equipment in datacenter servers, 5G base stations, photovoltaic power conditioners, as auxiliary power supplies for industrial equipment, or in OBC (Onboard chargers) or converters for EVs. Adoption not only of SiC-SBD (Schottky barrier diode) but also of SiC-MOSFET is underway.
What is considerably growing since 2020 is SiC power devices for xEVs. Conventionally, the devices were mainly used for the EV onboard chargers due to the cost issue, but EV traction inverter application is growing. The global SiC power device market in 2025 is expected to expand to US$2,920 million.
The global power device market size by shipment value at manufacturers is projected to reach US$36,980 million by 2030. As IoT popularization expands even after 2024 and as efforts to realize decarbonization continue, the demand for power devices is strong in various fields including telecommunication, consumer electronics, industrial, and automotive. In particular, the automotive field is expected to see rapid increase in financial values of power devices installed per vehicle, as the development is simultaneously in progress for electrification (EVs), advanced driver assistance systems (ADAS), automated driving, E/E architecture (i.e., the system that designs, configures, and connects in-vehicle ECUs, sensors, actuators, etc., and integrates ECUs), in-vehicle infotainment (IVI), and connected cars targeting 2026 to around 2028.
Capital investment for SiC power devices has been invigorated at each manufacturer. With enhancement in the next-generation semiconductor policies at each country, the supply volume is expected to grow and the usage to expand. What drives the SiC power device market is new energy (solar power/wind power) equipment or SiC power modules geared to EV inverters. Especially, SiC-applied inverters are likely to be increasingly deployed to new EVs planned to be released in around 2026 or 2027, expanding the demand by high-end EVs with large battery capacity and 800V feed system. The global SiC power device market for 2030 is projected to reach US$6,450 million, occupying 17.4% of entire global semiconductor device market.
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