Global Power Semiconductor Market Research Report 2025
Definition and Scope of Power Semiconductors
Essentially, a power semiconductor functions as an electrical switch. It can conduct currents ranging from a few amperes to several thousand amperes under low resistance, and can control high voltages (up to thousands of volts) and large currents within milliseconds or even microseconds.
From a category perspective, power semiconductors can be classified into power discrete devices, power modules, and power ICs. Among them, power devices mainly include diodes, thyristors, and transistors. Power ICs include power management ICs and driver ICs, among others. Diodes and thyristors were developed relatively early and have simpler structures and manufacturing processes. Currently, IGBTs and MOSFETs, which belong to the transistor family, are experiencing rapid demand growth and are in a highly prosperous downstream application phase.
Power Semiconductor Market Analysis
According to data from Bosson Research, the global power semiconductor market size is estimated to be approximately USD 51.281 billion in 2024, and is projected to grow explosively to USD 78.807 billion by 2033, representing a compound annual growth rate (CAGR) of 4.89%. The rapid increase in global adoption of new energy technologies is expected to continue driving downstream demand for power devices, with IGBTs and high-power MOSFETs being the main growth drivers.
MOSFETs offer advantages such as high input impedance, low noise, good thermal stability, simple manufacturing processes, and strong radiation resistance. They are typically used in amplifier and switching circuits. IGBTs, which combine the features of BJTs and MOSFETs, incorporate the advantages of both—high input impedance, low conduction voltage drop, low driving power, and low saturation voltage.
Source: Secondary Sources, Press Releases, Expert Interviews and Bossonresearch, 2025
The report from Bosson Research points out that China is the largest consumer market for power semiconductors, accounting for approximately 40% of the global market share. In 2024, China's power semiconductor market is valued at around USD 20.565 billion, with a projected CAGR of 5.68% from 2025 to 2032.
Overall, although China's power semiconductor industry started relatively late, it has developed rapidly. In 2023, as the global economy slowed, the growth rate of the power semiconductor market also decelerated. On one hand, demand for consumer electronics-related products was relatively weak. On the other hand, competition intensified in sectors such as automotive and new energy, leading to a relatively saturated market.However, entering 2024, driven by national policies, the process of domestic substitution in China's power semiconductor sector continues to accelerate.
Analysis of the Power Semiconductor Industry Chain
Upstream Segment
The upstream segment primarily includes the supply of basic raw materials and manufacturing equipment required for power semiconductors. Core raw materials include traditional silicon (Si) as well as emerging third-generation semiconductor materials such as silicon carbide (SiC) and gallium nitride (GaN). These newer materials offer high voltage resistance, high-frequency performance, and thermal stability, making them widely used in high-end applications such as new energy vehicles (NEVs), high-voltage power supplies, and 5G communications.
In addition, epitaxial wafers (epi-wafers) are fundamental for manufacturing high-performance power devices and require stringent technical and quality standards. The upstream segment also includes a variety of equipment suppliers, covering wafer fabrication equipment (such as photolithography machines and ion implanters), epitaxial growth equipment, testing equipment, and packaging equipment.
Representative companies in materials and equipment include:
Materials: Wolfspeed, Zhonghuan Semiconductor, Showa Denko
Equipment: ASML, Tokyo Electron, NAURA Technology Group, AMEC (Advanced Micro-Fabrication Equipment Inc.)
Midstream Segment
In the manufacturing process of power semiconductors, monocrystalline silicon is produced using the Czochralski (CZ) or Float Zone (FZ) methods, then sliced and polished into wafer substrates. These substrates undergo epitaxial processing to form epi-wafers, which are then subjected to numerous processes such as thin-film deposition, photoresist coating, photolithography, etching, ion implantation, and cleaning, to create bare wafer dies. These bare dies are packaged into power devices, and multiple dies are connected and packaged into power modules. Finally, the packaged power transistors or modules are integrated into power systems such as inverters.
From a product structure perspective, Power ICs are the largest category in terms of shipment volume, accounting for over 50% of the power semiconductor market. Among discrete devices, MOSFETs, IGBTs, and diodes are in high demand. According to data from Bosson Research, MOSFETs are expected to hold the largest market share among discrete power devices in 2024, accounting for 45.62%, followed by IGBTs and power diodes. Together, these three types make up over 90% of the discrete power device market.
Downstream Segment
The major downstream markets for power semiconductors are automotive, industrial, and consumer electronics, which together have consistently accounted for over 75% of total demand in recent years. However, emerging application fields such as solar PV and energy storage have also rapidly grown, becoming key areas for power semiconductor expansion.
With increasing electrification trends, new energy vehicles (NEVs) are the fastest-growing downstream market. Power semiconductors are widely used in systems such as motor controllers, on-board chargers (OBCs), and DC-DC converters. Other major application areas include industrial automation, power management (e.g., server power supplies, fast-charging adapters), home appliances, rail transit, and renewable energy generation (wind and solar).
In these applications, power semiconductors play a critical role in improving energy efficiency, reducing device size, and enhancing system reliability, making them key enablers of system upgrades and energy savings.
Representative end-user companies include:
BYD, Tesla, Huawei, Sungrow Power, Schneider Electric, Midea, Delta Electronics
Competitive Landscape of the Power Semiconductor Market
According to the report by Bosson Research, the global power semiconductor market is relatively concentrated, with major manufacturers primarily located in Europe, the United States, Japan, and Taiwan. Most of these companies operate under the IDM (Integrated Device Manufacturer) model. Infineon is the global leader in the power semiconductor sector, holding a market share of 13.5%, followed by Texas Instruments, onsemi, and others. Infineon maintains a dominant position in both the MOSFET and IGBT markets, where market shares are highly concentrated among a few key players.
Source: Secondary Sources, Press Releases, Expert Interviews and Bossonresearch, 2025
Power Semiconductor Market Development Trends
1. Continued Increase in Integration
Compared to individual discrete power devices, power modules and power ICs with higher levels of integration offer greater reliability, compactness, and efficiency, making them more suitable for high-voltage and high-current applications. Power modules are composed of multiple discrete power transistors connected in series or parallel based on specific functions, which simplifies external circuit design and enhances reliability.
2. Ongoing Optimization of Downstream Markets:
High-growth demand in sectors such as new energy vehicles (NEVs), photovoltaics, and wind power—combined with high performance requirements and a relatively favorable competitive landscape—is accelerating the penetration of domestic power device manufacturers into the new energy market. The increasing revenue contribution from the new energy sector is expected to further drive rapid business growth.
3. Upgrade to Larger Wafer Sizes
Compared to 6-inch and 8-inch wafers, 12-inch wafer production lines offer lower costs, superior process capabilities, and improved product performance. Leading domestic manufacturers such as Wingtech, Silan Micro, and China Resources Microelectronics are actively investing in 12-inch capacity. Meanwhile, other Fabless companies are accelerating product and process development based on the 12-inch platform. This upgrade is expected to further optimize costs and improve product performance.
4. Continuous Process Innovation
Power semiconductor devices are advancing along several technological paths—from uncontrollable to current-controlled to voltage-controlled devices; from low, medium, and high power to ultra-high power; and from discrete components to power modules, intelligent power modules (IPMs), and dual in-line IPMs. In terms of device structure, MOSFETs have evolved from planar types to trench types, super junctions, and shielded-gate structures, significantly enhancing voltage tolerance and switching frequency. IGBTs have progressed through punch-through, non-punch-through, field-stop technologies, and planar/trench gate structures, with each generation improving breakdown voltage, reducing loss, and lowering on-resistance.
5. Significant Enhancement in Device Performance
As the structural improvements of silicon-based power semiconductor devices approach their theoretical limits, wide bandgap (WBG) materials are demonstrating superior characteristics. Compared to traditional silicon, WBG materials offer better performance in terms of breakdown voltage and switching frequency. They are expected to gradually replace silicon-based devices and become the mainstream choice for high-voltage and high-frequency applications.
Content of the Report: This report systematically compiles statistics on production capacity, sales revenue, pricing, and future development trends of the power semiconductor market in both global and Chinese contexts. It analyzes various market segments from multiple dimensions, including key manufacturers, product types, application fields, and regional markets. The report provides a comprehensive overview of the market space, development trends, and main characteristics of each sub-sector.
Furthermore, it thoroughly examines the major players in the global and Chinese markets, detailing their product features, market positioning, operational status, and market shares. The goal is to offer a comprehensive and objective market research report that serves as a valuable reference for industry manufacturers, investors in related fields, and policymakers. It aims to provide reliable decision-making support for market researchers, investment professionals, and government departments.
Major Manufacturers Covered in the Report:
Infineon Technologies
Texas Instruments
ON Semiconductor
STMicroelectronics
Analog Devices
Qualcomm
Renesas Electronics
NewPower
Mitsubishi Electric
Toshiba
Vishay
Rohm Semiconductor
Fuji Electric
CR Microelectronics
Jiangsu Jiejie Microelectronics Co.,Ltd.
Oriental Semiconductor
Nexperia
Macromicro Technology Co., Ltd.
SemiPower Technology Co., Ltd.
Yangjie Technology Co., Ltd.
Silan Microelectronics Corporation
CRRC Times Electric Co., Ltd.
BYD Semiconductor Inc.
Power Semiconductors Classified by Product Type:
Power Discrete Devices
Power Modules
Power Ics
Power Semiconductors Classified by Downstream Application Scenarios:
Consumer Electronics
Home Appliances
Industrial Control
Network Communication
Military and Aerospace
Rail Transportation
Photovoltaic and Wind Power
Others
Key Regions of Focus:
North America
Europe
Asia-Pacific
South America
Middle East and Africa
Chapter Outline
Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.
Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Power Semiconductor Market and its likely evolution in the short to mid-term, and long term.
Chapter 3 makes a detailed analysis of the Market's Competitive Landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.
Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.
Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 9 details the production of products in major countries/regions and provides the production of major countries/regions
Chapter 10 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.
Chapter 11 provides a quantitative analysis of the market size and development potential of each region in the next five years.
Chapter 12 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.
Chapter 13 is the main points and conclusions of the report.
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