Status of the Power Electronics Industry 2023

Report objectives

Scope of the report

About the authors

Companies cited

What we got right, what we got wrong

Methodology and definitions

Three-page summary

Executive summary

Context

Market forecast (by segment)

• Overall power electronics market, in $M
• Wafer market for power electronics (Si, SiC), in $M
• Power bare die market , in Munits (Si MOSFET and IGBT)
• Discrete power component market, in $M (Si MOSFET, IGBT, SiC MOSFET, GaN HEMT)
• Power module market, in $M (Si MOSFET, IGBT, SiC MOSFET)
• Power converter market, in $M

Market trends, split by segment

Market shares and supply chain

• Global power semiconductor industry
• Power electronics supply chain overview
  • Wafer (Si, SiC) ), including market shares
  • Device (Silicon, SiC, GaN), including market shares
  • Manufacturing
  • Packaging
  • Passives
• Top 3 company profiles: Infineon Technologies, onsemi, STMicroelectronics
• Partnerships, mergers and acquisitions
• Supply chain: focus on different regions

Technology trends

• Wafer trends (Si, SiC, Emerging materials)
• Device trends (Si, SiC, GaN, Emerging materials)
• Packaging
• Converter

Conclusion

Outlook

About Yole Group

xEV and Renewables pushing for Power Electronics market, to reach $33.3B by 2028

The power electronics market continues to grow due to government regulations, the demand for renewables, and the need for increased efficiency. In 2022, the total power electronics market was worth $20.9B, including discrete and modules, and it is expected to grow at a 8.1% CAGR22-28, reaching $33.3B by 2028.

The power device market is split into three main types of materials: Silicon, SiC, and GaN. Silicon will keep the major part of this market, but SiC is gaining momentum with the demand for modules for xEV. GaN’s main application will continue to be power supplies for consumers.

In the long term, the total wafer production is increasing alongside the growing power electronic device demand from renewables, automotive and industrial applications. To cope with the demand, Silicon wafers for power applications will grow to about 47M 8-inch equivalent wafers/year. Meanwhile, wafer players are focusing on 12-inch. SiC’s transition to 8-inch is taking place, and in the coming years, we will see it take a greater share of the market.

Expansions for power electronics keep on worldwide at wafer, device and packaging level

Today, China is the major buyer of power components, followed by Asia/Pacific and Europe. New growth areas, previously less active in semiconductor manufacturing, are found where major companies are investing to supply Asia, other than China, such as Malaysia, Vietnam, and Singapore.

The silicon wafer market is dominated by five top players with 88% of the market, led by Sumco, Siltronic, and Global Wafers. Most of the manufacturers are in Asia/Europe.

Top device manufacturers are pushing the different device technologies: Si, GaN, and SiC. We have noticed that a few players pushing GaN have stepped back on R&D to wait for a market increase before investing further (such as onsemi, Alpha and Omega).

China remains the leader in investments for manufacturing expansion in 300mm, but also in 200 and 150mm. Main power IDMs and foundries are constructing/expanding 300mm lines (Infineon, Bosch, Toshiba, Nexperia, etc.). A few 200mm lines are being built worldwide, and 150mm lines are being re-furbished to 200mm (BYD, Infineon, CRCC, Wolfspeed, etc.).

Many options to achieve customer requirements

When designing power converters, the key consideration is balancing performance and cost. Multiple factors, such as system design, passive choices, semiconductor materials, and integration, must be considered to achieve the desired results. At the converter level, trends like hybridization, modularity, higher efficiency, and increased power levels influence component decisions. Device-level developments focus on enhancing overall performance and efficiency, with integration and packaging advancements improving thermal performance and reliability. Silicon remains the primary material for power electronics at the wafer level, while research centers explore materials like Bulk GaN, Ga2O3, and Diamond, but large-scale implementation is still in progress.

ABB, Alpha&Omega Semiconductor (AOS), Amkor, Analog components, ASE Group, Bosch, BYD, Cree, CRRC, Danfoss, Denso, Dialog Semiconductor, Diodes Incorporated, Diotec Semiconductor, Episil, EXAGAN, Fuji Electric, GaN Systems, General Electric, Global Wafers, GTA Semiconductor, Hitachi, Honda, Huawei, Infineon, Ingeteam, Littelfuse, MACMIC, Magnachip, Maxim Integrated, Microchip, Mitsubishi Electric, Monolithic Power Systems, Navitas, Nexperia, NXP, Okmetic, onsemi, Panasonic, Powerex, Power Integrations, Qualcomm, Renesas, ROHM Semiconductor, Sanken, Semikron, Shindengen, ShinEtsu, Siemens, Silan Microelectronics, Siltronic, Sino-Microelectronics, Soitec, STMicroelectronics, StarPower, Sumco, Sungrow, Tesla, Texas Instruments, Toshiba, Toyota, Transphorm, UnitedSiC, UTAC, Valeo, Vishay, Volkswagen, and more.

Key features 

• 2022-2028 forecast for power converters
• 2022-2028 forecast for Silicon, SiC and GaN devices by application, by packaging type
• Silicon device shipment forecast 2022-2028
• Market trends for all segments
• Overview of the Power electronics supply chain, including  power device manufacturers, packagers and passive component suppliers
• Key mergers and acquisitions
• Overview of power electronics development by region
• Overview of main technology status

What's new

• 2022-2028 forecast updates from converter to device and wafer
• Updated overview of power electronics industry: supply chain, business models, technology status and trends

Product objectives

Yole Intelligence has released this report, Status of the Power Electronics Industry 2023, to provide an overview and an update for every power electronics market forecast and technology trend, from wafer level to inverter level for each different segment.

This is an updated version of our report, Status of the Power Electronics Industry 2022.

The 2023 report’s main objectives are as follows:

• Closely examine the status of the entire power market, updating different forecasts from the 2022 report.
• Research the dynamics of each component type, from wafers to MOSFETs, IGBTs, power modules, converters, etc.
• Overview of the market shares of the power electronics market by different material types (Si, SiC, GaN).
• Explore the market shares of the different component types and materials.
• Provide an overview of the main power applications and relevant market trends and their impact on the evolution of technology.
• Summarize the global power supply chain, i.e., for wafers, components, packaging, batteries, etc.
• Review the 2022 top power electronics players ranking and review the top 3 players.
• Review the latest mergers and acquisitions and manufacturing capacity expansions.
• Analyze the latest trends in companies’ business strategies.
• Give a global overview of technology trends for different power electronics devices.