Definition and Scope of PowerSemiconductor Device
Power Semiconductor Device refer to core electroniccomponents used for power conversion and circuit control. They are capable ofwithstanding high voltage and large currents, while efficiently managing andcontrolling electrical energy. Specifically, Power Semiconductor Device areprimarily used for converting voltage and frequency, such as converting DC toAC, AC to DC, etc. They enable precise control of engine cycles from low tohigh speed, transfer electricity generated by solar cells to power stations,and provide stable power supplies to various electrical appliances.
Essentially, a Power Semiconductor Device functionsas an electrical switch. It can conduct currents ranging from a few amperes toseveral thousand amperes under low resistance, and can control high voltages(up to thousands of volts) and large currents within milliseconds or evenmicroseconds.
From a category perspective, Power SemiconductorDevice can be classified into power discrete devices, power modules, and powerICs. Among them, power devices mainly include diodes, thyristors, andtransistors. Power ICs include power management ICs and driver ICs, amongothers. Diodes and thyristors were developed relatively early and have simplerstructures and manufacturing processes. Currently, IGBTs and MOSFETs, whichbelong to the transistor family, are experiencing rapid demand growth and arein a highly prosperous downstream application phase.
Power Semiconductor DeviceMarket Analysis
According to data from BossonResearch, the global Power Semiconductor Device market size is estimated to beapproximately USD 51.281billion in 2024, and is projected to grow explosivelyto USD 78.81 billion by 2033, representing a compound annual growth rate (CAGR)of 4.89%. The rapid increase in global adoption of new energy technologies isexpected to continue driving downstream demand for power devices, with IGBTsand high-power MOSFETs being the main growth drivers.
MOSFETs offer advantages such as high inputimpedance, low noise, good thermal stability, simple manufacturing processes,and strong radiation resistance. They are typically used in amplifier andswitching circuits. IGBTs, which combine the features of BJTs and MOSFETs,incorporate the advantages of both—high input impedance, low conduction voltagedrop, low driving power, and low saturation voltage.
Source: Secondary Sources, Press Releases, ExpertInterviews and Lookwhole Insight, 2025
The report from BossonResearch points out that China is the largest consumer market for PowerSemiconductor Device, accounting for approximately 40% of the global marketshare. In 2024, China's Power Semiconductor Device market is valued at aroundUSD 20.565 billion, with a projected CAGR of 5.68% from 2025 to 2032.
Overall, although China's PowerSemiconductor Device industry started relatively late, it has developedrapidly. In 2023, as the global economy slowed, the growth rate of the PowerSemiconductor Device market also decelerated. On one hand, demand for consumerelectronics-related products was relatively weak. On the other hand,competition intensified in sectors such as automotive and new energy, leadingto a relatively saturated market.However, entering 2024, driven by nationalpolicies, the process of domestic substitution in China's Power SemiconductorDevice sector continues to accelerate.
Analysisof the Power Semiconductor Device Industry Chain
Upstream Segment
The upstream segment primarily includes the supply of basic rawmaterials and manufacturing equipment required for Power Semiconductor Device.Core raw materials include traditional silicon (Si) as well as emergingthird-generation semiconductor materials such as silicon carbide (SiC) andgallium nitride (GaN). These newer materials offer high voltage resistance,high-frequency performance, and thermal stability, making them widely used inhigh-end applications such as new energy vehicles (NEVs), high-voltage powersupplies, and 5G communications.
In addition, epitaxial wafers (epi-wafers) are fundamental formanufacturing high-performance power devices and require stringent technicaland quality standards. The upstream segment also includes a variety ofequipment suppliers, covering wafer fabrication equipment (such asphotolithography 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 (AdvancedMicro-Fabrication Equipment Inc.)
Midstream Segment
In the manufacturing process of PowerSemiconductor Device, monocrystalline silicon is produced using the Czochralski(CZ) or Float Zone (FZ) methods, then sliced and polished into wafersubstrates. 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, andmultiple dies are connected and packaged into power modules. Finally, thepackaged power transistors or modules are integrated into power systems such asinverters.
From a product structure perspective, PowerICs are the largest category in terms of shipment volume, accounting for over50% of the Power Semiconductor Device 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 powerdevices in 2024, accounting for 45.62%, followed by IGBTs and power diodes.Together, these three types make up over 90% of the discrete power devicemarket.
Downstream Segment
The major downstream markets for Power Semiconductor Device areautomotive, industrial, and consumer electronics, which together haveconsistently accounted for over 75% of total demand in recent years. However,emerging application fields such as solar PV and energy storage have alsorapidly grown, becoming key areas for Power Semiconductor Device expansion.
With increasing electrification trends, new energy vehicles (NEVs) arethe fastest-growing downstream market. Power Semiconductor Device are widelyused in systems such as motor controllers, on-board chargers (OBCs), and DC-DCconverters. Other major application areas include industrial automation, powermanagement (e.g., server power supplies, fast-charging adapters), homeappliances, rail transit, and renewable energy generation (wind and solar).
In these applications, Power Semiconductor Device play a critical rolein improving energy efficiency, reducing device size, and enhancing systemreliability, making them key enablers of system upgrades and energy savings.
Representative end-user companies include:
BYD, Tesla, Huawei, Sungrow Power, Schneider Electric, Midea, DeltaElectronics
Competitive Landscape of the PowerSemiconductor Device Market
According to the report by Bosson Research, the global PowerSemiconductor Device market is relatively concentrated, with majormanufacturers primarily located in Europe, the United States, Japan, andTaiwan. Most of these companies operate under the IDM (Integrated DeviceManufacturer) model. Infineon is the global leader in the Power SemiconductorDevice sector, holding a market share of 13.5%, followed by Texas Instruments,onsemi, and others. Infineon maintains a dominant position in both the MOSFETand IGBT markets, where market shares are highly concentrated among a few keyplayers.
Source: Secondary Sources, Press Releases, Expert Interviews and LookwholeInsight, 2025
Power Semiconductor DeviceMarket Development Trends
1. ContinuedIncrease in Integration
Compared to individual discrete power devices,power modules and power ICs with higher levels of integration offer greaterreliability, compactness, and efficiency, making them more suitable forhigh-voltage and high-current applications. Power modules are composed ofmultiple discrete power transistors connected in series or parallel based onspecific functions, which simplifies external circuit design and enhancesreliability.
2. OngoingOptimization of Downstream Markets:
High-growth demand in sectors such as new energyvehicles (NEVs), photovoltaics, and wind power—combined with high performancerequirements and a relatively favorable competitive landscape—is acceleratingthe penetration of domestic power device manufacturers into the new energymarket. The increasing revenue contribution from the new energy sector isexpected to further drive rapid business growth.
3. Upgradeto Larger Wafer Sizes
Compared to 6-inch and 8-inch wafers, 12-inch waferproduction lines offer lower costs, superior process capabilities, and improvedproduct performance. Leading domestic manufacturers such as Wingtech, SilanMicro, and China Resources Microelectronics are actively investing in 12-inchcapacity. Meanwhile, other Fabless companies are accelerating product andprocess development based on the 12-inch platform. This upgrade is expected tofurther optimize costs and improve product performance.
4. ContinuousProcess Innovation
Power Semiconductor Devices are advancing alongseveral technological paths—from uncontrollable to current-controlled tovoltage-controlled devices; from low, medium, and high power to ultra-highpower; and from discrete components to power modules, intelligent power modules(IPMs), and dual in-line IPMs. In terms of device structure, MOSFETs haveevolved from planar types to trench types, super junctions, and shielded-gatestructures, significantly enhancing voltage tolerance and switching frequency.IGBTs have progressed through punch-through, non-punch-through, field-stoptechnologies, and planar/trench gate structures, with each generation improvingbreakdown voltage, reducing loss, and lowering on-resistance.
5. SignificantEnhancement in Device Performance
As the structural improvements of silicon-based PowerSemiconductor Devices approach their theoretical limits, wide bandgap (WBG)materials are demonstrating superior characteristics. Compared to traditionalsilicon, WBG materials offer better performance in terms of breakdown voltageand switching frequency. They are expected to gradually replace silicon-baseddevices and become the mainstream choice for high-voltage and high-frequencyapplications.
