North America to Dominate Next-Generation Power Semiconductors Market
The global next-generation power semiconductors market is expected to exhibit steady progress over the forecast period from 2016 to 2027, according to the latest research report from Market Research Future (MRFR). The report presents a detailed overview of the global next-generation power semiconductors market by profiling the market’s historical growth trajectory and present conditions. This information is used to produce accurate, reliable projections about the market’s likely growth trajectory over the forecast period till 2027. Primary and secondary information is used in the report to gain an accurate picture of the market’s present condition. Major drivers and restraints affecting the global next-generation power semiconductors market are examined in the report to provide a clear overview of the market’s major motivators. Leading players operating in the global next-generation power semiconductors market are also profiled in the report to give readers an accurate overview of the competitive landscape of the market. The report also examines the impact of the COVID-19 pandemic on the global next-generation power semiconductors market.
Next-generation power semiconductors are being developed in order to cater to the growing demand for semiconductors that can conduct electricity more efficiently. Conventional power semiconductors have been in use for a long period of time. However, the growing demand for stronger and more efficient power conduction in various applications has led to a growing demand for next-generation power semiconductors. This is likely to be a major driver for the global next-generation power semiconductors market over the forecast period.
The growing demand for renewable energy is likely to be a major driver for the global next-generation power semiconductors market over the forecast period. Renewable energy generation mechanisms rely on intermittent sources of energy such as the sun and the wind, making effective and efficient conduction of the generated energy vital. Any wastage of power in renewable energy mechanisms is unacceptable, leading to a growing demand for next-generation power semiconductors. This is likely to be a major driver for the global next-generation power semiconductors market over the forecast period. Wind and solar power have become widely popular in the world due to their potential to create carbon-free, emission-free, clean power and reduce the overall carbon emissions. Reducing carbon emissions and other toxic and greenhouse emissions has become a major agenda for commercial entities as well as countries all over the world, leading to growing demand for renewable energy mechanisms. Growing government support for renewable energy mechanisms is likely to be a major driver for the global next-generation power semiconductors market over the forecast period.
Competitive Leaderboard:
Leading players in the global next-generation power semiconductors market include Renesas Electronics, Vishay Intertechnology, Semikron, Fuji Electric, NXP Semiconductors, Fairchild, Toshiba, Mitsubishi Motors, STMicroelectronics, and Infineon Technologies.
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Segmentation:
The global next-generation power semiconductors market is segmented on the basis of product material, device, application, and region.
By product material, the global next-generation power semiconductors market is segmented into GaN (gallium nitride) and SiC (silicon carbide).
By device, the global next-generation power semiconductors market is segmented into diodes, MOSFET/IPD, and IGBT/power module.
By application, the global next-generation power semiconductors market is segmented into renewable energy, hybrid and electric vehicles, smart homes, LED lights, and others.
Regional Analysis:
North America is the leading regional market for next-generation power semiconductors and is likely to retain its position over the forecast period due to the growing demand for next-generation power semiconductors from the automotive industry in the region. The automotive industry in North America has shown strong support to electric vehicles in recent years, with many manufacturers producing electric versions of their popular cars, as well as new electric models. Consumers in North America have also emerged as major consumers of electric vehicles due to the growing awareness among them about the benefits of electric vehicles. The strong presence of semiconductor manufacturers in North America is also a major driver for the global next-generation power semiconductors market.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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