Power Semiconductor Market 2022 New Report | Growth Forecast 2030
Description According to the Market Statsville Group (MSG), the global power semiconductor market size was valued at USD 19.3 billion in 2021 . It is expected to reach USD 25.3 billion by 2030 , registering a CAGR of 4.8% from 2022 to 2030. Power semiconductors perform similar tasks as regular semiconductor devices. These high-performance components can handle extreme voltages, high electrical currents, and frequencies up to several gigawatts. Like all semiconductor devices, power semiconductors are used to rectify and amplify electrical signals or turn the flow of electricity on and off. These are typically used for industrial applications and the long-distance transmission and distribution of electricity. The developments by the manufacturers are expected to boost market growth. For instance, in April 2019, Tesla had introduced the new Model S and Model X with silicon carbide power electronics in the drive unit, and BorgWarner intr...