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The global market size of power components is about $654.38+04 billion.
According to the forecast of Memphis Consulting Company, the market size of power electronics is expected to increase from $39.03 billion in 20 18 to $510 in 2023, and the CAGR in the forecast period from 20 18 to 2023 is 5.5%. The main factors driving this market growth are the upgrading of power infrastructure and the increasing demand for energy-saving batteries for portable devices.
The global market size of power devices is about $654.38+04 billion, accounting for 3.5% of the global semiconductor market, including $6.8 billion for MOSFET and $654.38+02.6 billion for IGBT, accounting for 48% and 9% of power semiconductor devices respectively. According to IEK survey, in recent years, thanks to the rapid development of electric vehicles and hybrid vehicles, the increase in the proportion of electric vehicles, and the rise of fast charging of mobile phones and new applications of the Internet of Things (IoT), power components have played an important role in improving energy conversion efficiency, and the industrial demand has gradually increased; In the future, the demand for semiconductors in electric vehicles is more than twice that of traditional vehicles, and the consumption of power components such as MOSFET is expected to increase greatly.
In the past, the MOSFET and IGBT markets were dominated by large companies. Infineon, Anson and Renesas account for nearly 50% of MOSFET market, while Infineon, mitsubishi electric and Fuji Electric account for 665,438+0% of IGBT market. This IDM vertical integration manufacturer, led by Infineon, mainly focuses on new products with high gross profit margin, and gradually withdraws from the general consumer product line of low-and medium-voltage MOSFETs, which leads to a growing gap between supply and demand of MOSFETs, and also makes the Taiwan Province factory gradually feel the effect of order transfer from the second quarter of last year. It is expected that this shortage trend will continue.
In developing countries, due to the increasing demand for electricity, the existing power resources are being rapidly consumed. The global demand for power infrastructure and the concern about the use of renewable energy are increasing. Governments around the world have continuously increased their investment in renewable energy sources such as solar energy and wind energy, and constantly formulated better on-grid tariff subsidy policies to help and encourage the development of photovoltaic projects.
Therefore, with the continuous development and technological progress of power semiconductors and the steady expansion of downstream industries of power devices, with the support of policy funds and the vigorous development of domestic new energy vehicles, China's domestic power semiconductor industry will usher in a golden period of development.
Unbalanced supply and demand in MOSFET market
According to the types of devices, the power electronics market can be divided into discrete devices, power modules and power integrated circuits (IC). In 20 17 years, power IC occupied the main market share of power electronics. Power integrated circuits, including power management integrated circuits (PMIC) and application specific integrated circuits (ASIC), are mainly used for high frequency, high power amplification and microwave radiation.
In terms of wafer supply, the cost of MOSFET and IGBT products considering 8-inch mask is only 12-inch110. In addition, there is still a requirement for leakage of power components, and the size cannot be reduced. Therefore, MOSFET power component IC design companies in Taiwan Province and Chinese mainland have been put into production in 8-inch fabs. However, due to the increasing demand for IC products such as fingerprint identification, image sensor (CIS) and power management (ICPMIC), the demand for 8-inch wafers is also increasing, resulting in an increase in the number of 8-inch wafers in the world.
The imbalance between supply and demand in MOSFET market has ushered in a rare growth opportunity for Taiwan Province factory for many years. In terms of upstream integrated circuit design, Dazhong and Li Jie have competitive advantages in PC market and consumer electronics products. It is expected that the downstream bargaining power will become stronger in the second half of the year, which will help them make profits. In terms of wafer production, the world's advanced 8-inch production capacity is at full capacity, the proportion of power management revenue continues to increase, the product structure is improved, and the future business prospects are optimistic.
High compound growth of new energy automobile industry
According to the application types, the power electronics market can be divided into power management, drive, uninterruptible power supply (UPS), railway traction, transportation, renewable energy and so on. During the forecast period from 20 18 to 2023, the power electronics market in transportation applications is expected to grow at the highest compound annual growth rate, which is mainly due to the increasing production of hybrid electric vehicles (HEV) and electric vehicles (EV) and the increasing global demand for electric vehicle charging stations.
According to vertical industry segmentation, the power electronics market can be divided into information and communication technology (ICT), consumer electronics, energy and electricity, industry, automobile, aerospace and national defense. During the forecast period, the automobile industry is expected to grow at the highest compound annual growth rate (CAGR), which is mainly due to the increasing number of hybrid electric vehicles (HEV) and electric vehicles (EV) and the increasing global demand for cars and other passenger cars.
Power electronics market forecast by region in 2023 (Source: Memphis Consulting)
Regionally, Asia-Pacific region (APAC) occupies the largest market share in the whole power electronics market, followed by Europe. During the forecast period, the power electronics market in the Asia-Pacific region is expected to grow rapidly. The key factors to promote the market development in the Asia-Pacific region include the increasing demand for power electronic devices in automobile and consumer applications, and a large number of power electronic manufacturing enterprises in the Asia-Pacific region. In addition, the demand for power electronic devices in industry, energy and power industry is also promoting the further development of this market in the Asia-Pacific region.
Key factors restricting the growth of power electronics market
The power electronics industry pays more and more attention to integrating multiple functions into one chip, which leads to the complexity of device design. The design and integration of complex devices require special skills, robust methods and various integration tools, which will increase the cost of devices. Therefore, the high cost limits the conversion of users to advanced equipment. Therefore, the complex design and integration process required by advanced devices are considered to be the key factors restricting the growth of power electronics market.
However, unlike the first and second generation semiconductor materials, the third generation semiconductor material is a wide band gap semiconductor material represented by gallium nitride and silicon carbide, which has outstanding advantages in thermal conductivity, radiation resistance, electric field breakdown ability and electron saturation rate, and is more suitable for high temperature, high frequency and radiation resistance occasions. Experts pointed out that the third generation semiconductor devices will be widely used in new energy vehicles and consumer electronics.
With the gradual maturity of preparation technology and the continuous reduction of production cost, the third generation semiconductor materials are constantly breaking through the bottleneck of traditional materials with their excellent properties, becoming the research frontier of semiconductor technology and the focus of industrial competition. The United States, Japan and the European Union are actively making strategic arrangements. The United States promoted the strategy of deploying the third generation semiconductor to the national level, and successively launched the "Broadband Gap Semiconductor Technology Innovation Plan" and "Nitride Electronics Next Generation Technology Plan", and formulated and promulgated the National Advanced Manufacturing Strategic Plan and other laws and regulations. In the development of the third generation semiconductor, the European Union focuses on the joint R&D project, trying to maintain the international leading level in the semiconductor field by optimizing the resource allocation among member States. As the first country in the world to focus on semiconductor lighting technology, Japan has reached the world leading level in the preparation and application of the third generation semiconductor devices.
At present, the main manufacturers in the international power electronics market are Infineon (Germany), mitsubishi electric (Japan), Texas Instruments (USA), Anson Semiconductor (USA), stmicroelectronics (Switzerland), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (Netherlands) and Vishay.
Intertechnology (USA), Maxim Semiconductor (USA), Semicon (Germany), ABB (Switzerland), Hitachi (Japan), Yardino Semiconductor (USA), Roma Semiconductor (Japan), Lite (USA), MGM Semiconductors (USA), Chipscreen Technology (USA), Chip Screen Technology (USA).