According to the recent research report titled ‘Global Power Semiconductor market by Component (Discrete, Module, Power Integrated Circuits), Material (Silicon/ Germanium, Silicon Carbide, Gallium Nitride), End-User Industry (Automotive, Consumer Electronics, IT & Telecommunications, Military & Aerospace, Power, Industrial), Regional Forecasts 2021-2027’, available with MarketStudyReport, global power semiconductor market size was worth USD 37.9 billion in 2020 and is expected to multiply with a CAGR of 3.17% over 2021-2027, subsequently amassing a valuation of USD 47.2 billion by end of the forecast period.
 

Growing demand for energy-efficient battery-powered portable devices and increasing requirement for consumer electronics and wireless communications are driving global power semiconductor market growth.
 

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Modern power electronic circuits equipment and instruments rely heavily on power semiconductors. These components are used in advanced computer systems, advanced electric motor control, wireless communication, antennas, propagation & satellite systems, motion control & servo drives, broadband wireless methods, and other applications.
 

Systems, machinery, and electrical appliances cannot function without these components, hence adding to the demand for the product.
 

Speaking of restraints, lack of silicon wafers and changing requirements are likely to hamper worldwide power semiconductor industry over the study duration.
 

Coming to geographical ambit, Europe, North America, Asia Pacific, and Latin America are the key areas considered for the regional assessment of the overall market.
 

The report states that Asia Pacific presently accounts for considerable portion of overall market share, owing to favorable government regulations and policies. Furthermore, emerging electronics hubs like namely, China, Japan, Taiwan, and South Korea lead the region's semiconductor sector growth, producing millions of electronic products each year for consumption and exporting to other countries.
 

As per the Federation of Indian Chambers of Commerce and Industry (FICCI), India's electronics consumption is expected to grow at a CAGR of 25% between 2012 and 2020. In December 2020, ROHM Semiconductor of Kyoto, Japan, and United Automotive Electronic Systems Co. Ltd (UAES), a Chinese tier-1 automotive manufacturer, held an opening ceremony at UAES' headquarters in Shanghai, China, to announce the establishment of a joint laboratory for silicon carbide (SiC) technology. Similar developments undertaken by other industry partakers are predicted to augment the regional market share.
 

Top firms impacting global power semiconductor market trends are Fuji Electric Co. Ltd., Toshiba Corporation, ROHM Co. Ltd., Semikron International GmbH, Alpha & Omega Semiconductor Ltd., Renesas Electronics Corporation, Magnachip Semiconductor Corporation, Vishay Intertechnology Inc., ON Semiconductor Corporation, and Mitsubishi Electric Corporation.