The global power semiconductor market size was US$ 18.9 billion in 2021. The global power semiconductor market is forecast to grow to US$ 24.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030. 
A power semiconductor is used in power electronics as a rectifier or switch. Power semiconductors carry out comparable functions to conventional semiconductor technology. Extreme voltages, large electrical currents, and frequencies up to several gigawatts can all be handled by these high-performance components.

Factors Influencing the Market
The global power semiconductor market is driven by the rising demand for consumer electronics and wireless communication technologies. In addition, the demand for energy-efficient battery-powered portable devices is growing steadily, which is expected to bring lucrative growth opportunities for the power semiconductor market during the forecast period. 
Lithium-ion technology is considered one of the best power sources. However, the technology has some limitations, such as low battery life, which is forecast to drive the demand for superior solutions. Thus, it will be opportunistic for the manufacturers. Apart from that, rising innovations by the manufacturers, such as the new era of fast charging adapters by OPPO, one plus, Motorola, Samsung, Apple, etc., will boost the growth of the power semiconductor market. 
On the flip side, a shortage of silicon wafers may limit the growth of the market during the study period.

COVID-19 Impact Analysis
The COVID-19 disease outbreak hampered the growth of the global power semiconductors market as the industry has experienced a dramatic reduction in demand and sales. Business strategists reduced production in order to adhere to the guidelines. Apart from that, the consumer electronics and automotive sectors witnessed a sharp decline in terms of revenue, which, in turn, halted the demand for power semiconductors.

Regional Analysis
Asia Pacific is predicted to experience the greatest CAGR in the power semiconductor market over the projected period. China is among the largest producers of electronic products around the globe. Apart from that, energy output will certainly increase as a result of the nation's anticipated rise in energy demand. For instance, China unveiled the second-biggest solar power plant in the world in October 2020. Thus, it will significantly contribute to the growth of the power semiconductor market during the study period. 
North America holds second place in the power semiconductor market, owing to the growing economic developments and increasing living standards of the people. Apart from that, the growing trend of autonomous vehicles will bring untapped growth opportunities for this power semiconductor market during the study period.

Competitors in the Market
• Mitsubishi Electric
• NXP Semiconductor Inc.
• Fuji Electric
• Infineon
• ABB
• Semikron
• Hitachi
• Renesas Electronics
• Toshiba
• Broadcom Inc.
• Other Prominent Players

Market Segmentation
The global power semiconductor market segmentation focuses on Component, Material, End-Users, and Region. 
By Component Outlook
• Discrete
• Module
• Power Integrated Circuits
By Material Outlook
• Silicon/Germanium
• Silicon Carbide (Sic)
• Gallium Nitride (Gann)
By End-Users Outlook
• Automotive
• Consumer Electronics
• IT and Telecommunication
• Military and Aerospace
• Power
• Industrial
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America