Power Discrete and Modules Market Scope 2031
The power discrete and modules market size is projected to reach US$ 44.25 billion by 2031 from US$ 26.74 billion in 2023. The market is expected to register a CAGR of 6.5% during 2023–2031. Innovation in automotive electronics is likely to remain a key trend in the market.
Power Discrete and Modules Market Analysis
The rise in popularity of silicon carbide power devices is leading to a revolution in the power discrete and module market. There has been a rise in the need for power electronics modules in different industry sectors, especially in developed regions such as the US, Europe, and China. Due to the increasing demand for photovoltaic inverters, industrial motor drives, and electro-mobility, companies in this sector are introducing a range of products like silicon carbide Schottky barrier diodes and power MOSFETs.
The use of power devices in power electronics has risen because they can operate at higher voltages and temperatures than traditional silicon semiconductor devices. Using these SiC devices results in reduced power loss and smaller power circuit sizes. Power devices have been experiencing a robust growth rate due to the increasing use of electric vehicles and photovoltaic inverters. In addition, the governments of China, Japan, and the US make substantial investments in smart grid technology to enhance their electricity infrastructures. Therefore, it is anticipated that these factors will contribute to the expansion of the power discrete and module market.
Power Discrete and Modules Market Overview
Power discrete and modules are widely used in different industries, including medical and aerospace & defense sectors. The modules provide a controlled power source to the flight controller as well as necessary details on battery current and voltage. Utilizing the current and voltage data to calculate consumed power assists in estimating the remaining battery capacity. This enables the flight controller to show failsafe warnings if there is low power. Drones play an important role in modern warfare scenarios. There is an increasing need for drones in the defense industry for tasks like aerial videography, mapping, and surveillance in every country. In 2021, India intends to finalize a $3 billion agreement for Predator B weaponized drones. Diodes are commonly used in rectifiers, clipper circuits, clamping circuits, voltage multipliers, logic gates, solar panels, and reverse current protection circuits. A few practical uses of diodes include emitting light, dissipating inductive load, and sensing and controlling. As industrial applications advance, the use of high-power diodes is becoming more popular in the market, anticipated to have a positive impact on market growth in the future.
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Power Discrete and Modules Market: Strategic Insights
Market Size Value in US$ 23,572.48 million in 2021 Market Size Value by US$ 36,716.68 million by 2028 Growth rate CAGR of 6.5% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Power Discrete and Modules Market: Strategic Insights
| Market Size Value in | US$ 23,572.48 million in 2021 |
| Market Size Value by | US$ 36,716.68 million by 2028 |
| Growth rate | CAGR of 6.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Power Discrete and Modules Market Drivers and Opportunities
Increasing Requirement for SiC-Based Power Devices AC to Drive Growth of the Market
IGBT type power modules are specifically designed for managing high currents. The power modules utilize Si IGBT paired with fast recovery diodes (FRDs). Numerous manufacturers have begun offering innovative modules that combine SiC MOSFETs with SiC Schottky barrier diodes (SBDs). These modules reduce switching losses from IGBT tail current and FRD recovery loss. Sic models have enhanced power supply efficiency and basic cooling methods, as well as reduced peripheral components due to their high-frequency operation. SiC-MOSFET has a higher capability of switching at high speeds compared to Si-IGBT used in current power modules.
There is an increasing demand for SiC power modules in the aerospace industry. Thales Group has created specialized power modules to fulfill the requirements of Urban Air Mobility (UAM) and More Electric Aircraft (MEA). The COTS Aero power module from the company is a complete SiC leg power module specifically designed for DC/AC power conversion applications up to 260 kW at altitudes reaching 44,000 feet in non-pressurized zones. The demand for SiC MOSFET power modules is growing because of their high-frequency and highly efficient performance in 3-phase solar inverters, batteries, and UPS management.
Growing Use of Electric Vehicles (EVs)
The need for power electronics in EV systems, specifically power discrete and modules for inverters and converters, is increasing due to the growing number of people worldwide transitioning to electric vehicles. The surge in popularity is caused by the rising sales and rapid expansion of electric vehicles, which reached over ten million in 2022, with the proportion of electric vehicles in overall sales more than tripling in three years, from approximately 4% in 2020 to 14% in 2022. The rise in worldwide investment in electric vehicles has resulted in car manufacturers, both established and new players, earning greater profits due to the increasing popularity of EVs.
Power Discrete and Modules Market Report Segmentation Analysis
Key segments that contributed to the derivation of the power discrete and modules market analysis are type, application, material and wafer size.
- Based on type, the market is segmented into power discrete and power module. The power discrete segment held a significant market share in 2023.
- In terms of application, the market is divided into industrial, consumer electronics, IT & telecom, automotive, and others. The Industrial segment held a substantial share of the market in 2023.
- Based on material, the market is segmented into Si, SiC, and GaN. The Si segment held a significant market share in 2023.
- Based on wafer size, the market is segmented into Up to 200 mm and 300 mm. The Up to 200 mm segment held a significant market share in 2023.
Power Discrete and Modules Market Share Analysis by Geography
The geographic scope of the power discrete and modules market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Companies are engaging in joint ventures to establish their strong presence in the Asia Pacific region. For instance, in October 2021, (Zhenghai Group) and ROHM Co., Ltd. are collaborating. (ROHM) and Semiconductor Manufacturing Co. have entered into a collaboration to create a new company focused on the power module business. The upcoming establishment of "HAIMOSIC (SHANGHAI) CO., LTD." in China is set for December 2021, with Shanghai Zhenghai Semiconductor Technology Co., Ltd. holding an 80% ownership stake. (Zhenghai Semiconductor) is owned by Zhenghai Group to the tune of 80%, with the remaining 20% belonging to ROHM. The new firm will participate in a joint venture focusing on creating, designing, producing, and selling power modules utilizing silicon carbide (SiC) power devices. The goal is to establish a power module enterprise suitable for traction inverters and other new energy vehicle applications. The agreement allows for the creation of highly effective power modules by integrating the inverter technology from Zhenghai Group companies, module technology from both companies and ROHM's advanced SiC chips. Development such as this is expected to boost the market in Asia Pacific.
Power Discrete and Modules Market Report Scope
Power Discrete and Modules Market News and Recent Developments
The power discrete and modules market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the power discrete and modules market are listed below:
- onsemi announced the availability of its 1200V SPM31 Intelligent Power Modules (IPMs) featuring the latest generation Field Stop 7 (FS7) Insulated Gate Bipolar Transistor (IGBT) technology. The SPM31 IPMs deliver higher efficiency, smaller footprint and higher power density, resulting in lower total system cost than other leading solutions on the market. Given the greater efficiency realized using optimized IGBTs, these IPMs are ideal for three-phase inverter drive applications such as heat pumps, commercial HVAC systems, servo motors, and industrial pumps and fans.
(Source: onsemi, Press Release, February 2024)
- STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, will supply BorgWarner Inc. (NYSE: BWA), a global leader in delivering innovative and sustainable mobility solutions, with the latest third-generation 750V silicon carbide (SiC) power MOSFETs dice for their proprietary Viper-based power module. This power module is used in BorgWarner’s traction inverter platforms for several current and future Volvo Cars electric vehicles.
(Source: STMicroelectronics, Press Release, August 2023)
Power Discrete and Modules Market Report Coverage and Deliverables
The “Power Discrete and Modules Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Power discrete and modules market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Power discrete and modules market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Power discrete and modules market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the power discrete and modules market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Material, and Wafer Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Increasing requirements for SiC-Based power devices AC and extension of telecommunications infrastructure are driving the market.
Innovation in automotive electronics is a key trend in the market.
INFINEON TECHNOLOGIES AG, Mitsubishi Electric Corporation, Toshiba Corporation, ON Semiconductor Corporation, STMicroelectronics, NXP Semiconductors, Renesas Electronics Corporation, Texas Instruments Incorporated, ROHM CO., LTD., and Semtech Corporation are major players in the market.
The market is expected to reach a value of US$ 44.25 billion by 2031.
The market is anticipated to record a CAGR of 6.5% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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