【World Express】In 2035, The Global Power Semiconductor Market is Expected to Reach 370 Billion Yuan

      Recently, Fujifilm Economics conducted a survey of the global market for power semiconductors, their components and manufacturing equipment in February 2024, and predicted that the market size will increase to 370 billion yuan in 2035 from 150 billion yuan in 2023.

      Among them, the focus of attention is the new generation of power semiconductors of Silicon Carbide, Gallium Nitride and Gallium Oxide

      In February 2024, Fujifilm Economics conducted a survey of the global market for power semiconductors, their components and manufacturing equipment, and published the market forecast through 2035. Based on the market size of 150 billion yuan in 2023, the market size of power semiconductors is expected to reach 370 billion yuan by 2035. Among them, the share of new-generation power semiconductors such as SiC (Silicon Carbide) is expected to increase to about 45% by 2035.

      The survey covers 18 products, 20 component products and 19 manufacturing equipment products for power semiconductors. The survey covered the period from October 2023 to February 2024.

      The "power semiconductor market" in 2023 grew by 5.2% compared to 2022. Among them, the market size of silicon-based power semiconductors is about 132.3 billion yuan, while the market size of next-generation power semiconductors based on SiC and GaN is 18.7 billion yen, which is a relatively small size, but an increase of 62.2 percent year-on-year.

      According to the market forecast for 2035, the market size of silicon power semiconductors is 205.5 billion yuan, while the market size of next generation power semiconductors is 164.6 billion yuan. The next generation power semiconductor market is expected to expand further with the popularity of electric vehicles, among others. The survey will also target practical SiC and GaN, as well as "Gallium Oxide" for mass production from 2024, and "diamond" for market launch from around 2030.

Global Power semiconductor market forecast Source: Fujifilm Economics

      The global market for "components" is expected to grow from 23.2 billion yuan in 2023 to 86.6 billion yuan in 2035. The survey covers "wafers", "front-end materials" and "back-end materials", but more than 95 percent of the market is made up of wafers and back-end materials. In the future, the demand for back-end materials in the automotive and electrical equipment industries is expected to increase. In addition, in addition to SiC wafers, Gallium Nitride wafers and Gallium Oxide wafers are also expected to grow in the medium to long term.

      The global market for "manufacturing equipment" is expected to grow from 26.5 billion yuan in 2023 to 52.3 billion yuan in 2035. The market is mainly divided into "front-end process equipment", "back-end process equipment" and "inspection/test equipment", with front-end process equipment accounting for nearly 80 percent of the market share. With the expansion of the electric vehicle market in China and other places, there will be active investment activities in SiC power semiconductor equipment in 2023. This will slow the growth rate in 2024, but it is expected to expand again thereafter.

      The report identifies three key markets: "SiC power semiconductors ", "GaN power semiconductors "and" Gallium Oxide power semiconductors ".

      Demand for Silicon Carbide power semiconductors used in automotive, electrical applications and energy was strong, growing 63% year-on-year to 18.4 billion yuan in 2023; From 2025 onwards, capital investment in equipment for major semiconductor manufacturers will be completed and large-scale production systems will be improved. Given these factors, the market size is expected to reach 150 billion yuan by 2035.

      The main market for GaN power semiconductors is for fast-charging AC adapters and server power supplies. The market is expected to grow to 12.7 billion yen by 2035 from 350 million yuan in 2023. In addition to the traditional application market, it is expected to be applied to in-car chargers and DC-DC converters for automobiles and electrical equipment in the future.

      Gallium Oxide power semiconductors are still in the sample evaluation phase. The market is expected to reach 28.5 million yuan by 2024 as FLOSFIA and Novel Crystal Technology begin mass production. In the future, considering its application in automotive and electrical fields, the market size is expected to expand to 1.83 billion yuan by 2035.