The global market for new packaged and materials for power devices is set to surpass a valuation of USD 2,500 Mn by 2023-end forecasts Market Research Future (MRFR). There has been a sharp rise in demand for power devices like metal-oxide-semiconductor field-effect transistor (MOSFET), Diode alternating current (DIAC), power diodes, insulated-gate bipolar transistor (IGBT), power transistors, silicon-controlled rectifiers (SCR), medium-chain triglyceride (MCT), and triode for alternating current (TRIAC). This is mainly attributed to the increased application of power devices in the electronics manufacturing industry. Advances in technology has bolstered the performance capacity of power devices.
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The growth of the semiconductor industry has augured well for the market. The importance of power device semiconductor products has continued to increase. The use of new materials such as GaN (gallium nitride) and SIC (silicon carbide) in the manufacturing of power devices is increasing. These materials offer higher durability and reliability. GaN or SIC based power devices can be used in high-intensity power circuits that need to endure a higher level of voltage.
The growing need for high-performance electronic components is boosting the demand for power devices. This, in turn, is driving the sales of power device packages such as wire bonding packaging, chip-scale packaging and hermetic packaging.
The market is also benefiting from the adoption of new-age building system technology, wireless system technology, and automotive technology. Moreover, increase focus on the adoption of energy-efficient technologies is creating growth avenues for the market.
The global market for new packages and materials for power devices market has segmented on the basis of package type & material and end use.
Based on package type and material, key segments include chip-scale packaging, silicon carbide (SiC), Gallium Nitrid (GaN), Gallium Arsenide (GaAs), and other (Hermetic packaging and Cu clip packaging). Based on end-use, key segment includes automotive, electronics, industrial, telecommunications and computing (computing and telecommunication, datacenters, gaming systems, and cryptocurrency), and others (energy generation and storage, aerospace & defense and EV charging stations. Of these, the automotive segment is expected to retain is top position in 2019 and beyond. This can be attributed to the exponential growth of the automotive industry in recent years. It is projected that the automotive segmented is set to exhibit a CAGR of 52.45% during the forecast period.
Europe, North America, Latin America, the Middle East & Africa (MEA) and Asia Pacific (APAC) are the key regions where the new package and materials for power devices market has been assessed.
Of these regions, Asia Pacific is at the top of the pecking order in terms of revenue generation. Currently, the APAC market stands at a valuation of USD 150 Mn and is forecast to demonstrate a robust CAGR of 49.58% from 2018 to 2023. The growth of the market is being driven the industrial growth and rapid urbanization in countries such as China, India, and the ASEAN belt. At the same time, the expansion of the semiconductor industry is also providing an impetus to the market in APAC.
North America holds the second spot in the global new packages and material for power devices market. In 2017, the North America market stood at over USD 70 Mn. Led by the U.S., the market in North America is leveraging from the presence of various end-use industries. The U.S. remains the primary investment destination for stakeholders. Attractive market opportunities are expected to arise in North America during the forecast period. The market in the region is expected to post 37.67% CAGR till 2023.
Some of the top-notch companies operating in the global market for new packages and materials include Remtec, Inc., Amkor Technology, Infineon Technologies AG, STMicroelectronics, Exagan, Efficient Power Conversion Corporation, Littelfuse, Orient Semiconductor Electronics Ltd., Mitsubishi Electric Corporation, Nxp Semiconductor, Semikron, Rohm Semiconductor, and On Semiconductor.
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