Power Discrete and Modules Market Size, Trends and Growth Analysis by 2027

The global market for power discrete components and modules is projected to expand from US$ 23,572.48 million in 2021 to US$ 36,716.68 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.5% during the period from 2021 to 2028.

A high voltage direct current (HVDC) electric power transmission system employs direct current for the transfer of electrical energy, distinguishing it from the more prevalent alternating current systems. This system is often referred to as an electrical superhighway or power superhighway. A key component in facilitating flexible power transfer within an HVDC transmission system is the high power insulated gate bipolar transistor (IGBT) module. The infrastructure of overhead HVDC power transmission systems is capable of transmitting greater amounts of power compared to high voltage alternating current (HVAC) systems. For instance, the 3,300 V 1,500 A IGBT modules are utilized in flexible HVDC projects across China, with an expected operational lifespan of approximately 30 to 40 years.

In 2021, Bharat Heavy Electricals Limited (BHEL) was instrumental in the establishment of the +800 kV, 6,000 MW ultra-high voltage direct current (UHVDC) link connecting the Southern Region Grid in Pugalur, Tamil Nadu, to the Western Region Grid in Raigarh, Chhattisgarh. Additionally, in 2020, the Maharashtra state government in India announced plans to develop a 1 GW underground HVDC power transmission network, with an investment nearing US$ 1.08 billion. Such increasing investments in HVDC systems are expected to generate significant opportunities for power modules in the future.

The power discrete and modules market is categorized based on several factors including type, application, material, wafer size, and geographical region.

In terms of type, the market is divided into two segments: power discrete and power module. The power discrete segment held a larger share of the overall market in 2020. When considering applications, the market is segmented into industrial, consumer electronics, IT & telecom, automotive, and others. The consumer electronics segment represented a significant portion of the market share in 2020. Regarding materials, the market is classified into silicon (Si), silicon carbide (SiC), and gallium nitride (GaN), with the Si segment dominating the market in 2020. The wafer size segmentation includes up to 200 mm and 300 mm, where the up to 200 mm segment also accounted for a larger share in 2020. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with the Asia Pacific region holding a substantial share of the global market in 2020.

The impact of the COVID-19 pandemic in 2020 varied across different countries in Europe. Major nations such as Germany, France, Italy, the UK, and Russia experienced significant disruptions due to rising case numbers, leading to stringent lockdowns and social distancing measures. These restrictions adversely affected automotive electronics sales and caused interruptions throughout the value chain.

Despite these challenges, various market research studies indicate that the European power discrete and modules market experienced some positive effects due to the pandemic. However, the shortage of skilled labor, exacerbated by government regulations in key countries like Germany, the UK, and France, has hindered market growth in the European power electronics sector.

The overall size of the power discrete and modules market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast for the power discrete and modules market across all segments. Furthermore, primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders in the power discrete and modules market.

Key players in the global power discrete and modules market include 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.