Global New Packages and Materials for Power Devices Market is Expected to Showcase Rampant Growth Over 2023 :
Market Research Future has published a Cooked Research Report on the Global New Packages and Materials for Power Devices Market.
As per the analysis by Market Research Future Reports (MRFR), the Global New Packages and Materials for Power Devices Market market are anticipated to experience a CAGR of 42.57% during the review period from 2019 to 2023.
Due to increased application in computers and telecommunication, demand for power semiconductors is expected to maintain its position throughout the review period. Materials like the Wide bandgap (WBG) such as SiC, gallium nitride (GaN) are increasingly used in packaging materials given the increasing need for higher power density. The point of emphasis on development semiconductor technology can facilitate energy saving is expected to help in the expansion of the global new packages and materials market 2020. Policymakers across the globe are introducing policies that will encourage the installation of energy-efficient systems. Recently, there has been increased adoption of solar power systems and energy management systems.
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Power devices such as metal-oxide-semiconductor field-effect (MOSFET), power transistors, Diode alternating current (DIAC), medium-chain triglyceride (MCT), silicon-controlled rectifiers (SCR), triode for alternating current (TRIAC) power diodes, an insulated-gate bipolar transistor (IGBT) are sought-after power electronic components. They are generally used in electronics manufacturing verticals due to their performance capacity.
The global new packages and materials for the power devices market can be segregated on the basis of package type and material, end-use, and region.
On the basis of package type and material, the global new packages and materials for power devices market can be divided into chip-scale packaging, wire binding packaging, silicon carbide (SiC), gallium nitride (GaN), Gallium arsenide (GaS), and others (hermetic packaging and Cu packaging).
On the basis of end-use, the global new packages and materials for power devices market can be segregated into automotive and telecommunications and computing, electronics, industrial and others (aerospace and defense, EV charging stations, energy generation, and storage). The telecommunications and computing sector can further be sub-divided into computing and telecommunication, data centers, gaming systems, and cryptocurrency.
On the basis of region, the global new packages and materials for power devices market can be segregated into North America, Europe, Asia-Pacific and the Rest of the World (RoW).
The regions analyzed as per the Market Research Future Reports (MRFR) are Europe, Asia Pacific, North America, Latin America and the Middle East and Africa (MEA).
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The APAC region is the most potential land for the new packages and materials for the power devices market. The market in the APAC region is valued at more than USD 150 million and is likely to witness a CAGR of 49.58% from 2018 to 2023. The regional market has continued to experience tremendous industrialization and urbanization. The expansion of the semiconductor industry in APAC is affecting the demand for packages and material for semiconductors.
North America is the second-largest market for packages and materials for power devices. The market values of approximately USD 70 million in 2017. The U.S is a lucrative investment destination for market players and is likely to give profitable growth opportunities in the forthcoming period. During the forecast period, the market in North America is likely to expand at a CAGR of 37.67%. The fast adoption of net-gen electronics gadgets and systems across several verticals of the industry is propelling the market in the North American region.
The most important players in the global new packages and materials for power devices market are SEMIKRON, STMicroelectronics, Efficient Power Conversion Corporation, ROHM SEMICONDUCTOR, NXP Semiconductor, Amkor Technology, Remtec, Inc., Littelfuse, ON Semiconductor, Orient Semiconductor Electronics Ltd., MITSUBISHI ELECTRIC CORPORATION, ROHM SEMICONDUCTOR, Exagan, and Infineon Technologies AG.