By Greg Gao

(JW Insights) Nov 20 -- China’s domestic market size for power semiconductors in 2022 was $19.1 billion, with an expected increase to $20.6 billion by 2024, according to a report recently released by Winsoul Capital(云岫资本), a leading technology investment company headquartered in Shanghai.

The increase is attributed to the boosting by photovoltaics, wind power, and new energy vehicle industries.

The power semiconductor market is counter-cyclical growth, with opportunities arising from the electric vehicle and new energy sectors for manufacturers in China. China’s shift from low-end to high-end power semiconductors presents great opportunities, though a gap still exists compared to international counterparts.

In the third-generation semiconductors sector, China boasts a complete industry chain advantage encompassing equipment, materials, manufacturing, and applications, with the potential to establish global competitiveness.

In 2022, the global power semiconductor market reached $481 billion and is projected to grow steadily to $522 billion by 2024, with a compound annual growth rate of approximately 5.46%. China, as the world’s largest consumer of power semiconductors, contributes around 40% to the market, said the report.

This report, entitled “Analysis of the Current Status and Future Development of China’s Power Semiconductor and Third-Generation Semiconductor Industries in 2023,” provides a comprehensive analysis of the industry’s current state and prospects, offering valuable insights for stakeholders in China’s semiconductor and third-generation semiconductor sectors.

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