Industry Overview
Power semiconductors are semiconductor devices used for power conversion, transmission, and control. Their core function is to achieve efficient regulation of voltage, current, frequency, and on/off states in circuits. They can handle low-power signals and withstand high-voltage, high-current operating conditions, acting as "electronic switches" and "energy valves" in power electronic systems. They are widely used in fields such as power management, new energy, rail transit, industrial control, and automotive electronics, serving as critical foundational components for efficient power utilization and reliable equipment operation.
Industry Development Background
As the foundation of the modern information technology industry, the semiconductor and related industries have become fundamental, strategic, and leading sectors for social development and the national economy. They are indispensable components of modern daily life and future technological progress, playing extensive and crucial roles in promoting national economic development, social progress, and national security. The Implementation Opinions on Improving the Reliability of the Manufacturing Industry points out: Focus on improving the reliability levels of electronic components such as high-end general-purpose chips like SoC (System on Chip)/CPU/GPU for complete electronic equipment, wide-bandgap power semiconductor devices like gallium nitride/silicon carbide, precision optical components, optical communication devices, new sensitive components and sensors, high-adaptability sensor modules, BeiDou chips and devices, chip resistors, capacitors, and inductors, high-speed connectors, high-end RF devices, high-end electromechanical components, and LBD chips.
Related Report: Report on the Development and Operation Status and Investment Planning Suggestions of China's Power Semiconductor Industry (2026-2032) published by Huajing Industry Research Institute.
Industry Chain Structure
1. Industry Chain Structure
The upstream of the power semiconductor industry chain involves the supply of semiconductor materials and equipment. The midstream covers design, manufacturing, and packaging & testing. According to the level of integration, power semiconductors can be divided into two main categories: power discrete devices and power ICs (Integrated Circuits). The downstream application market is very broad, including industrial control, automotive, consumer electronics, and network communications.
2. Downstream of the Industry Chain
Automotive and industrial applications account for the majority of the downstream market for power semiconductors. In recent years, the accelerated penetration of new applications represented by NEVs (New Energy Vehicles), clean energy power generation, and AI (Artificial Intelligence) servers has driven steady growth in the demand for power semiconductors. Industrial applications account for 25.4%, automotive for 25.3%, and consumer electronics for 23.6%.
Market Development Status
The continuous growth of the global power semiconductor market size is not driven by a single factor, but is the result of a profound energy revolution, technological iteration, and emerging demand. Its core driving force can be summarized as follows: Against the backdrop of the intersection of the "dual carbon" goals and the digitalization wave, power conversion efficiency has become a core demand, thus triggering comprehensive changes from materials to applications. In 2025, the global power semiconductor market size was approximately 610.1 billion RMB.
Given the acceleration of domestic substitution and technological upgrades, the market size of China's power semiconductor industry has maintained steady growth. The market size of China's power semiconductor industry has shown a year-by-year upward trend, reaching approximately 187.1 billion RMB in 2025.
Categorized by type, analog ICs account for more than half. In the power semiconductor market, power ICs (AC/DC, DC/DC, PMIC (Power Management IC), etc.) account for 54.8%, power discrete devices (diodes, transistors, thyristors, MOSFETs, IGBTs, SiC/GaN, etc.) account for 30.1%, and power modules (IGBT modules, SiC modules, etc.) account for 15.1%.
Competitive Landscape
1. Competitive Landscape
In recent years, the domestic power semiconductor market has flourished, with manufacturers continuously increasing capital expenditures and R&D investments. A group of IDM or Fabless manufacturers such as Yangjie Technology, Silan Microelectronics, StarPower Semiconductor, and NCE Power has emerged, leading to fierce market competition. Prices face short-term pressure, but long-term production and sales are expected to grow substantially. Currently, prices of power semiconductors in NEVs and new energy power generation have faced some pressure, but the recovery in downstream demand in consumer and industrial sectors, along with the emergence of new application scenarios like AI servers, is expected to lead domestic manufacturers into a new round of industry growth cycle.
2. Key Enterprises
Wingtech Technology's power semiconductor business is centered on its subsidiary Nexperia, operating under the IDM model, and is one of the global leaders in power semiconductors. The company owns nearly 16,000 types of power device products, covering diodes, transistors, MOSFETs, IGBTs, SiC/GaN wide-bandgap devices, and analog/logic ICs. It ranks first globally in shipments for small-signal diodes, transistors, and ESD protection devices, and second globally for automotive-grade PowerMOSFETs. In the first half of 2025, the company's semiconductor revenue reached 7.825 billion RMB.
Industry Development Trends
1. Silicon Carbide Enters a Period of Explosive Scaled Application
Driven by the high-voltage platforms (800V and above) in NEVs, SiC devices are shifting from "optional" to "must-have", with their penetration rate rapidly increasing from main drive inverters to onboard chargers. Domestic enterprises have achieved breakthroughs in key areas such as high-withstand-voltage chips and large-size wafers. The accelerated implementation of 8-inch SiC production lines marks that the industry is moving from capacity ramp-up to a new stage of scaled mass production.
2. Gallium Nitride Emerges Rapidly in Medium and Low Voltage High-Frequency Scenarios
The pursuit of high power density in fields such as AI data center power supplies, consumer electronics fast charging, and industrial power supplies has opened up broad market space for GaN. Its high-frequency characteristics demonstrate irreplaceable advantages in scenarios like server power supplies and onboard charging, becoming another important growth pole after SiC.
3. Packaging Technology Leaps from Back-End Process to Core Competitiveness
As power density continues to climb, traditional packaging can no longer meet the heat dissipation and integration requirements of wide-bandgap devices. Advanced packaging technologies such as silver sintering, double-sided cooling, and copper clip interconnection are penetrating from the high-end logic chip field into power devices, becoming a critical link in determining device performance and reliability.
Huajing Industry Research Institute has conducted a detailed analysis of the development status and market supply-demand situation of China's power semiconductor industry, and deeply analyzed the upstream and downstream industry chains and enterprise competitive landscape, to minimize enterprise investment risks and operating costs and improve enterprise competitiveness. It also uses various data analysis techniques to predict industry development trends, enabling enterprises to seize market opportunities in a timely manner. For more details, please pay attention to the Report on the Development and Operation Status and Investment Planning Suggestions of China's Power Semiconductor Industry (2026-2032) published by Huajing Industry Research Institute.
Huajing Intelligence Network: www.huaon.com
Original Link: https://www.huaon.com/channel/trend/1153801.html
Huajing Intelligence Network is affiliated with Huajing Industry Research Institute, focusing on industrial economic intelligence and research in the Greater China region. Currently, the main products and services provided include research on traditional and emerging industries, business plans, feasibility studies, market research, special reports, customized reports, industrial park big data, and industry chain maps. It covers fields such as culture and sports, logistics and tourism, health and elderly care, biomedicine, energy and chemical industry, equipment manufacturing, automotive electronics, agriculture, forestry, animal husbandry, and fishery. It also conducts in-depth research on emerging fields such as smart cities, smart living, smart manufacturing, new energy, new materials, new consumption, new finance, AI (Artificial Intelligence), and "Internet+".