Global and China Power Devices Industry Research Report in 2025
Riding the Wave of Photovoltaic and New Energy Vehicles, Power Devices Are Poised for Takeoff
Preface
Power devices are the core of electrical energy conversion and circuit control. Against the backdrop of global efforts to promote "carbon neutrality," their application scenarios are increasingly abundant, and the market scale is growing steadily. As an industry with high technical barriers, overseas IDM manufacturers hold significant advantages in product recognition and industry reputation, maintaining a leading position. All the world's top ten power device manufacturers are foreign companies, while domestic enterprises are still in the catch-up phase with a relatively low domestic self-sufficiency rate of products.
Power Device Market Size in the New Energy Vehicle Sector
Compared with traditional fuel-powered vehicles, new energy vehicles add power conversion systems such as motor drives, DC/DC modules, On-Board Chargers (OBC), and high-voltage auxiliary drives, driving a significant increase in demand for power semiconductors. IGBTs, MOSFETs, and SiC are the core growth segments of on-board power semiconductors. IGBTs are used in high-voltage power conversion scenarios, MOSFETs in low-voltage system voltage regulation, and SiC, with advantages of lower energy loss, high temperature resistance, and high voltage resistance, is gradually penetrating power control units such as DC-DC converters, OBCs, and main drive inverters. Due to the significant power improvement of various systems in new energy vehicles compared to traditional fuel-powered vehicles, corresponding enhancements are required in the specifications and performance of power devices such as operating current and voltage. Currently, the global power semiconductor market in the new energy vehicle sector maintains high growth. According to statistics, the global and China market sizes in 2024 were USD 7.503 billion and USD 5.551 billion respectively, and are expected to reach USD 16.644 billion and USD 11.385 billion by 2028, with a compound annual growth rate (CAGR) of 22.04% and 19.67% respectively.
（1）MOSFET
Based on their structural characteristics, MOSFETs are widely used in automotive scenarios. For example, medium and low-voltage MOSFETs are extensively applied in the electrical functions of fuel-powered vehicles, with an average of 100 pieces per vehicle. In new energy vehicles, medium and high-voltage MOSFETs are widely used in DC-DC converters, OBCs, and other components, with the average usage per vehicle increasing to over 200 units. In 2024, the global and China new energy vehicle sales were 18.24 million units and 12.87 million units respectively, and the corresponding MOSFET market sizes in the new energy vehicle sector were USD 535 million and USD 378 million. With the development of automotive intelligence, functions such as ADAS, safety, and infotainment all require the use of MOSFETs. It is expected that by 2028, the global and China MOSFET market sizes in the new energy vehicle sector will reach USD 1.08 billion and USD 713 million respectively.
（2）IGBT
IGBT power devices are mainly used in motor drive control systems, thermal management systems, and power supply systems of new energy vehicles. In the main inverter, IGBTs convert the DC power of the high-voltage battery into AC power to drive the three-phase motor. In the OBC, IGBTs convert AC power into DC power to charge the high-voltage battery. In the DC-DC converter, IGBTs reduce the high voltage output by the high-voltage battery to low voltage for use in the vehicle's low-voltage power supply network. Additionally, IGBTs are widely used in auxiliary inverters such as PTC heaters, water pumps, oil pumps, and air conditioning compressors, mainly for low-power DC-AC conversion. Driven by the rapid development of the new energy vehicle market, IGBTs have ushered in broad development space. In 2024, the global and China IGBT market sizes in the new energy vehicle sector were USD 4.602 billion and USD 3.247 billion respectively, and are expected to reach USD 9.284 billion and USD 6.131 billion by 2028.
In addition to direct on-board applications in new energy vehicles, IGBTs are also core power devices in DC charging piles. Like their function in OBCs, IGBTs perform DC-DC voltage conversion in DC charging piles. DC charging piles convert AC power into DC power through power modules, perform DC-DC voltage conversion after capacitor voltage stabilization and filtering, invert the DC power into high-frequency AC power using inverter power modules, and finally convert it into different DC voltage levels through transformer coupling and rectifier units to charge electric vehicles. With the expansion of the new energy vehicle scale, the charging pile market has grown accordingly. In 2024, the global and China IGBT market sizes in the automotive DC charging pile sector were USD 725 million and USD 471 million respectively, and are expected to reach USD 2.073 billion and USD 1.368 billion by 2028.
（3）SiC
In the future, with the continuous advancement of automotive electrification, new requirements and challenges will be imposed on power devices in terms of switching frequency, heat dissipation, and voltage resistance. As a third-generation semiconductor, SiC has a larger bandgap, higher thermal conductivity, stronger breakdown electric field strength, and higher electron mobility. Power devices made of SiC have excellent performance, making them more suitable for high-voltage, high-frequency, and high-temperature application scenarios, and can complement IGBTs in the new energy vehicle sector. However, SiC has a high cost and is mainly used in vehicles with a motor power of over 180kW, so it is still in the initial stage. In 2024, the global and China SiC market sizes for new energy vehicles were USD 2.366 billion and USD 1.926 billion respectively. In the future, with technological progress and declining SiC costs, the penetration rate will increase significantly. It is expected that by 2028, the global and China SiC market sizes for new energy vehicles will reach USD 6.28 billion and USD 4.541 billion respectively, with a CAGR of 27.64% and 23.92% respectively.
IGBT Market Size in the Photovoltaic Sector
In the photovoltaic sector, IGBT are mainly used in inverters. During the operation of photovoltaic inverters, power devices such as IGBTs are required to complete voltage conversion and current inversion, outputting sinusoidal AC power that meets requirements. In 2024, the global new photovoltaic installed capacity was 600GW, with a cumulative installed capacity of 2,200GW. As a major photovoltaic market, China achieved a new installed capacity of 276.75GW in 2024, and the cumulative installed capacity is expected to reach 2,300GW by 2028.
Driven by the substantial growth in photovoltaic installed capacity, the photovoltaic inverter market size has increased accordingly. In 2024, the global demand for photovoltaic inverters was 638GW, and the demand in China was 283.95GW. In terms of photovoltaic inverter types, with the gradual penetration of distributed photovoltaics, the market share of string inverters has been on the rise, while the share of centralized inverters has declined. Combined with the unit value of inverters, the global and China photovoltaic inverter market sizes in 2024 were USD 23.032 billion and USD 6.823 billion respectively, and are expected to reach USD 31.659 billion and USD 10.292 billion by 2028.
According to the procurement structure of photovoltaic inverter companies, power devices account for 15%-20% of the material cost, with 80% of them being IGBTs. The corresponding global and China IGBT market sizes in the photovoltaic inverter sector in 2024 were USD 2.994 billion and USD 887 million respectively. In the future, with the continuous growth of photovoltaic installed capacity, the global and China IGBT market sizes in the photovoltaic sector are expected to reach USD 4.116 billion and USD 1.338 billion by 2028.
IGBT Market Size in the Energy Storage Sector
In the energy storage sector, power devices are mainly used in inverters. During the operation of energy storage inverters, IGBTs are required to complete voltage conversion and current inversion, outputting sinusoidal AC power that meets requirements. Driven by the substantial growth in energy storage installed capacity, the energy storage inverter market size has increased accordingly. Combined with the unit value of energy storage inverters, the global and China energy storage inverter market sizes in 2024 were USD 2.114 billion and USD 1.211 billion respectively. It is expected that by 2028, the global and China energy storage inverter market sizes will reach USD 9.011 billion and USD 3.657 billion respectively, with a CAGR of 43.68% and 31.83% respectively.
According to the procurement structure of energy storage inverter companies, we estimate that the global and China IGBT market demand in the energy storage sector in 2024 was USD 423 million and USD 242 million respectively. In the future, with the continuous growth of energy storage installed capacity, the global and China IGBT market sizes in the energy storage sector are expected to reach USD 1.802 billion and USD 731 million by 2028.
Power Device Market Size in the Industrial Control Sector
In the industrial control sector, the main power device is the IGBT. With the advancement of industrial intelligence, IGBT applications in the industrial control sector cover frequency converters, inverter welding machines, and Uninterruptible Power Supplies (UPS), bringing broad market space for IGBTs. According to calculations, the global IGBT market size in the industrial control sector in 2024 was USD 5.232 billion, of which the China market size was USD 1.384 billion. It is expected that by 2028, the global and China IGBT market sizes in the industrial control sector will reach USD 9.001 billion and USD 2.376 billion respectively.
In the frequency converter sector, the global and China IGBT market sizes in 2024 were USD 3.615 billion and USD 943 million respectively. It is expected that by 2028, the global and China IGBT market sizes in the frequency converter sector will reach USD 6.983 billion and USD 1.821 billion respectively.
In the inverter welding machine sector, as a new type of welding power source, the alternating switching action of IGBTs is required for AC-DC voltage inversion. With the continuous heating of the inverter welding machine market, it has brought significant demand for IGBTs. In 2024, the global and China IGBT market sizes in the inverter welding machine sector were USD 474 million and USD 256 million respectively. It is expected that by 2028, the global and China IGBT market sizes in the inverter welding machine sector will reach USD 566 million and USD 361 million respectively.
In the UPS sector, IGBTs are a key component of power design. In 2024, the global and China IGBT market sizes in the UPS sector were USD 1.144 billion and USD 185 million respectively, and are expected to reach USD 1.452 billion and USD 193 million by 2028.
Super-Junction IGBT Market Size
Super-Junction IGBT (SJ-IGBT) is a new generation of silicon-based high-voltage power devices developed by introducing the mature super-junction charge compensation structure from the power MOSFET field into the drift region of traditional Field Stop (FS) IGBTs. By periodically arranging p/n columnar doping in the n-type drift layer, the device achieves charge balance in the off-state, making the electric field distribution approximate a rectangle from a triangle, thereby increasing the breakdown voltage by more than 30% without increasing the epitaxial thickness. At the same time, the n-column provides a low-resistance path and enhances carrier injection during the on-state, reducing the on-state voltage drop by 0.2-0.4V compared to FS-IGBTs of the same specification, and the turn-off loss can also decrease synchronously, breaking the silicon limit constraint of "higher voltage resistance leading to higher on-state loss." In addition, the thinner chip and higher carrier concentration improve the switching speed of SJ-IGBTs, reduce chip area and leakage current, and balance high-voltage, high-speed, and high-temperature characteristics, making them regarded as the performance ceiling of silicon-based IGBTs.
Currently, SJ-IGBT is still in the early stage of industrialization. In 2024, the IGBT market size in China was approximately RMB 43.62 billion, of which the SJ-IGBT market size was about RMB 4.401 billion, accounting for approximately 10%, but the year-on-year growth rate reached 55%, much higher than the industry average of 26.85%. From the application side, SJ-IGBTs are mainly concentrated in 400-800V main drive inverters of electric vehicles and are also continuously penetrating high-power DC charging piles, photovoltaics, and industrial power supplies. With the maturity of process routes such as deep trench multiple epitaxies and the integration of carrier storage and reverse conduction structures, the cost of SJ-IGBTs is expected to further decrease by 2026. At that time, the penetration rate of SJ-IGBTs in silicon-based IGBTs will rise to 15%, forming differentiated competition with SiC MOSFETs, and becoming the core technical direction driving IGBT devices to continuously evolve towards lower loss, higher power density, and higher temperature tolerance.
