Market scale of power devices in photovoltaic、new energy and other applications
Preface
Power devices are the core of electric energy conversion and circuit control. Under the background of promoting "carbon neutrality" in various countries around the world, their application scenarios are becoming more and more abundant, and the market scale is growing steadily. As an industry with high technical threshold, overseas IDM manufacturers have great advantages in product recognition and industry cognition and are in a leading position. The top ten power device manufacturers in the world are all foreign companies, and Chinese companies are still catching up. The level of self-sufficiency is low.
Market size of power device in new energy vehicle field
Compared with traditional fuel vehicles, new energy vehicles have added power conversion systems such as motor drive, DC/DC module, on-board charger OBC, and high-voltage auxiliary drive, which has led to a significant increase in the demand for power semiconductors. IGBT, MOSFET, and SiC are the core incremental links of automotive power semiconductors. IGBT is used in high-voltage power conversion scenarios, and MOSFET is used in low-voltage system voltage regulation. SiC is gradually becoming DC- With the penetration of power control units such as DC, OBC, and main drive inverters, the power of each system of new energy vehicles has been significantly improved compared with traditional fuel vehicles. Therefore, the operating current, voltage and other specifications of power devices are required to be improved accordingly. At present, the global new energy vehicle field power semiconductor market continues to grow rapidly. According to statistics, the global new energy vehicle field power device market size will be $2.32 billion in 2021, and the market size is expected to be $8.21 billion in 2025, with a compound annual growth rate of 37.15%.
Global and China New Energy Vehicle Power Device Market Size ($M)
（1）MOSFET
According to the structure characteristics of MOSFET, it is widely used in the automobile scene. For example, in the fuel vehicle electric function part, is widely used in low and medium voltage MOSFET, its single consumption of about 100; In new energy vehicles, medium and high voltage MOSFET is widely used in DC-DC, OBC and other parts, and the average consumption of single bike has increased to more than 200. At present, the MOSFET main drive scheme has a penetration rate of nearly 15% in China's new energy passenger car market. In 2021, the sales volume of new energy vehicles in the world and China is 6.5 million and 3.521 million, respectively. According to the average unit value of MOSFET in new energy vehicles is $85.71, the market size of MOSFE in the world and China in 2021 is $418 million and $226 million. With the development of automobile intelligence, functions such as ADAS, security and infotainment are required to use MOSFET. In the future, the MOSFET of middle and high-end models may increase to 400. It is estimated that in 2025, the MOSFE market scale in the field of new energy vehicles in the world and China can reach $821 million and $393 million.
Global and China New Energy Vehicle MOSFET Market Size ($M)
（2）IGBT
IGBT power devices are mainly used in the motor drive control system, thermal management system and power supply system of new energy vehicles. In the main inverter, IGBT mainly converts the DC current of the high-voltage battery into the AC current of the three-phase motor; In the vehicle charger, the IGBT is responsible for converting alternating current into direct current and charging the high-voltage battery. In the DC-DC converter, IGBT can convert the high voltage output of high voltage battery into low voltage, which can be used by the low-voltage power supply network of automobile. In addition, IGBT is also widely used in PTC heater, water pump, oil pump, air conditioning compressor and other auxiliary inverters, mainly for low-power DC-AC conversion. In the market environment of the rapid development of new energy vehicles, IGBT ushered in a good space for development. Calculated with the IGBT cycle value of $242.86, the global and Chinese IGBT market size of new energy vehicles in 2021 will be $1.58 billion and $855 million. It is expected to reach $5.59 billion and $2.67 billion respectively in 2025.
Global and China New Energy Vehicle IGBT Market Size ($M)
In addition to the application of directly loading on new energy vehicles, IGBT is also the core power device of DC charging pile. Similar to its function in OBC, IGBT acts as a DC-DC voltage converter in DC charging piles. DC charging pile converts alternating current into direct current through power module, conducts DC-DC voltage change through capacitive voltage regulator filter, and then inverts the direct current into high frequency alternating current through inverter power module. Finally, transformer coupling and rectifier unit convert the direct current into different DC voltage levels to charge electric vehicles. With the expansion of the scale of new energy vehicles, the charging pile market grows. In 2021, the global and Chinese market size of IGBT in the field of DC charging piles for vehicles is $336 million and $151 million, and it is expected that the market size will reach $1.00 billion and $603 million in 2025.
Global and China DC Charging Pile IGBT Market Size ($M)
（3）SiC
In the future, with the continuous advancement of automobile electrification, new requirements and challenges will be put forward for power devices in switching frequency, heat dissipation and compression performance. The third-generation semiconductor SiC has larger band gap width and thermal conductivity, stronger breakdown power plant strength, higher electron mobility, to its production of power devices with excellent performance, more suitable for high pressure, high frequency, high temperature application scenarios, can be in the field of new energy vehicles and IGBT complement each other. However, the cost of SiC is high, about 3-5 times that of IGBT, and it is mainly used for vehicles with motor power above 180kw, so it is still in the initial stage. In 2021, the global and Chinese SiC market size for new energy vehicles will be $632 million and $419 million. In the future, with the progress of technology and the decrease of SiC cost, the penetration rate will be significantly increased. It is estimated that the global and Chinese SiC market scale for new energy vehicles will reach $1.491 billion and $930 million in 2025.
Global and China SiC Market Size of new energy vehicles ($M)
Market size of power devices in photovoltaic field
In the field of photovoltaic, power devices are mainly used in inverters. When the photovoltaic inverter works, it needs IGBT, MOSFET and other power devices to complete the voltage transformation and current inverter and output the required sine wave alternating current. In 2021, the newly installed global PV capacity is 170GW, and the cumulative installed capacity is 933GW. China, as the main market for PV, will achieve 54.9GW of new installations in 2021 and 90GW in 2022.
Driven by the substantial growth of photovoltaic installations, the scale of the photovoltaic inverter market grows accordingly. In 2021, the global market demand for PV inverters is 228GW, and the market demand for PV inverters in China is 96.24GW. In terms of PV inverters, with the gradual penetration of distributed PV, the market share of cluster inverters is on the rise, while the market share of centralized inverters is declining. Combined with the single value of inverters, the global and Chinese market size of PV inverters in 2021 will be $10.23 billion and $4.32 billion. It is expected to reach $13.17 billion and $7.12 billion, respectively, by 2025.
Global and China PV Inverter Market Size ($M)
According to the purchasing structure of PV inverter company, power devices account for 15%-20% of the material cost, 80% of which are from IGBT. If the value of power devices in 2021 is 18%, the corresponding global and Chinese market demand for power devices in the photovoltaic inverter field is $1.64 billion and $691 million, and the resulting IGBT market size is $1.31 billion and $553 million, respectively. With the continuous growth of PV installations in the future, it is estimated that the market size of IGBT in China's PV field will reach $1.07 billion in 2025.
Global and China PV Inverter power Device Market Size ($M)
Global and China PV Inverter IGBT Market Size ($M)
At the same time, SiC, as the third-generation semiconductor material, has excellent physical properties, with the gradual decline of the cost, SiC will occupy a certain market share in the field of photovoltaic inverter. It is estimated that the global and Chinese PV SiC market size will be $1.11 billion and $599 million in 2025.
Global and China PV SiC Market Size ($M)
Market size of power device in industrial control field
From the point of view of industrial control field, the main power device is IGBT. With the advancement of industrial intelligence, the application of IGBT in the field of industrial control covers frequency converter, inverter welding machine and uninterruptible power UPS, which brings a broad market space for IGBT. According to the calculation, the global market size of IGBT in the field of industrial control in 2021 is $3.23 billion. Among them, the IGBT market size of China's industrial control sector is $1.36 billion.
Global and China Industrial Control IGBT Market Size ($M)
In the field of frequency drives, the global and Chinese market size of frequency drives in 2021 will be $17.79 billion and $8.50 billion respectively. Based on the value of IGBT accounting for 11%, the global and Chinese IGBT market size of frequency drives in 2021 will be $1.96 billion and $935 million respectively.
Global and China IGBT Market Size for Industrial Drives ($M)
In the field of inverter welding machine, as a new type of welding power supply, it needs to use IGBT alternating switching, AC and DC voltage inverter. With the continuous heating of the inverter welding machine market, the IGBT has brought greater demand. In 2021, the global IGBT market size in the field of inverter welding machine is $407 million, and the Chinese market size accounts for 55.53%.
Global and China Industrial Inverters IGBT Market Size ($M)
In the field of uninterruptible power supply UPS, IGBT is the main component of its power design. The IGBT market size in the global UPS market in 2021 grew from $586 million in 2017 to $869 million in 2021 and will continue to grow rapidly in the next few years, reaching an estimated $1.03 billion in 2025.
Global and China Industrial Uninterruptible Power UPS IGBT Market Size ($M)
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