According to a recent report published by Allied Market Research, titled, “Semiconductor Rectifiers Market By Product Type and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027”, the global semiconductor rectifiers market size was valued at $3.22 billion in 2019, and is projected to reach $7.72 billion by 2027, growing at a CAGR of 11.4% from 2020 to 2027.
The rectifier is a two-lead semiconductor, which enables the current to pass in one direction. It is a semiconductor diode that is used for the purpose of rectification and power control. It conducts current preferentially in one direction as well as prevents the flow of current in the opposite direction by utilization of the properties of a junction, which is formed from two inversely doped semiconductor materials.
These are an important component in power supplies application, where it is used to convert AC voltage to DC voltage. It offers various features in electrical components such as controlling the size of the signal, isolating signals from the supply, rectifying a voltage, and for voltage reference. Due to such features, it is mainly used as guards in the circuits of the electronic components to eliminate the dangers of accidental reversal of supply voltage.
The surge in penetration of smart grids across the developing countries and rise in government spending on modern power distribution and generation infrastructure in developing nations are the major factors that drive the growth of the semiconductor rectifiers market. In addition, rise in number of telecommunication services and consumer electronic devices fuels the market growth.
However, technical issues and high costs associated with semiconductor rectifier may hinder the market growth to some extent. On the contrary, rise in demand for rectifier diode in various applications in the automotive and power sectors is anticipated to provide lucrative opportunities for the market growth. In addition, the miniaturization of electronic components is expected to be opportunistic for the growth of the semiconductor rectifiers industry during the forecast period.
Global semiconductor rectifiers market has been significantly impacted by the COVID-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which may lead to slowdown in the growth of the semiconductor rectifiers market in 2020.
However, the negative impact of COVID-19 on the semiconductor rectifiers market is expected to be there for a short period of time, and by early 2021 the market is anticipated to observe robust recovery rate due to the extensive demand for installation of IoT devices across the numerous industries and rapidly growing initiatives for smart cities and smart grid technologies.
Also, COVID-19 has derived the semiconductor companies to adopt decisive strategies to secure supply chains, protect employees, and address other pressing concerns. Although many governments are still imposing physical-distancing requirement; hence, the leading semiconductor rectifier companies such as ABB, Infineon Technologies AG, Mitsubishi Electric Corp., and Texas Instruments Inc. are adopting strategies for reimagining and reforming their business models.
For instance, ABB is working with customers to ensure the access to service engineers and field operators who cannot be on-site during the pandemic, by delivering control room livestreams, process data, operational insights, and plant key performance indicators to users sheltering at home.
Region wise, semiconductor rectifiers market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue generator in 2019 accounting for $1,553.90 million, and is estimated to garner $4,331.40 million by 2027, growing at a CAGR of 13.50%.
The global semiconductor rectifiers market is segmented on the basis of product type, industry vertical, and region. On the basis of product type, it is bifurcated into single phase and three phase. Based on industry vertical, it is categorized as automotive, consumer electronics, power & utility, IT & telecom, and others. Region wise, the semiconductor rectifiers market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Study
- By product type, the single phase segment held the highest revenue of $1,691.80 million in 2019, and contributed a major part in semiconductor rectifiers market analysis.
- By industry vertical, the consumer electronics segment held the highest revenue of $781.9 million in 2019.
- By region, Asia-Pacific is expected to dominate the market, garnering a major semiconductor rectifiers market share during the forecast period.
The key players profiled in the report include ABB, ASI Semiconductor, Infineon Technologies AG, Microchip Technology Inc., Mitsubishi Electric Corp., NXP Semiconductors, Renesas Electronics Corp., STMicroelectronics NV, Texas Instruments Inc., and Toshiba Corp., which are profiled in this report. These key players have adopted various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market growth.