New Packages and Materials for Power Devices Market Research Report Information by Product Type [Chip-On-Board (COB), Wire Bonding Packaging, Silicon Carbide (SIC), Gallium Nitride (GaN), Gallium Arsenide (GaAs), Others], by Application (Automotive, Consu

The global New Packages and Materials for Power Devices market will grow to USD 5,928.7 million, advancing at a steady 9.44% CAGR over the forecast period. New packages and materials for power devices focus on improving the way power semiconductors are built and integrated using advanced materials like silicon carbide and gallium nitride. These upgrades ensure higher power density, reduced energy losses, and longer device lifespans across various high-demand sectors.

The global New Packages and Materials for Power Devices market is still being driven primarily by the demand for better efficiency and speed. To get the performance expected, more and more customers are turning to advanced solutions like chip-scale packaging, system-in-package designs, and wide bandgap semiconductors. Besides providing quicker switching and higher voltage ratings, these technologies are enabling the downsizing of the products, prolonging the life of the devices, and improving their reliability especially in the segments that are witnessing rapid growth such as EVs, renewable energy systems, and smart consumer electronics.

Key Company Development
To achieve its global semiconductor growth, Microchip Technology (MCHP) is implementing several large-scale projects. In March 2023, it pushed through an $800 million initiative aimed at tripling the manufacturing capacity of Oregon. A design center in Cambridge was inaugurated in December 2023 with the purpose of drawing new ideas across various market segments. The most recent event in April 2024, when Microchip expanded its cooperation with TSMC in Japan, signified, among other things, the strengthening of supply chain resilience and the easy adoption of advanced packaging and manufacturing technologies.

Major Competitors
Key competitors in the global new packages and materials for power devices market are Infineon Technologies AG, STMicroelectronics, ROHM Semiconductor, Texas Instruments, Mitsubishi Electric Corporation, NXP Semiconductors, Analog Devices, ON Semiconductor, Microchip Technology Inc., and Wolfspeed.

Report Attribute Details
• Market Size 2023: USD 2,500 Million
• Market Size 2032: USD 5,928.7 Million
• CAGR (2024-2032): 9.44%
• Base Year: 2023
• Market Forecast Period: 2024-2032

Market Segmentation Insights
• By Product Type: Chip-On-Board (COB) – 9.66%, Wire Bonding Packaging – 8.56%.
• By Application: Automotive – 8.49%, Consumer Electronics – 10.18%.

Regional Perspectives
The new packages and materials for the power devices market in the North American region are growing at a good pace. Innovations in packaging and materials led by the key players like Infineon Technologies, Texas Instruments, and Wolfspeed are not only shaping the market by strengthening the supply chains but also by the rising sustainability requirements. North America generated USD 469.17 million from the U.S. and USD 32.08 million from Canada in 2023, supported by rising applications in consumer and industrial sectors.
Europe, on the other hand, is being primarily influenced by the energy efficiency and carbon-neutral technologies that have received extensive regulatory support in the region. The continent's commitment to clean energy implementation is being greatly accelerated by such measures as the rise of eco-friendly buildings, the need for electric vehicles, and the use of smart energy meters. The European market posted USD 125.73 million in Germany, USD 88.40 million in France, and USD 92.94 million in the UK, showing balanced growth across major economies.
Asia-Pacific is still the biggest and the most rapidly developing region. The top-ranking companies of the industry, like TSMC, Samsung Electronics, and Mitsubishi Electric, are the major players of the area who concentrate on the next-generation applications of 5G infrastructure, renewable energy, and EVs. Asia-Pacific led globally with China (USD 738.29 million), Japan (USD 104.37 million), and India (USD 29.20 million), reflecting its dominance in semiconductor manufacturing and end-use adoption.
The Middle East & Africa market is set to expand from USD 126.00 million in 2023 to USD 314.81 million by 2032, growing at a CAGR of 10.08%, the highest among all regions. Companies like Infineon Technologies and ON Semiconductor are strengthening their regional presence by catering to applications in telecommunications, oil & gas, and defense. Increasing urbanization and sustainability efforts further accelerate demand.
South America shows stable growth, advancing from USD 157.75 million in 2023 to USD 331.41 million by 2032 at a CAGR of 7.97%. Demand is being fueled by growing infrastructure modernization, rising adoption of renewable energy, and expansion of the telecommunications sector. Companies such as ON Semiconductor and STMicroelectronics are strengthening partnerships and setting up localized operations to capture opportunities. Show more