According to IHS Markit data, China is the world's largest consumer of power semiconductors. In 2018, China's power semiconductor market demand reached $13.8 billion, with a growth rate of 9.5%, accounting for as much as 35% of global demand. China's power semiconductor market is expected to reach 15.9 billion US dollars in 2021, with an annual growth rate of 4.8%, slightly higher than the global growth rate. The huge market demand also means that this local manufacturer has a lot of room for import substitution.
At present, the domestic power semiconductor industry chain is improving day by day, and technology is also making breakthroughs. According to Yole data, the supply rate of Chinese power semiconductor manufacturers is close to 50% in terms of diodes and BJT devices with lower technology and process levels. However, in the fields of IGBT modules, IGBT monotubes and MOSFETs, the core components of power semiconductors, the self-sufficiency rate of domestic manufacturers' products is only 38% on average.
The research report of Great Wall Securities believes that MOSFETs and IGBTs have excellent characteristics and broad application prospects, and are expected to become the most robust semiconductor power devices in the next five years, and there is huge room for import substitution.
With the continuous emergence of new applications in the fields of industry, automobiles, wireless communications, and consumer electronics, as well as the increasing demand for energy conservation and emission reduction, my country’s power semiconductors have a huge market demand. Under favorable national policies, power semiconductors will become the “Chinese core” The best breakthrough.
In recent years, many domestic power semiconductor manufacturers have emerged and have made great preparations for the layout of high-end areas.
Last week (August 19), Wingtech's 12-inch automotive-grade power semiconductor automated wafer manufacturing center project officially settled in Shanghai Lingang. With a total investment of 12 billion yuan, the project is expected to have an annual production capacity of 360,000 pieces. Since Wingtech completed the acquisition of the world-renowned semiconductor IDM company Anshi Semiconductor in 2019 with 33.8 billion yuan, it has also become the leader in the domestic power semiconductor industry.
Headquartered in Nijmegen, the Netherlands, Nexperia has more than 60 years of semiconductor R&D and manufacturing experience. Its predecessor was Philips Semiconductors Standard Products Division. Nexperia has an annual production capacity of more than 100 billion pieces (all of which are automotive-grade products), and is a global leader in various segments. Among them, the shipment of diodes and transistors is the world's first, logic chips are second in the world, and ESD protection devices are the world's largest 1. Automotive power devices are second in the world.
The completion of this acquisition also makes Chinese manufacturers one of the top 20 automotive semiconductor manufacturers in the world. Moreover, due to the high barriers formed by the automotive semiconductor supply chain and product verification cycle, the global automotive semiconductor industry is very stable, and there are not many new players with scale. At present, the global trend of more than 200 million US dollars in automotive electrification, power semiconductor bicycles The amount of value has grown the fastest.
In addition, China Resources Micro is also a major domestic company that has the R&D and manufacturing capabilities of all mainstream MOSFET device structures. The devices produced include trench gate MOS, planar gate VDMOS and super junction MOS, which are among the few domestic companies that can provide the range of -100V to 1500V. An enterprise with a full range of low, medium and high voltage MOSFET products. According to the statistics of IHS Markit, in terms of sales, China Resources Micro ranks third in the domestic MOSFET market, second only to Infineon and ON Semiconductor.
In addition, there is Jiejie Microelectronics, which has a domestic market share of 45% in the subdivision of thyristors and protective devices, second only to overseas giants such as ST and NXP. Other domestic manufacturers such as Yangjie Technology, Taiwan Base, China Microelectronics, Star Semiconductor, and New Energy have also grown rapidly in recent years.
In the future, with the rapid growth of domestic manufacturers and changes in the external environment, the urgency of localization of the supply chain of China's power semiconductor market will become stronger and stronger. Improving technology and products, and deploying high-end core components will be an important direction for the breakthrough of power semiconductor "China Core".