Transfer from: Prospective Industry Research Institute

Major listed companies in the industry: China Resources Micro (688396.SH); Shilanwei (600460.SH); Xinjieneng (605111.SH); Yang Jie Technology (300373.SZ), etc.

The core data of this article: the market size of China's MOSFET industry; the number of production enterprises above designated size in the MOSFET industry; downstream applications in the MOSFET industry

Industry Overview

1. Definition

Power semiconductor (power semiconductor) is the core of power conversion and circuit control in electronic devices. It is mainly used to change the voltage and frequency, DC and AC conversion in electronic devices. Power semiconductors can be divided into two categories: power IC(Power IC) and power discrete devices (Power Discrete, including power modules). Power devices are short for power semiconductor discrete devices, while power IC integrates power semiconductor discrete devices with peripheral circuits such as drive/control/protection/interface/monitoring. MOSFET is a metal-oxide semiconductor field effect transistor, referred to as metal-oxide-Semiconductor field-effect Transistor (MOSFET), which belongs to power discrete devices, is an important classification of field effect transistors (Field Effect Transistor-FET), and belongs to voltage-controlled semiconductor devices. It has the advantages of high operating frequency, low power consumption, high input impedance, low on-resistance, high energy efficiency, large dynamic range, easy integration, no secondary breakdown phenomenon, and wide safe working area. It has become a bipolar transistor and A strong competitor of power transistors.

2, MOSFET wide range of applications

Industrial production, electrical equipment and other fields are inseparable from the application of power devices, different power discrete devices have different characteristics, application scenarios are obviously different, and it is difficult to replace each other. In recent years, the application field of MOSFET has been expanding, and the new SiC and GaN-based MOSFET products have been widely used in the automotive and fast charging markets by virtue of their high voltage and high frequency characteristics.

3. Different categories have their own advantages

MOSFET is a fully controlled semiconductor power discrete device, which controls the size of the output current through the change of the gate voltage, and realizes the on and off. There are many types of commonly used products, which can be divided into two categories: N-type and P-type MOSFET according to the carrier type. According to the channel formation method, it can be divided into two types: enhancement type MOSFET and depletion type MOSFET, and enhancement type MOSFET is the main product type. It has the characteristics of large input impedance, small on-resistance, low power consumption, small leakage, high operating frequency, basically mature process and low cost. MOSFET applications are very wide, mainly used in power supply and drive control two types of electronic products.

At present, according to the channel structure, the current MOSFET power devices can be divided into three categories: planar type, trench type and super junction type. The relevant characteristics are as follows:

4. There are many participants in each link of the industrial chain

the upstream of the MOSFET industry chain includes raw materials and equipment, including silicon wafers, photoresist, electronic special gas, metal materials, etc. the production equipment covers all aspects of MOSFET production, including lithography machine, etching equipment, cleaning equipment, testing equipment, etc. The whole process of MOSFET manufacturing in the middle reaches is generally consistent with the manufacturing process of semiconductor components, including design, manufacturing and sealing testing; downstream includes network communications, consumer electronics, automotive electronics, industrial electronics and other fields. On the whole, there are many participants in each link of the industrial chain, and many overseas manufacturers participate in the competition in the domestic market in some important links.

Industry development history: MOSFET domestic substitution continues to advance

As an important subdivision field of power semiconductors, MOSFET's development process generally follows the development of power semiconductors. Compared with developed countries, China's power semiconductor industry started relatively late, and its development can be roughly divided into four stages: pioneering era, local alliance, structural change and domestic substitution. Since the beginning of the 21st century, with the rise of a number of nationalized manufacturers, the MOSFET industry has gradually cut into new energy vehicles, motor electronic control and other applications from the start of production capacity and technology. Since 2017, with the listing of a number of local power semiconductor manufacturers, the domestic substitution of MOSFET products in the new fields of silicon carbide and gallium nitride is steadily advancing.

Industry policy background: Intensive introduction of policies to promote industry technology

China's policy guidance for the MOSFET industry mainly relies on the promotion of integrated circuits and power semiconductor devices. Since power semiconductors, including MOSFETs, have huge domestic and international markets, and play an irreplaceable role in the upgrading of industrial structure, energy conservation and emission reduction, in order to encourage the development of domestic power semiconductor industry, break the monopoly of foreign enterprises in this field, enhance the ability of scientific and technological innovation, promote energy conservation and consumption reduction, and build a resource-saving and environment-friendly society, the relevant departments of the state have formulated a series of policies to encourage, support and promote the development of the domestic power semiconductor industry. The detailed summary is as follows:

Industry development status

1. MOSFET accounts for a large proportion in the field of power semiconductors

according to ICWISE data, MOSFET accounts for the highest proportion in the global power semiconductor market segment, accounting for more than 40% of the market size in 2021. IGBT is second, accounting for about 30%. with the rapid development of new energy vehicles, photovoltaic and other fields, the proportion of MOSFET and IGBT will be further increased. due to the characteristics of MOSFET's strong high voltage bearing capacity and low energy consumption, future applications will continue to expand.

Note: No data has been disclosed beyond 2021.

2, planar MOSFET accounted for the largest

According to ICWISEAccording to the preliminary statistics, in 2022, new energy vehicles will be the most important application field. Driven by the market demand for high-voltage MOSFETs, the market demand for planar and trench MOSFETs will continue to grow, with planar MOSFETs accounting for the largest proportion in the market, close to 45%.

3, 2022 market size exceeded $5 billion

according to ICWISE data, in recent years, the rapid development of the electronic information industry has brought broad application prospects for MOSFET products. with the expansion of emerging application fields of power semiconductors, the downstream demand for MOSFST will continue to grow. the market size of China's MOSFET industry will exceed us $5 billion in 2022, and preliminary statistics show that it will approach us $5.7 billion in 2023.

Industry competition landscape

1. Regional competition: Jiangsu Province has the most complete industrial layout

From the perspective of the regional distribution of MOSFET listed companies in my country, MOSFET industry chain companies only have a relatively dense layout in areas with more developed economy and technology in my country, which shows that the development of MOSFET industry chain requires a lot of funds and Technical support, specifically, the layout of listed companies is mainly in Jiangsu, Guangdong, and Shanghai, and Jiangsu Province has the most complete layout.

2, enterprise competition: industry representative manufacturers include Shilanwei, Yang Jie technology, China Resources micro

MOSFET is the largest subdivision type of semiconductor power devices. all leading power device manufacturers are involved in the research and development and production of MOSFET products. MOSFET products are too subdivided and no authoritative list has been published. therefore, the prospective choice reflects the enterprise competition in MOSFET field through the ranking of power device manufacturers. From July 20 to 21, 2023, the 17th China Semiconductor Industry Association Semiconductor Discrete Device Annual Conference and the 2023 China Semiconductor Device Technology Innovation and Industry Development Forum were held in Xiaoshan, Hangzhou. At the meeting, the China Semiconductor Industry Association announced the list of the top ten power device companies in China's semiconductor industry in 2022. Among them, well-known listed manufacturers such as Shilanwei, Yangjie Technology and China Resources Micro are among them.

Industry development prospect and trend forecast

1. Localization substitution is the core line of industry development

At present, under the combined effect of downstream applications and the external environment, the localization of MOSFET industry will become the core line of industry development. Specifically, the future development trend of MOSFET industry is summarized as follows:

2. Automotive MOSFET has become the backbone of supporting the development of the industry

according to the data of China automobile industry association, the total output of new energy vehicles in China will increase from 7.058 million to 9.4 million in 2022, with an annual output increase of 33%. the demand for automotive electronics is strong. MOSFET, as the most important component of automotive power devices, will also usher in a broad application space. According to ICWISE data, the growth rate of automotive MOSFET will be higher than the overall growth rate of the industry in the short and medium term in the future, becoming the backbone of the MOSFET industry. It is expected that by 2026, the proportion of automotive MOSFET in the MOSFET field will rise to 34%.

China's MOSFET market is expected to exceed $8 billion in March and 2029

under the background of China's "new infrastructure" and energy revolution, MOSFET industry has ushered in a relatively broad application space. at the same time, the trend of domestic substitution in MOSFET field is relatively clear. the superposition of many factors will promote the steady growth of China's MOSFET industry scale. looking forward, it is preliminarily estimated that the market scale of China's MOSFET industry will exceed 8 billion us dollars in 2029.

For more research and analysis of this industry, please refer to the Prospective Industry Research Institute's "Global and China MOSFET (Power Device) Industry Development Prospects and Investment Strategic Planning Analysis Report".

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