Gate Driver Integrated Circuit Market Size

Gate Driver Integrated Circuit Market Analysis

Gate Driver Integrated Circuit Market was valued at USD 1.62 billion in the current year and is expected to register a CAGR of 5.1% over the forecast period. Furthermore, rising demand for hybrid and electric cars increased R&D spending by major industry participants and increased the use of gate driver ICs in emerging nations. Additionally, high-end data transmission requirements in various applications are anticipated during the forecast period to fuel Gate Driver IC market expansion.

• The in-home security infrastructure, which includes automated door locks, smart plugs, lights, and other electronic home equipment, is designed to communicate with users online. Implementing smart grid and smart home technology can potentially increase gate driver IC sales. Smart grids and smart homes rely on electronic devices to ensure power use and necessitate gate driver integrated circuits (ICs) to reduce energy consumption. This benefits the gate driver IC and its demand, which drives the gate driver IC market's expansion. This factor is expected to propel the Gate Driver IC market forward.
• Recently, Councils in Leeds, Suttons, and Richmond have advanced IoT technology in homes to better support residents and make services more efficient. Furthermore, in February 2022, Andhra Pradesh-based smart home automation company, One Switch announced the launch of franchising options to expand their smart home automation services. Empower buyers across India with the highest quality smart home products and services. Such interventions aid in the rise of the Gate Driver IC market.
• In addition, Several smart city projects and initiatives are ongoing. By 2025, there will be around 30 global smart cities, and 50% of these are likely to be located in North America and Europe. According to the OECD, these steps are supported by global investments, which will likely be about USD 1.8 trillion between 2010 and 2030 for all infrastructure projects in urban cities. The investment in digitized infrastructure is expected to prompt for securing of those assets and drive the studied market demand.
• For instance, in January 2022, the US Department of Energy (DOE) launched an initiative called "Building a Better Grid" in the United States to achieve goals of 100% clean electricity by 2035 and a zero-emissions economy by 2050. such developments attract power management ICs for battery management, system control, voltage regulation, and other applications.
• Moreover, the gate driver, the IC invention chain, is significantly more complex than other processor method chains. Various complexities, including thinner IC versions, the usage of metallic enclosures, and others, decrease gate driver efficiency. The maturation of the gate driver IC market is significantly constrained by the need for careful attention, accuracy, and a qualified team to produce suitable gate drivers. Since this factor adds to more elevated auto pricing, the increasing cost of installation in autos may hamper the global market growth.
• Additionally, the COVID-19 pandemic significantly impacted the gate driver IC market, resulting in the closure of several manufacturing facilities, supply chain disruption, and global trade barriers. Owing to the increasing scarcity of semiconductors, several automakers have reduced their production capacities, limiting market opportunities for gate driver IC. Furthermore, The global automotive industry is now operating suitably. This is anticipated to drive the growth of the gate driver ICs market. Yet, various stakeholders maintain robust supply chains for essential applications in commercial and industrial end markets.