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Which semiconductor investment section is the most bullish for brokers and funds? Must be a power semiconductor [1]. At the beginning of this year, Infineon, Italian Semiconductor, NXP and other major international semiconductor companies all have high expectations for power semiconductors this year, and the full capacity for 2022 has been reached. [2]

Any power conversion process requires power semiconductors, without which almost all modern electronic products will not work. But it is not as widely concerned as CPU, GPU, FPGA and ASIC, which provide all kinds of computing power, and often appears only as a supporting role [3]. The technology in this field is iterated rapidly and the competition is fierce.

In this article, you will learn about the classification of power semiconductors, the technical details of power semiconductors, the development history of power semiconductors, the market of power semiconductors, and the layout of domestic power semiconductors.

Power semiconductor devices (Power Electronic Device), an important part of the semiconductor industry chain, also known as power electronic devices or power electronic devices, are electronic devices that realize power conversion or control.

The specific functions include frequency conversion, phase transformation, voltage conversion, inverter, rectifier, increase, switch and so on, which are also closely related to energy saving. [4]

According to power processing capacity, power semiconductors are divided into low-voltage low-power semiconductor devices, medium-power semiconductor devices, high-power semiconductor devices and high-voltage super-power semiconductor devices [5]. According to different grades of power semiconductor devices are widely used in computers, home appliances, consumer electronics, automotive electronics, industrial control, new energy, rail transit, power facilities (power generation, transformation, power transmission) and so on. [6]

With the popularization of electric vehicles, the use of green energy and the construction of modern vehicles such as subways and motor cars, the market demand for the development of high-performance power semiconductor devices is becoming stronger and stronger. Products including power semiconductor protective devices, high-end power semiconductor rectifier devices, optoelectronic hybrid integrated circuits, new power semiconductor devices are widely used in consumer electronics, industrial manufacturing, power transmission and distribution, new energy and other key fields. [7]

The main application fields of power semiconductors, the Yangtze River Securities Research Institute [8] Power semiconductor devices usually have three types of product forms: power semiconductor discrete devices (Power Discrete), power modules (Power Module, the industry also call this part and discrete devices as power devices), power semiconductor integrated circuits (Power Integrated Circuit, namely power IC).

Two formulas are used to explain these product forms:

Charging head = power IC + power devices (power semiconductor discrete devices / power modules) + other

Power IC = power devices (power semiconductor discrete devices / power modules) + other

The relationship of power semiconductors in the industry chain, AI Hall ● power semiconductor discrete devices are the basic devices that make up power semiconductor integrated circuits and smart power modules, are the basic components of circuits with a single function, and can no longer be functionally split into semiconductor devices. [9]

The processing process of discrete devices includes lithography, etching, ion implantation, diffusion annealing, film formation and so on. PN junctions are formed on semiconductor materials after processing. The combination of different structures and doping concentrations of PN junctions will affect the parameter characteristics of discrete devices.

Discrete devices include diodes, thyristors and transistors. Transistors are divided into bipolar junction transistors (BJT, often called crystal transistors), junction field effect transistors (JFET), metal oxide field effect transistors (MOSFET) and insulated gate bipolar transistors (IGBT).

The main components of power semiconductors, watchmaking, the uncontrollable guidance turn-on and turn-off of the fruit shell hard technology team can not be controlled by the control signal, the semi-control finger can control the turn-on but not the control turn-off, and the full-control guidance turn-on and turn-off can be controlled.

There are three kinds of power semiconductor discrete devices commonly used in power supply circuits: power MOSFET, power MOSFET constructed by SJ: super junction and IGBT. [10]

Compared with the main power semiconductors, the Rohm ● power module is a hybrid integrated circuit, which is packaged by a number of discrete devices according to a certain functional combination, such as the IGBT module. The power module has undergone three iterations, and the current products have adopted more advanced IC driver, packaging technology and more protection technology. [11]

● power IC refers to a complex circuit formed by integrating various devices (such as diodes, transistors and field effect transistors) on a semiconductor chip through complex isolation and interconnection processes on the basis of discrete devices or power module manufacturing processes. Power IC is a sub-track that simulates IC.

The manufacturing technology used to fabricate power integrated circuits is called power integration technology. Power integration technology needs to achieve high-low voltage compatibility, high performance, high efficiency and high reliability on a limited chip area. [12]

Power IC includes five categories: linear voltage regulator, switching voltage regulator, switching IC, voltage reference and power management IC. These IC can boost, step down, stabilize or reverse the fixed voltage provided by the battery or power supply, and are responsible for the conversion, distribution and detection of the equipment power.

Types and devices of power integrated circuits, tabulation? sources of data from the fruit shell hard technology team? although different types of devices vary greatly in terms of function, performance and cost, and the form of comparison is different, but power density (power per unit volume) and power consumption are generally used to measure device performance. At the same time, we will also pay attention to specific parameters such as working voltage, current density, reverse recovery time, maximum junction temperature, on-state resistance, reverse leakage current, static current, total gate charge and so on.

The indicators of power semiconductors worth paying attention to, the end of the development of evergreen chips is that many power semiconductor products have been gradually eliminated under the erosion of the times, and only the devices with good performance in comprehensive evaluation have become the ultimate darling of the market. Throughout this history, there are two trends: one is to achieve higher voltage and lower loss, that is, to evolve on discrete devices, and the other is to develop towards small composite, high integration and high density, that is, modularization and integrated circuitry. But this also depends on the "basic unit" discrete devices that make up the module or circuit [6]. Therefore, everything points to discrete devices.

At the beginning, the power semiconductor discrete devices evolved from the structure: the first stage was represented by diodes, the second stage appeared semi-controlled devices represented by thyristors, and the third stage gave birth to fully controlled devices represented by MOSFET (metal-oxide semiconductor field effect transistor) and IGBT (insulated gate bipolar transistor).

Then, the structure of the device has been basically clear, and in most cases, it is optimized and improved around these structures. Although the process also affects the performance of power semiconductors, it belongs to the category of characteristic process (More than Moore). Contrary to logic circuits and memory chips, the progress of process nodes can not directly increase the efficiency and reduce the cost of discrete devices and analog circuits [13]. Instead, it is necessary to improve the device value and performance through device structure, processing technology and application environment. [14]

Compared with the logic IC which easily uses 7nm, 5nm and other advanced processes, the realization of power semiconductor discrete devices and power IC technology will be much less difficult. At present, the most advanced BCD process of International Italian Semiconductor (ST) is only 65nm. Two 12-inch 90~65nm characteristic process chip production lines with a total investment of 17 billion yuan are already at an advanced level, and many devices only need a process of 0.15 ~ 0.35 μ m to meet the performance requirements. [15]

Semiconductor device process node distribution, DAO (Discrete, Analog, Optoelectronics), on behalf of discrete, analog and optoelectronic / sensor of course, although the production of power semiconductors is relatively simple, but it does not mean that it has no technology content, but in this case, higher requirements for technology optimization, integration adjustment and functions.

Therefore, in addition to the improvement of the device, the industry has aimed at the root of the device-material. Changing the material can significantly improve the full performance index, among which the wide band gap semiconductor material is very suitable for the fabrication of radiation-resistant, high-frequency, high-power and high-density integrated devices. The width of the band gap is an important characteristic parameter of semiconductor materials. The larger the parameter, the greater the energy required for the electron to transition to the conduction band, and the higher the temperature and voltage the material can withstand. [16]

Development history of power semiconductor devices, tabulation, reference materials of fruit shell hard science and technology team ("locomotive telex" [17], public information

According to the different energy band structure of semiconductor materials, semiconductors can be divided into narrow band gap and wide band gap. The width of 2.3eV band gap is an important index to distinguish between width and width. The representative materials of narrow band gap semiconductors are first generation semiconductor materials Si (silicon), Ge (germanium) and second generation semiconductor materials GaAs (gallium arsenide) and InP (indium phosphide). The representative materials of wide band gap semiconductors greater than or equal to 2.3eV are the third generation semiconductor materials GaN (gallium nitride), SiC (silicon carbide) [18] and the fourth generation semiconductors in research, such as aluminum nitride (AlN), gallium oxide (Ga2O3), diamond (C) and so on.

It should be emphasized that the new semiconductor materials will not completely replace the previous intergenerational materials at this stage, which is an important supplement to silicon materials. [19]

Comparison of the characteristics of first-generation to fourth-generation semiconductor materials, tabulation, sources of data from the fruit shell hard science and technology team, "Journal of silicate" [20], micro-net, public information SiC and GaN are relatively mature materials for the development of wide-band semiconductor materials. Since 2001, third-generation semiconductor products such as SiC diodes, SiC-BJT, SiC-MOSFET and GaN-HEMT have been successfully developed and mass-produced [21]. But at that time, the performance and price of new materials was relatively low, and it had been labeled as expensive for more than a decade, and then after years of research and development, device costs gradually decreased, wafer production capacity gradually enriched, the advantages of the two materials in TCO (total cost of ownership) gradually highlighted, this track began to break out, broad prospects.

GaN and SiC aim at different fields, and it is generally believed that the voltage region targeted by GaN power semiconductors is lower than that of SiC power semiconductors by tens of volts to 600 volts [10]. At present, GaN is mainly used in communication radio frequency, power electronics and LED, while SiC is mainly used in power electronics and communication radio frequency fields. [22]

The common application field of MOSFET, RohmSiC and GaN are the "gospel" of the power semiconductor industry, and almost all giants will be involved. Texas Instruments (TI) explained to the author that compared with traditional silicon devices, wide band gap devices are undoubtedly an important choice to achieve higher efficiency and higher power density, and as the world's leading semiconductor company has been deployed since 2010.

There are both made in China, but it is difficult to catch up with computing chips. The business models of power semiconductor enterprises are also divided into two types:

IDM model (Integrated Device Manufacture), that is, the integration model, through the extension of the industrial chain and the integration of upstream and downstream, a company carries all the steps of making a chip.

Fabless mode (especially refers to the design link in the vertical division of labor mode), that is, the enterprise does not have its own wafer production line, only chip design, and the final production is completed through customized procurement and contract manufacturing.

As power semiconductors do not rely on advanced processes and focus more on creating characteristic platforms and improving the process, it determines that the investment of power semiconductor manufacturers in building factories and purchasing equipment is relatively small, so most companies from international to domestic are IDM mode. At present, the global power semiconductor companies are divided into three echelons, the first echelon is the international leading large semiconductor companies, the second echelon is the domestic technology breakthrough companies, and the third echelon is some discrete device packaging enterprises. [23]

Among the three echelons of power semiconductors, power semiconductors have technology-intensive properties, and have high requirements for the convergence and quality of chip design, process flow, packaging testing, reliability testing and other links. And the R & D cycle is long, R & D investment is large, from design to large-scale launch often takes more than two years. At the same time, there is a high demand for technology reserve and talent reserve. In order to launch more advanced and competitive technologies and products than domestic and foreign competitors, it is necessary to accurately grasp the development trend of the industry and bear the risk of iterative failure of product upgrading. [24]

Relatively speaking, power semiconductors are a track that can snowball, and continuous improvement can occupy a place [25]. According to the analysis of semiconductor weather vane, the fluctuation of power semiconductor industry is in line with the trend of commodities, the fluctuation of the industry in 4-5 years is very consistent with the law of semiconductor cycle, and the products are closely related to the trend of global GDP. [26]

Now, many semiconductor companies around the world are spending a lot of money on R & D and production of power semiconductors. Internationally, Texas Instruments (TI), Yadno Semiconductor (ADI), Infineon (Infineon), Italian Semiconductor (ST), Toshiba (Toshiba), Renesas Electronics (Renesas), Rohm and other enterprises are all working hard to seize the market hegemony of power semiconductors.

Judging from the data, the growth rate of the power semiconductor market is also considerable. According to Mordor Intelligence data, the global power semiconductor market will be US $37.9 billion in 2020, and it is expected to reach US $46.02 billion by 2026, with an annual compound growth rate of 3.17%. [27]

The power semiconductor market segment includes both power devices (i.e. discrete devices and power modules) and power IC. Some companies will do it all, while others will focus on more integrated power IC.

At present, the market of ● power devices is still dominated by discrete devices, but the share of power modules will increase significantly in the next few years. Electric vehicles, industrial motors and household appliances will drive the power module market to nearly $10 billion by 2026. Discrete power devices are mainly used in low-power applications, such as low-power motor drivers, photovoltaic micro-inverters and residential series photovoltaic inverters, automotive auxiliary systems, DC / DC converters and vehicle chargers, etc., high-power applications will use more power modules, but high efficiency requirements make the demand for components and technology more diversified. [28]

In the power semiconductor market from 2020 to 2026, YoleYole pointed out that MOSFET, IGBT and SiC technologies are the three most important areas in power devices. IGBT and SiC power modules are mainly used in electric vehicles, wind turbines, photovoltaic, energy storage and electric vehicle DC chargers and other applications, mainly driven by high system power trends. On the whole, silicon-based power devices will still account for half of the entire power semiconductor market, but with the increase in demand, wide bandgap devices will grow by leaps and bounds in the future.

Power semiconductors split by equipment from 2020 to 2026, compared with international Yole, domestic power semiconductors started relatively late, mainly through the introduction of technology and gradual innovation to promote localization. At present, the domestic power semiconductor industry has made great progress, but there is a gap with the international leading products in the design and manufacture of high-end devices.

In the secondary market, power semiconductor concept stocks have formed a scale, with a large number of enterprises, most of which are IDM mode. In terms of products, most enterprises produce both power semiconductor discrete devices and power modules, and some enterprises also produce power IC. In addition, the layout of the third generation semiconductor materials power semiconductors has become a consensus in the secondary market.

Domestic power semiconductor listed on behalf of the company, mapping? the fruit shell hard technology team looked at the Q1 financing situation in 2022, and the US $10 billion market attracted many new players. However, only a few of these enterprises have chosen the field of traditional silicon-based power devices, basically optimistic about SiC, GaN track, and most of them are in the stage of round A financing.

In 2022, Q1 power semiconductor related financing company, watchmaking, fruit shell hard technology team in the field of silicon-based power MOSFET and IGBT devices, there is an obvious gap between domestic and international advanced level: MOSFET devices, mainly planar process VDMOS, lack of high cell density low power devices, international hot superjunction devices are still in the domestic research and development stage, chip industrialization is mainly small and medium power (100~500V/ ≤ 30A). Mass production single tube has been widely used in the field of consumer electronics, and the chip of 600V~900V is under development. The packaging technology of IGBT devices and modules has been improved. The IGBT modules of 600V, 1200V and 1700V / 200A~2000A of domestic chips have been put into use, and the IGBT modules of 3300V, 4500V and 6500V / 600A~1500A have entered the pilot stage, and a small number of samples are being tested. [29]

Compared with the international advanced countries, the research and development foundation of SiC and GaN wide band gap power devices is relatively weak, and the industrialization is still in the initial stage, but there are related enterprise layouts on substrates, epitaxial wafers and devices / modules.

Key enterprises of SiC industrial chain, TUYUAN (Tianfeng Securities) [30]

Key enterprise of GaN industry chain, Tianyuan Tianfeng Securities [30] according to CASA (third Generation Semiconductor Industry Technology Innovation Strategic Alliance), the domestic power device market is about 300.26 billion yuan in 2020, SiC and GaN power electronic devices market size is about 4.68 billion yuan, SiC, GaN power electronic penetration rate is about 1.56%, by 2025 The application market of SiC and GaN power electronic devices will grow to nearly 30 billion yuan at a compound annual growth rate of 45%. [31]

From 2016 to 2025, the application market scale of SiC and GaN power electronic devices in China (100 million yuan), the source (CASA ● power IC market power IC), the entry threshold is not high, but the continuous R & D capability of enterprises is high. According to statistics from non-research institutes, power IC accounts for more than 50% of global power semiconductor consumption. The global power IC market is US $30.5 billion in 2021 and is expected to remain stable in 2022, while there are about 160 domestic power IC manufacturers. [32]

According to the core research data, the revenue of most Chinese power IC companies increased significantly in 2021, and the revenue of some companies increased by more than 100%. The 2021 power IC revenue of Silijie, Jingfeng Mingyuan, Shilan Micro, Fuman Microelectronics, Shengbang Microelectronics, Shanghai Nan Core, Ming Microelectronics, Shanghai Beiling, Ai Wei Electronics and Biyi Microelectronics ranked among the top 10 in China. [33]

According to the summary of the research on the revenue and growth rate of China's top 10 high-power IC companies in 2021, China has always had replacement products in the power semiconductor market, but there is still a gap compared with foreign countries. under the background of frequent geopolitical frictions and power semiconductors, domestic substitution is accelerating. As the overall cost of SiC and GaN is still lower than that of silicon-based power semiconductors, MOSFET, IGBT discrete devices and modules will still be the mainstream and growth bright spots in the next three to five years, but driven by 5G, new energy, and intelligent vehicles, the market prospects of SiC and GaN are excellent.

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This article comes from the official account of Wechat: fruit Shell hard Technology (ID:guokr233), author: Fu Bin, Editor: Li Tuo

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