DAEGU < invest Korea

According to Pulse by Maeil Business News Korea,

The leading global manufacturer of power semiconductors, Infineon Technologies AG, plans to expand its recruitment in Korea, according to chipmaking industry sources on Wednesday.

Infineon Technologies Korea will hire 1.5 times more employees here by 2030, doubling the number of career-beginners, and hire more mid-career experienced employees. The chipmaker will hold recruitment sessions for students at the Daegu Gyeongbuk Institute of Science & Technology and the Ulsan National Institute of Science & Technology on May 18 and 19.

The European chipmaker has decided to expand its operations in Korea probably because it sees great growth potential in renewable energy markets here and following on its growth in power chips. Power semiconductors convert, distribute and control electricity in the power management system on electronics. They are essential for renewable energy to convert energy generated at renewable power plants into applicable electricity.

Earlier, the government unveiled its plan to increase the amount of renewable energy in the national grid up to 21.6 percent by 2030. As of 2021, electricity generated by solar, wind or other renewable energy sources accounted for only 4.7 percent of total domestic power generation. This means that demand for power chips will be inevitable as the country expands its generation of renewable energy. “The domestic market for renewable energy is set to skyrocket but it is hard to find talent specialized in power chips,” one senior industry official said.

The global power semiconductor market is continuously growing in line with green trends. According to market researcher Omdia, the power semiconductor market is estimated to grow to $38.4 billion by 2026, up from $30.8 billion in 2022. The growth curve of industrial power semiconductors, especially ones used in renewable energy, is even steeper, estimated to reach $10.8 billion by 2027 at an annual growth rate of 7.2 percent.

Power chips are also used in electric vehicles, which are seeing rapid growth. While Korea is still in the infancy phase concerning its power chip market, some Korean businesses are starting to eye the market for next-generation power semiconductors, such as silicon carbide and gallium nitride.


By Lee Sae-ha and Chang Iou-chung

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (May 11, 2023)