GaN & SiC Power Semiconductor Market Size, By Product (Silicon Carbide (SiC) Power Module, Gallium Nitride (GaN) Power Module, Discrete SiC, Discrete GaN), By Application (Power Supplies, Industrial Motor Drives, Hybrid/Electric Vehicle (H/EV), Photovoltaic (PV) Inverters, Traction), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

GaN & SiC Power Semiconductor Market size valued at USD 700 million in 2020 and is expected to witness over 30% CAGR between 2021 to 2027.
 

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Stringent government regulations across the globe to shift towards clean and eco-friendly energy sources have accelerated the demand for renewable energy. In February 2021, European Commission announced European Solar Initiative to accelerate the solar PV industry value chain in the region. These initiatives will drive the market potential for GaN & SiC power semiconductor manufacturers in the coming years. The renewable energy applications, such as PV inverters, require GaN & SiC power semiconductor to deliver high switching frequency and helps to reduce energy loss. These power semiconductors also help to reduce the size of PV inverters by reducing the size of capacitor and inductor in the device.
 

GaN & SiC power semiconductors are power devices with compact and reliable features, offering high efficiency than silicon-based devices. These GaN & SiC power semiconductors help to reduce volume, weight, and life cycle costs in various power applications including automotive electronics, industrial motors, and PV inverters, among others.
 

GaN & SiC power semiconductor market players are continuously focusing on development of new products with improved material properties to meet the growing requirement in solar applications. This will accelerate the growth opportunities for the market.
 

The pandemic crisis severely impacted the GaN & SiC power semiconductor market growth in 2020. Several nations-imposed lockdown, resulting in shutdown of several manufacturing facilities of market leaders and end use OEMs such as EV manufacturers, solar component manufacturers, etc. However, the lockdown has accelerated the trend toward work from home initiative and has added an opportunity for local companies to gain a significant advantage from the computing device segment, UPS, etc. Also, the pandemic has positively influenced the GaN & SiC power semiconductor companies to accelerate their geographic presence in new areas to realign supply chain activities.
 

Rising demand for discrete SiC in automotive application will fuel the GaN & SiC power semiconductor market expansion

The discrete SiC segment held 50% of the market share in 2020 and is projected to observe a 20% growth rate till 2027 led by the increasing demand for SiC power devices in electric vehicles and aerospace applications For example, SiC MOSFET offers high critical breakdown strength of upto 10 times in comparison with silicon, which enables to handle high voltage and power requirement in various automotive applications.
 

The proliferation of electric components in vehicles and increasing usage of hybrid and electric vehicles have further boosted the opportunity for discrete SiC in the industry. Several governments around the globe are accelerating their funding activities and initiatives to increase the adoption of electric vehicles, adding an advantage to the market.
 

Increasing acceptance for energy efficiency in industrial applications will accelerate market opportunities for GaN & SiC power semiconductors

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The power supplies application captured 30% of the GaN & SiC power semiconductor market share in 2020 and will grow at a CAGR of around 23% through 2027 driven by rising demand for GaN & SiC power semiconductor in industrial and consumer electronics applications. The growing demand for energy-efficient materials, such as SiC and GaN, in power supplies to reduce the loss of energy in industrial processing will impel the market demand.
 

Continuous technological innovations by the market participants to deliver enhanced sustainability in high voltage and current in industrial applications will increase the market potential for GaN & SiC power semiconductor manufacturers.
 

Favorable government initiatives to support semiconductor manufacturing in Japan will spur the industry expansion

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The Asia Pacific GaN & SiC power semiconductor market accounted for over 65% of revenue share in 2020 and is estimated to attain a CAGR of 34% during 2021 to 2027 owing to the favorable government initiatives to support semiconductor manufacturing in the country. For example, in April 2020, the Government of Japan announced its funding of USD 2.2 billion to help its domestic manufacturers to shift their production out of China to overcome the supply chain barrier.
 

The presence of several major players of GaN & SiC power semiconductors, such as Mitsubishi Electric, Renesas Electronics Corporation, among others, will accelerate the regional market share. These industry leaders are further involved in expanding their business activities, which will add an advantage for the market progression.
 

Focus on new product launch to stay competitive in the industry

Key players operating in the GaN & SiC power semiconductor market are Alpha and Omega Semiconductors, Diodes Incorporated, Fuji Electric Co., Ltd, Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, among others. The companies are continuously involved in new product innovations to stay competitive among other players.
 

The GaN & SiC power semiconductor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:
 

Market, By Product

• SiC power module
• GaN power module
• Discrete SiC
• Discrete GaN

Market, By Application

• Power supplies
• Industrial motor drives
• H/EV
• PV inverters
• Traction
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
• Latin America
  • Brazil
  • Mexico
• MEA