GaN & SiC Power Semiconductor Market Size

GaN & SiC Power Semiconductor Market Size

GaN & SiC Power Semiconductor Market size surpassed USD 1 billion in 2022 and is poised to depict 25% CAGR from 2023 to 2032. The rapid advancements in robotics and automation in industrial applications will further boost the industry growth.

Electric motor drives, the workhorses of the global industry, can become highly efficient through the incorporation of power semiconductors. The requirement for motor drives is accelerating, given the rising acceptance of robotics and industrial automation solutions. This automation trend can be attributed to government initiatives targeted toward bolstering the adoption of Industry 4.0. Moreover, the implementation of innovative technologies including cloud computing and IIoT is fueling the motor drive demand. These factors will amplify the usage of GaN and SiC power semiconductor equipment to power these drives.
 

Despite the growth trajectory, high complexity in power discrete component manufacturing may act as a hindrance to steady industry development. However, government bodies have been undertaking key measures to curb carbon emissions by accelerating the development of renewable energy sources. Initiatives such as these will augment the use of gallium nitride and silicon carbide power electronics in the renewable energy sector, generating lucrative opportunities for GaN & SiC power semiconductor market expansion.