GaN & SiC Power Semiconductor Market size worth over $4.5bn by 2027
Published Date: April 27, 2021 Authors: Preeti Wadhwani, Shubhangi Yadav
GaN & SiC Power Semiconductor Market size is set to surpass USD 4.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
The rising adoption of GaN & SiC power semiconductor in all-electric vehicles (EVs) is predicted to drive the market growth. The GaN & SiC power semiconductors offer several benefits, such as high-power efficiency, high thermal conductivity, and reduced footprint, compared to traditional silicon-based power semiconductors. These high-end features increase their integration into on-board chargers, electronic control unit (ECUs), DC-DC converters, and traction inverters of electric vehicles (EVs).
Design complexity associated with manufacturing GaN & SiC power semiconductors is one of the major factors restraining the market expansion. The deposition of GaN and SiC layers on the semiconductor substrate is very difficult and requires high precision manufacturing equipment such as PVD and CVD tools. The PVD and CVD tools are of high cost, further increasing the overall manufacturing cost of GaN & SiC power semiconductors. Furthermore, the low cost and simpler design associated with conventional Si-based power semiconductors will pose a major challenge to the market progression during the forecast timeline.
Technological innovations in SiC power modules will spur the industry growth
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The SiC power module segment held more than 40% of the market share in 2020 and will observe 35% growth rate till 2027 led by several features offered by the SiC power modules such as high reliability, greater electrical stability and optimized energy consumption compared to discrete GaN & SiC power semiconductors. The SiC-based power modules are integrated with dedicated ICs, which help the overall module to execute self-protection functions such as short circuit, supply under voltage, and over temperature. These features increase their acceptance in high power electrical systems such as smart grids and smart energy meters. The market players are extensively focusing on increasing the energy efficiency, achieving low noise operations, and reducing device footprint.
Browse key industry insights spread across 170 pages with 111 market data tables and 27 figures & charts from the report, “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, Application Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Increasing usage of industrial motor drives in robotics and automation equipment will propel the market value
The industrial motor drive segment captured 3% of the market share in 2020 and is anticipated to grow at a CAGR of 35% through 2027 on account of the rising adoption industrial motor drives for robotics and automation equipment in manufacturing and process industries. The manufacturing sector is extensively incorporating industrial robots, automated assembly lines, conveyors, CNC machines, etc., which require industrial motor drives. The SiC and GaN embedded motor drives deliver high power efficiency and help to drive heavy loads in the starting position in industrial machinery. The proliferation of industrial robots across developed economies will fuel the acceptance of industrial motor drives in the market.
Expansion of the renewable energy sector in the U.S. will foster the market revenue
The North America GaN & SiC power semiconductor market is projected to grow at a CAGR of 29% by 2027 owing to rising solar power plant establishments in the U.S. According to a December 2020 press release by the Solar Energy Industries Association, in the third quarter of 2020, the U.S. solar energy producers accounted for the installation of 3.8 GW solar PV capacity. The country reached a total installation capacity of 88.9 GW in FY2020. This will increase the market demand for GaN & SiC power semiconductors in PV converters, inverters, PV modules, generators, and solar battery systems.
Key companies operating in the market are Alpha and Omega Semiconductors, Texas Instruments Incorporated, Diodes Incorporated, Fuji Electric Co., Ltd, Infineon Technologies AG, Microsemi Corporation, and Mitsubishi Electric Corporation, among others. These industry participants for GaN & SiC power semiconductor are continuously involved in new product innovations to stay competitive among other players in the market.
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