Burgeoning Electric and Hybrid Vehicles Sales to Steer SiC & GaN Power Semiconductor Market Past US$ 6.95 Bn

Burgeoning Electric and Hybrid Vehicles Sales to Steer SiC & GaN Power Semiconductor Market Past US$ 6.95 Bn

PR Newswire

NEW YORK, Jan. 3, 2022

East Asia to Remain at the Epicenter of SiC & GaN Power Semiconductor Market, Expanding at 26.8% CAGR

NEW YORK, Jan. 3, 2022 /PRNewswire/ -- Fact.MR's latest report on SiC & GaN semiconductor market uncovers the growth projections across major regions. It also discusses in detail, various growth drivers, restraints, latest trends and emerging opportunities affecting the market dynamics. In order to gain comprehensive insights, the report has been segmented on the basis of material type, component and application.

Fact.MR

Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global SiC & GaN power semiconductor market is estimated to reach around US$ 884 Mn in 2022. With flourishing semiconductor across the globe, the overall market is anticipated to witness growth at a CAGR of 22.9%, surpassing US$ 6.95 Bn by 2032.

Surging demand for SiC & GaN power semiconductors in myriad applications such as power supplies, wireless charging PV inverter, and electric vehicles is driving the global SiC & GaN power semiconductor market.

Further, Silicon Carbide (SiC) and Gallium Nitride (GaN) have become the most significant wide bandgap (WBG) materials in the semiconductor industry. They have gained immense popularity in modern electrical and electronic industries.

Additionally, these semiconductors offer various advantages such as higher operating temperature, maximum thermal conductivity, better efficiency, and reduced costs.

Hence, rapid transition from conventional energy sources to renewable ones has improved the demand in SiC & GaN power semiconductor market. On account of this, governments across the globe are investing extensively to increase their renewable power generation abilities.

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Subsequently, new initiatives are being launched to facilitate the adoption of eco-friendly energy sources. For instance, the European Commission launched the European Solar Initiative in 2021, to scale up the solar PV industrial ecosystem in Europe.

Semiconductors have become indispensable part of majority of electric products. According to the Semiconductor Industry Association (SIA), the global semiconductor industry sales in the month of August 2021, reaching US$ 47.2 Bn. This is expected to impact the growth positively in the market.

Moreover, growing popularity of electric and hybrid vehicles across the globe is spurring the sales of advanced semiconductor components such as SiC & GaN. Implementation of stringent emission regulations coupled with soaring fuel prices is prompting consumers to adopt ecofriendly electric vehicles.

As per Fact.MR, in terms of material, SiC segment is anticipated to dominate the global SiC 7 GaN power semiconductor market, accounting for over 58.4% of revenue in 2022. As SiC is most preferred in larger power products due to its power capabilities and higher thermal conductivity, demand is expected to accelerate.

Regionally, East Asia will dominate the global SiC & GaN power semiconductor market, expanding at a CAGR of 26.8% through 2032. East Asia is home to leading high-tech countries called "Big Four", including China, Japan, South Korea and Taiwan.

Growth in the region is driven by rising penetration of advanced technologies across these aforementioned countries. As per the study, East Asia market is projected to surpass US$ 476.4 Mn in 2022.

"The roll out of 5G technology and increasing investments in solar power generation infrastructure are creating lucrative growth prospects in SiC & GaN power semiconductor market. In order to capitalize on this trend, market players are levering various strategies such as cost reduction and integration of new technologies.," says a Fact.MR analyst

Key Takeaways from SiC & GaN Power Semiconductor Market Survey

Key Drivers

Key Restraints

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Competitive Landscape

Leading players operating in the SiC & GaN power semiconductor market are employing various strategies such as partnerships, continuous branding, and advanced product launches to gain competitive edge.

Meanwhile, some of the players are focusing on collaborations with local market players to expand their customer base.

For instance,

Some of the prominent players operating in the SiC & GaN power semiconductor market profiled by Fact.MR are:

More Insights on the Global SiC & GaN Power Semiconductor Sales Outlook

Fact.MR provides an unbiased analysis of SiC & GaN power semiconductor market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global demand for SiC & GaN power semiconductor with a detailed segmentation on the basis of:

Material Type

Component

Application

Key Questions Covered in the SiC & GaN Power Semiconductor Market Outlook Report

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