Global GaN & SiC Power Semiconductor Market Overview
The key driver impacting the GaN & SiC Power semiconductor market is expanding hybrid and electric vehicles industry. For instance, According to IEA, Electric represents 2.6% of worldwide car sales, and it is registered a year-on-year rise of 40%. Globally electric car sales were recorded 2.1 million in 2019, surpassing the 2018 sales record. The stock of electric car stock is raised by 40% year-on-year in 2019, representing robust, sustained EV sector development after yearly successes since 2016. In the Sustainable Development Scenario (SDS), it is estimated that around 13% of the worldwide car fleet is electric by 2030, which requires yearly average growth of 36% annually between 2019 and 2030. In addition, the more substantial capabilities of SiC and GaN over Silicon are also positively impacting the market growth. Moreover, growing research and development in wide band gap semiconductors (WBG) contributes to GaN & SiC Power semiconductor market demand in the coming years.
According to Value Market Research, the global GaN & SiC Power Semiconductor market size was valued at about USD 702 million in 2020 and is estimated to grow at a CAGR of around 31% during the forecast period 2021 to 2027.
The escalating adoption of 5G technology and rising investment in infrastructure development is likely to augment the need for GaN & SiC Power semiconductors in the forecast period. However, the high use of conventional silicon materials for manufacturing is expected to obstruct the market in the long run. In addition, the high cost of manufacturing is impeding market growth. Nevertheless, the market trends, use of power devices in renewable energy applications, and proliferation of electric components in vehicles might provide massive market opportunities to the market's key players.
The GaN & SiC Power semiconductor market is widespread, with many local and international players. The market leaders follow diverse strategies like acquisitions, extending product portfolio, contracts, product innovations, amalgamation to strengthen their market share globally. The key players in the report are Alpha and Omega Semiconductors, Diodes Incorporated, Fuji Electric Co., Ltd, Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Exagan S.A.S, Vincotech GmbH, STMicroelectronics N.V., NXP Semiconductors N.V., Cambridge Electronics, GaN Systems Inc., Avogy, Inc., and United Silicon Carbide Inc.
In this research report, the GaN & SiC Power Semiconductor market is segmented by product, application, and region.
Analysis by Product:
By product, the report is segmented into SiC power module, GaN power module, Discrete SiC, and Discrete GaN. The discrete SiC segment dominates the product segment with the highest share of 51% in 2020. It is due to the increasing demand for SiC power devices in electric vehicles and aerospace applications. Moreover, the proliferation of electric components in vehicles and increasing usage of hybrid and electric vehicles contribute to the growth of Discrete SiC in the forecast period.
Analysis by Application:
By application, the report is segmented into Power supplies, Industrial motor drives, H/EV, PV inverters, Traction, and Others. The power supplies segment dominates with the highest market share of 31% in 2020. It is due to the rising demand for GaN & SiC power semiconductors in consumer electronics and industrial applications. Moreover, the growing demand for energy-efficient materials, such as SiC and GaN, in power supplies reduces energy loss in industrial processing, contributing to the market demand at highways in the coming years.
Analysis by Region:
In the regional outlook of the global GaN & SiC Power semiconductor market, Asia Pacific region dominates with the largest market share of 66% in 2020. The favorable government initiatives are supporting semiconductor manufacturing in the nations like Japan and China and expanding automotive and industrialization. Also, the presence of several significant players of GaN & SiC power semiconductors, such as Renesas Electronics Corporation, Mitsubishi Electric, among others, contributes to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Product
- SiC Power Module
- GaN Power Module
- Discrete SiC
- Discrete GaN
By Application
- Power Supplies
- Industrial Motor Drives
- H/EV
- PV Inverters
- Traction
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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