Increasing production of hybrid electric vehicles and electric vehicles globally is fueling the demand for power semiconductor devices such as SiC and GaN. Also, the growing use of mobile devices is contributing to the demand for SiC & GaN power semiconductor. With the increasing use of SiC, SiC metal-oxide semiconductor field-effect transistors (MOSFET) have gained immense popularity among manufacturers.
Meanwhile, GaN-on-silicon (GaN-on-Si) devices are also anticipated to witness growth in the coming years. GaN semiconductor devices are also witnessing increasing application in automotive, information and communication technology, consumer electronics and medical. Also, the advancement in semiconductor and power electronics is helping companies to improve power management and battery capacity.
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As per the report by Fact.MR, the global SiC and GaN power semiconductor market is expected to witness robust growth, increasing at a CAGR of 24.7%. The global SiC & GaN power semiconductor market is also projected to reach US$ 2,986.3 million revenue by the end of 2026. Increasing adoption of mobile devices and other electronic devices is driving the need of semiconductors, this, in turn, is resulting in the increasing use of SiC & GaN to power semiconductor devices and at the same time offering various advantages. Following are the insights showing how the global SiC & GaN power semiconductor market will perform in the coming years.
5 Forecast Highlights on Global SiC & GaN Power Semiconductor Market
- Asia Pacific Excluding Japan (APEJ) to emerge as the dominating region in the global SiC & GaN power semiconductor market. By the end of 2026, APEJ is projected to bring in more than US$ 2,200 million revenue. Increasing demand for mobile devices, the presence of the key companies are some of the factors driving the demand for SiC & GaN to power semiconductor in the region.
- Meanwhile, Japan followed by Europe are also likely to see the significant growth in the coming years. Technological advancements in the regions are driving the market growth.
- SiC is expected to witness significant growth during the forecast period. By the end of 2026, SiC as a material to power semiconductor is projected to exceed US$ 2,400 million revenue.
- Compared to the various components, discrete SiC power devices are anticipated to witness growth. Discrete SiC power devices are projected to reach the value of nearly US$ 2,000 million revenue towards the end of 2026.
- SiC & GaN power semiconductor is expected to be used largely in power supplies during the forecast period 2017-2026. By the end of 2026, power supplies are projected to bring in more than US$ 800 million revenue.
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|Market size value in 2021||US$ 754 million|
|Market forecast value in 2032||US$ 6,954 million|
|Global Growth Rate (2022-2032)||CAGR 22.9%|
|East Asia Market Size in 2022||US$ 476.4 million|
|East Asia Growth Rate||CAGR 26.8%|
|China Market Size in 2022||US$ 351.6 million|
|Top 5 Companies Market Share||~21.9%|
|Key Companies Profiled||
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