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GaN & SiC Power Semiconductor Market Size

Report ID: GMI3375
Published Date: Oct 2022
Report Format: PDF

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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.

GaN & SiC Power Semiconductor Market

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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.

GaN & SiC Power Semiconductor Market Report Attributes
Report Attribute	Details
Base Year:	2022
GaN & SiC Power Semiconductor Market Size in 2022:	USD 1 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	25%
2032 Value Projection:	USD 15 billion
Historical Data for:	2018 to 2022
No. of Pages:	170
Tables, Charts & Figures:	191
Segments covered:	Product, Application, and Region
Growth Drivers:	Increased capabilities of SiC and GaN over silicon High penetration of hybrid and electric vehicles Rising adoption of power devices in renewable energy applications Growing investment in research and development for Wide Band Gap Semiconductors Increasing funding for infrastructure development and proliferation of 5G technology
Pitfalls & Challenges:	Usage of conventional silicon materials for manufacturing High manufacturing cost

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Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

market size of GaN & SiC power semiconductor surpassed USD 1 billion in 2022 and is poised to register 25% CAGR between 2023 and 2032, due to rapid industrial automation.

The GaN & SiC power semiconductor industry revenues from the hybrid & electric vehicle segment will be worth USD 3 billion by 2032, given the advancement of automotive technologies and the strong desire to cut down vehicle emissions.

The market of GaN & SiC power semiconductor in Europe is slated to attain 20% gains through 2023-2032, owing to the growing adoption of robotics and rapid factory automation.

Key players in the business scenario include Mitsubishi Electric Corporation, Renesas Electronics Corporation, Infineon Technologies AG, ON Semiconductor Corporation, ROHM CO., LTD., and Wolfspeedic, among others.