DUBLIN, Feb. 23, 2024 /PRNewswire/ — The “Wide-Bandgap Power (WBG) Semiconductor Devices – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Wide-Bandgap Power (WBG) Semiconductor Devices Market to Reach $10.9 Billion by 2030
The global market for Wide-Bandgap Power (WBG) Semiconductor Devices estimated at US$1.4 Billion in the year 2022, is projected to reach a revised size of US$10.9 Billion by 2030, growing at a CAGR of 29.4% over the analysis period 2022-2030. Silicon Carbide (SiC), one of the segments analyzed in the report, is projected to record a 29.4% CAGR and reach US$6.3 Billion by the end of the analysis period. Growth in the Gallium Nitride (gan) segment is estimated at 31.4% CAGR for the next 8-year period.
The global semiconductor industry is experiencing a paradigm shift with the emergence of wide-bandgap (WBG) semiconductors, poised to surpass silicon and become fundamental to various sectors such as power, lighting, RF, and optoelectronics. However, the sector faced challenges due to the COVID-19 pandemic, highlighting risks associated with value chain modularity. Despite this, wide-bandgap materials are gaining traction, driven by their superior properties and diverse applications.
WBG semiconductor devices represent a new frontier in power electronics, leveraging materials like silicon carbide (SiC) and gallium nitride (GaN). These materials offer significant advantages over traditional silicon, including higher efficiency, faster switching speeds, and improved thermal performance. As a result, they find applications in power converters, electric vehicles, renewable energy systems, and more.
In terms of market outlook, developed regions lead the adoption of WBG semiconductor devices, driven by advanced research infrastructure and robust demand from industries like automotive and telecommunications. However, developing economies are expected to spearhead future growth, propelled by increasing investments in infrastructure and a growing emphasis on energy efficiency and sustainability.
Competition in the WBG semiconductor market is intense, with strong, active players worldwide vying for market share. Recent market activity indicates a flurry of developments, including strategic partnerships, product launches, and investments in research and development. As the industry continues to evolve, WBG semiconductors are poised to play a pivotal role in shaping the future of electronics and powering the transition towards a more efficient and sustainable world.
The U.S. Market is Estimated at $405.6 Million, While China is Forecast to Grow at 38.9% CAGR
The Wide-Bandgap Power (WBG) Semiconductor Devices market in the U.S. is estimated at US$405.6 Million in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$3.2 Billion by the year 2030 trailing a CAGR of 38.9% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21% and 25.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 24.8% CAGR.
MARKET TRENDS & DRIVERS
- Wide-Bandgap Devices: A Workhorse for Diverse Spectrum of Applications
- Promising Outlook for Wide Bandgap Devices from Automotive Industry
- Growing Demand for EVs and HEVs to Drive Market Gains
- Growing Vehicle Electrification Expands the Opportunity for the Market
- Rising Adoption of Power Supplies and UPS Systems in Data Centers to Fuel Need for WBG Semiconductor Devices
- Shift towards Renewable Energy Sources to Propel Market
- Targets for Electricity Production from Renewable Energy Sources in Select Countries
- Wide-Bandgap Semiconductors to Supercharge Renewable Energy Revolution
- Increasing Use of PV Inverters in Solar Power Plants Augurs Well for the Market
- Rapid Industrialization Spurs Demand for Industrial Motor Drives, Stimulating Market Growth
- Significance of WBG Power Semiconductor Devices in Railway Traction Systems
- WBG Semiconductors Enhance Efficiency of Power Devices
- Applications of GaN & SiC
- Wide-Bandgap Semiconductor Devices: Powering the Power Converter Ecosystem
- Power Semiconductors Built on GaN & SiC
- WBG Semiconductors Expand Power Efficiency Horizons for Consumer Sector
- Ceramic to Push Wide-Bandgap Device Performance for New Applications
- Growing Focus on Power Electronics Drives Uptake of SiC
- Rising Demand for Wide-Bandgap Materials Bodes Well
- Technology Advancements in Wide Bandgap Semiconductor Devices to Shape Future Growth Trends
- New Material Technologies, SiC and GaN, to Shape the Future of Power Electronics
- Design Engineers Race to Characterize Wide-Bandgap Semiconductors
- Challenges Confronting WBG Power Semiconductor Devices Market
- Thermal Metrology Challenges with WBG Devices
FOCUS ON SELECT PLAYERS (Total 49 Featured)
- Exagan
- GaN Systems, Inc.
- GeneSiC Semiconductor, Inc.
- Microsemi Corporation
- Monolith Semiconductor
- Qorvo, Inc.
- STMicroelectronics NV
- Texas Instruments, Inc.
- United Silicon Carbide, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/a882u9
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