Market Research Report
GaN & SiC Power Semiconductor Market Size, By Product, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|GaN & SiC Power Semiconductor Market Size, By Product, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: April 22, 2021
Global Market Insights Inc.
Content info: 170 Pages
Delivery time: 2-3 business days
GaN & SiC Power Semiconductor Market Size, By Product (Silicon Carbide (SiC) Power Module, Gallium Nitride (GaN) Power Module, Discrete SiC, Discrete GaN), By Application (Power Supplies, Industrial Motor Drives, Hybrid/Electric Vehicle (H/EV), Photovoltaic (PV) Inverters, Traction), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027.
The SiC and GaN power semiconductor market is likely to register substantial gains by 2027 owing to the rising government efforts towards renewable energy power generation, increasing adoption of GaN power module in consumer electronics applications, and rollout of government initiatives and subsidiaries to promote the adoption of EVs.
GaN and SiC are getting a lot of attention as the next-generation materials, replacing silicon. GaN or gallium nitride is known as a compound of nitrogen and gallium. Whereas SiC or silicon carbide is a compound of silicon and carbon. Semiconductors utilizing these compounds are referred as compound semiconductors.
These materials are also known as WBG or wide bandgap semiconductors owing to the energy required to blow up the electrons of these SiC and GaN mainly from the valence band to the conduction band. Both these materials enable smaller, quicker as well as much more reliable devices having higher efficiency in comparison to silicon-based materials. Consequently, these capabilities make it possible to lessen the lifecycle cost, volume, and weight in a broad range of applications.
The SiC and GaN power semiconductor market is segmented in terms of product, application, and regional landscape.
With respect to product, the market for SiC and GaN power semiconductor is classified into discrete GaN, discrete SiC, GaN power module, and SiC power module. Here, the GaN power module segment will witness a market growth of over 50% by the end of 2027. The growth is accredited to its low power consumption and compact features, which is helping them see widescale adoption in expansive consumer electronics sector.
Various industry players active in the market are focusing on developing new products to strengthen their market positions. For instance, in November 2020, the GaN Systems, renowned leader in GaN power semiconductors, announced the availability of four novel kits of integrated power module evaluation. These power modules are specifically designed to be simple to use, evaluating the performance in high power applications like PV inverters, energy storage systems, industrial motors, and traction inverters as well as a number of brick power supplies and lower power board.
In terms of application, the overall SiC and GaN power semiconductor market is categorized into traction, PV inverters, H/EV, industrial motor drives, power supplies, and others. Among these, the H/EV segment will account for a market share of over 30% by the end of the analysis time period. Rising number of government initiatives and subsidiaries to promote the adoption of electric vehicles will accelerate the segment growth.
From a regional frame of reference, MEA will witness a market growth of around 20% by the end of 2027. This growth is ascribed to rising efforts from regional governments towards the development of renewable energy generation capacities.