Burgeoning Electric and Hybrid Vehicles Sales to Steer SiC & GaN Power Semiconductor Market Past US$ 6.95 Bn
East Asia to Remain at the Epicenter of SiC & GaN Power Semiconductor Market, Expanding at 26.8% CAGR
NEW YORK, Jan. 3, 2022 /PRNewswire/ -- Fact.MR's latest report on SiC & GaN semiconductor market uncovers the growth projections across major regions. It also discusses in detail, various growth drivers, restraints, latest trends and emerging opportunities affecting the market dynamics. In order to gain comprehensive insights, the report has been segmented on the basis of material type, component and application.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global SiC & GaN power semiconductor market is estimated to reach around US$ 884 Mn in 2022. With flourishing semiconductor across the globe, the overall market is anticipated to witness growth at a CAGR of 22.9%, surpassing US$ 6.95 Bn by 2032.
Surging demand for SiC & GaN power semiconductors in myriad applications such as power supplies, wireless charging PV inverter, and electric vehicles is driving the global SiC & GaN power semiconductor market.
Further, Silicon Carbide (SiC) and Gallium Nitride (GaN) have become the most significant wide bandgap (WBG) materials in the semiconductor industry. They have gained immense popularity in modern electrical and electronic industries.
Additionally, these semiconductors offer various advantages such as higher operating temperature, maximum thermal conductivity, better efficiency, and reduced costs.
Hence, rapid transition from conventional energy sources to renewable ones has improved the demand in SiC & GaN power semiconductor market. On account of this, governments across the globe are investing extensively to increase their renewable power generation abilities.
For Critical Insights On This Market, Request For More Info
Subsequently, new initiatives are being launched to facilitate the adoption of eco-friendly energy sources. For instance, the European Commission launched the European Solar Initiative in 2021, to scale up the solar PV industrial ecosystem in Europe.
Semiconductors have become indispensable part of majority of electric products. According to the Semiconductor Industry Association (SIA), the global semiconductor industry sales in the month of August 2021, reaching US$ 47.2 Bn. This is expected to impact the growth positively in the market.
Moreover, growing popularity of electric and hybrid vehicles across the globe is spurring the sales of advanced semiconductor components such as SiC & GaN. Implementation of stringent emission regulations coupled with soaring fuel prices is prompting consumers to adopt ecofriendly electric vehicles.
As per Fact.MR, in terms of material, SiC segment is anticipated to dominate the global SiC 7 GaN power semiconductor market, accounting for over 58.4% of revenue in 2022. As SiC is most preferred in larger power products due to its power capabilities and higher thermal conductivity, demand is expected to accelerate.
Regionally, East Asia will dominate the global SiC & GaN power semiconductor market, expanding at a CAGR of 26.8% through 2032. East Asia is home to leading high-tech countries called "Big Four", including China, Japan, South Korea and Taiwan.
Growth in the region is driven by rising penetration of advanced technologies across these aforementioned countries. As per the study, East Asia market is projected to surpass US$ 476.4 Mn in 2022.
"The roll out of 5G technology and increasing investments in solar power generation infrastructure are creating lucrative growth prospects in SiC & GaN power semiconductor market. In order to capitalize on this trend, market layers are levering various strategies such as cost reduction and integration of new technologies.," says a Fact.MR analyst
Key Takeaways from SiC & GaN Power Semiconductor Market Survey
To learn more about SiC & GaN Power Semiconductor Market, you can get in touch with our Analyst at
Leading players operating in the SiC & GaN power semiconductor market are employing various strategies such as partnerships, continuous branding, and advanced product launches to gain competitive edge.
Meanwhile, some of the players are focusing on collaborations with local market players to expand their customer base.
Some of the prominent players operating in the SiC & GaN power semiconductor market profiled by Fact.MR are:
More Insights on the Global SiC & GaN Power Semiconductor Sales Outlook
Fact.MR provides an unbiased analysis of SiC & GaN power semiconductor market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global demand for SiC & GaN power semiconductor with a detailed segmentation on the basis of:
Key Questions Covered in the SiC & GaN Power Semiconductor Market Outlook Report
Explore Fact.MR's Coverage on the Technology Domain –
Hybrid Inverters Market Analysis - Hybrid inverters are in high demand as solar inverters become more widely used. Grid-tied and off-grid inverters are combined in hybrid inverters. In general, hybrid inverters are grid-independent, but they synchronize with the grid when solar energy usage is minimal. Due to the limited availability of power in rural regions, hybrid inverters have become very popular. The primary factor predicted to drive the growth of the global hybrid inverter market during the forecast period is several technological improvements in hybrid inverters.
Motor Driver IC Market Forecast - As the semiconductor industry becomes more automated and digitalized, the global motor driver IC market is expected to increase significantly over the next decade. The motor driver IC is most commonly seen in autonomous robots, where it serves as a current-supply link between microprocessors and motors. With so much innovation in self-driving automobiles and autonomous robotics on the horizon, demand for motor driver IC is projected to continue robust in the future.
GaN RF Devices Market Insights - During the historical time, sales of GaN RF devices were improved by optimising the distribution network. The emergence of 4G LTE and 4G VOLTE in recent years has boosted the market for GaN RF power devices. Due to product expansions and technological advancements in the telecommunications business, the aforementioned gadgets are expected to have exceptional growth. The transition from 4G to 5G networks is projected to increase demand for GaN RF devices in the telecommunications industry.
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology to even the most niche categories. 80% of Fortune 1000's trust us in critical decision making.
MarketNgage is powered by Fact.MR – our Unified Intelligence Engine, a revolutionary Market Research Subscription platform with a flexible pricing to suit your needs.
You can access all our technology research reports by signing up with MarketNgage's Market Research Subscription with FREE credits. MarketNgage is powered by Fact.MR – A Fully integrated research solution for seamless single-window access Widest coverage on emerging markets, nascent products, and disruptive technologies.
Session Details TBA
Keynote Presentation - Open to all Badge Holders
The Need for Speed: How Fast can 6G Transmit?