(MENAFN- Ameliorate Digital Consultancy)
The global SiC & GaN power Semiconductor market is estimated at US$ 884 million in 2022. Demand of SiC & GaN power semiconductor devices is forecast to surpass the market value of US$ 6,954 million by 2032. Stupendous growth rate of 22.9% is projected for the demand of these electronic discrete components during the forecast period of 2022-32.
In accordance to the present market scenario of global semiconductors, SiC & GaN power semiconductors accounts for <1% of the global semiconductor market states Fact.MR – market research and competitive intelligence provider.
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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 players 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
With flourishing semiconductor industry and surging export of electrical and electronic products, China is set to expand at 28.6% CAGR between 2022 and 2032. Japan is slated to experience strong growth on account of increasing electric vehicle production and presence of leading market players. South Korea will exhibit robust growth due to the strong presence of gigantic semiconductor enterprises. By material type, SiC segment will continue to lead the global market, accounting for nearly 3/5th of revenue share in 2022. Based on component, SiC power modules segment is anticipated to grow by 3.5x over the forecast period.
Key Drivers
Introduction of automation and robotics will continue to drive the SiC & GaN power semiconductor market during the forecast period. Growing preference for electric vehicles coupled with rapid adoption of digitalization is projected to create a plethora of growth opportunities within SiC & GaN power semiconductor market. Increasing government initiatives to enhance renewable power generation capacity will spur the growth of SiC & GaN power semiconductor market.
Key Restraints
Low penetration of technology across some underdeveloped countries such as Brazil, Indonesia, and others is restraining the growth in the market. High cost of manufacturing may also limit the growth.
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Competition landscape: Top Companies of SiC & GaN Power Semiconductor Market
Market players in SiC & GaN power semiconductor business have mainly opted for growth oriented strategies which includes establishment of SiC and GaN related value chains. In addition, branding and continuous technical advancements in the manufacturing technology hits the top position in their priority list. These strategies are helping the global players to expand their regional footprint and garner maximum market share thus providing competitive advantage.
Fact.MR has provided detailed information about price points of top manufacturers of SiC & GaN power semiconductor positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
In 2019, Infineon Technologies bought California-based Cypress Semiconductor Company with a deal closure value between 9 to 10 US$ billion. Vincotech GmbH, a leading power semiconductor manufacturer stepped up its production line in May 2019 in Europe.
Key Companies Profiled:
VisIC Technologies Ltd Panasonic Corporation NXP Semiconductors N.V. GaN Systems Inc. Exagan S.A.S Cambridge Electronics Avogy, Inc. Vincotech GmbH United Silicon Carbide Inc. STMicroelectronics N.V.
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SiC & GaN Power Semiconductor Market Key Segments
By Material Type By Component SiC Power Modules GaN Power Modules Discrete SiC Power Devices Discrete GaN Power Devices
By Application Power Supplies Wireless Charging Power Storage Hybrid and EV Components HEV Charging Equipment Motor Drives PV Inverter Traction Motor Components Others
Key Questions Covered in the SiC & GaN Power Semiconductor Market Report
What is the projected value of the SiC & GaN Power Semiconductor factors Industry in 2022? At what rate will the global SiC & GaN Power Semiconductor factors market size grow until 2032? Which are the factors hampering the growth of SiC & GaN Power Semiconductor factors? Which region is expected to lead in the global SiC & GaN Power Semiconductor factors market By 2032? Which are the factors driving the SiC & GaN Power Semiconductor factors Industry during the forecast period? What is the expected market value of the SiC & GaN Power Semiconductor factors market during the forecast period?
Regional Analysis For SiC & GaN Power Semiconductor Market:
APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka) Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania) North America (USA, Canada and Mexico) South America (Brazil, Chile, Argentina, Rest of South America) MEA (Saudi Arabia, United Arab Emirates, South Africa)
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