(MENAFN- GlobeNewsWire - Nasdaq) Wide Bandgap Semiconductors industry size is expected to register 10% CAGR between 2024 and 2032 propelled by increasing demand for energy-efficient solutions.
Selbyville, Delaware, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Wide Bandgap Semiconductors market was valued at USD 1.94 billion in 2023 and is projected to be worth USD 5 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
This growth is primarily driven by the rising demand for energy-efficient electronic devices. Wide bandgap (WBG) semiconductors are increasingly favored for their superior efficiency and performance, especially in high-power applications like electric vehicles (EVs) and renewable energy systems. These materials help reduce energy loss and minimize heat generation, making them critical for industries aiming to improve energy efficiency.
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The GaN segment is poised for notable growth, with a forecasted CAGR of over 10%. GaN is particularly valued for its ability to offer lower energy losses, faster switching speeds, and enhanced thermal conductivity, positioning it as an ideal choice for power electronics, 5G technology, and fast-charging solutions. Its high voltage and temperature tolerance have also accelerated its adoption in EVs, data centers, and renewable energy sector, contributing to the market expansion.
In terms of end-use industries, the wide bandgap semiconductors market spans automotive, consumer electronics, telecommunications, energy and utilities, aerospace and defense, among others. The automotive sector is expected to lead, generating over USD 1.5 billion in revenue by 2032. SiC and GaN semiconductors play a key role in the development of EVs due to their ability to enhance energy efficiency, enable faster switching, and improve thermal performance compared to traditional silicon-based options.
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North America held a dominant position in the global wide bandgap semiconductors market in 2023, capturing over 35% of the market share. The region's growth is fueled by its strong presence in advanced industries, such as electric vehicles, aerospace, and renewable energy. Companies in North America are investing heavily in the research and development of GaN and SiC materials to optimize their use in high-power and high-temperature applications. The increasing demand for energy-efficient solutions, coupled with the growing adoption of 5G technology and the electrification of transportation, continues to increase the need for these advanced semiconductors in the region.
Wide Bandgap Semiconductors Market Players
Companies including Infineon Technologies, Rohm, STMicroelectronics, Wolfspeed, Renesas Electronics, Vishay Intertechnology, Texas Instruments are some firms working in wide bandgap semiconductors industry.
The wide bandgap semiconductors market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million) from 2021 to 2032, for the following segments:
Market, By Material
Silicon carbide (SiC) Gallium nitride (GaN) Aluminum nitride (AlN) Diamond Others
Market, By End-use Industry
Automotive Consumer electronics Telecommunications Energy & utility Aerospace & defense Others
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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