PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555511
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555511
Wide Bandgap Semiconductors Market size was valued at USD 1,809.21 Million in 2023, expanding at a CAGR of 12.90% from 2024 to 2032.
Wide bandgap semiconductors (WBGs) are materials that possess a larger bandgap compared to traditional semiconductors like silicon. This property enables WBGs to operate at higher voltages/ temperatures, and/or frequencies, making them ideal for high-efficiency applications. Common WBG materials include silicon carbide (SiC) and gallium nitride (GaN). These materials are used in various advanced technologies, including power electronics, RF amplifiers, and LED lighting, due to their superior performance in various environments and their ability to reduce energy losses.
Wide Bandgap Semiconductors Market- Market Dynamics
Rising concern about climate change to propel market demand
The wide bandgap semiconductor (WBG) market will experience growth primarily owing to the increasing popularity of smartphones and tablets in the consumer electronics sector, which demand high-performing, power-efficient electronics. WBG materials, such as gallium nitride and silicon carbide are essential in meeting these demands. As technology advances, WBG semiconductors are expected to become even more efficient and affordable, broadening their applications. Post-pandemic, the industry adapted quickly, with rising demand for SiC and GaN fueling market recovery and innovation. A projected 50% rise in power usage underscores the importance of improving energy generation and utilization, making WBG semiconductors increasingly vital. These materials are used in applications requiring high voltages, temperatures, and frequencies, such as blue and ultraviolet LEDs, lasers, and military radars.
Wide Bandgap Semiconductors Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.90% over the forecast period (2024-2032)
Based on Product Type segmentation, SiC was predicted to show maximum market share in the year 2023
Based on Application segmentation, hybrid/electric vehicles was the leading type in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Wide Bandgap Semiconductors Market is segmented on the basis of Product Type, Application, End User, and Region.
The market is divided into four categories based on Product Type: silicon carbide (SiC), gallium nitride (GaN), diamond, and others. In 2023, he SiC segment held a major share of the market due to its superior performance, thermal conductivity, and stability across diverse applications. SiC requires less energy and physical space compared to conventional silicon technologies, making it ideal for high voltage and temperature applications such as AC-DC rectifiers, power factor correction circuits, battery chargers, DC-DC converters, DC-AC inverters, frequency changers in electric vehicles (EVs), and rail traction control and data centers.
The market is divided into eight categories based on Application: hybrid/electric vehicles, PV inverters, railway tractions, motor drives, wind turbines, power supplies, servers, and others. The hybrid/electric vehicles segment held the largest market share in 2023. Manufacturers of hybrid and electric vehicles (EVs) are developing efficient power-conversion solutions for various powertrain stages using GaN and SiC devices to meet the efficiency and power density requirements of EVs. The entire power conversion chain in EVs must operate at high efficiency to maximize driving distance per charge. WBG semiconductor devices, with their higher efficiency, switching frequency, and ability to withstand higher operating temperatures and voltages, are increasingly in demand in the EV market, driving growth in the global wide bandgap semiconductors market.
Wide Bandgap Semiconductors Market- Geographical Insights
This market caters to a geographically scattered customer base, spanning North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Participating nations within these regions create sub-segments within the market. Asia Pacific held the largest share of the global wide bandgap semiconductors market in 2021, driven by increased government support for research and development in WBG materials in China and Japan. The region's market growth is also fueled by rising demand for energy-efficient semiconductor devices across various industries, including automotive, IT & telecom, and consumer electronics. Additionally, the growing penetration of smartphones, mobile internet services, and energy and utility devices contributes to the market expansion in this region.
Companies in the WBG semiconductor market adopt several strategies to gain a competitive edge. These include investing heavily in research and development to innovate and improve material quality and device performance. Additionally, companies focus on expanding their production capacities and enhancing manufacturing processes to meet the growing demand for WBG semiconductors. Marketing efforts often highlight the efficiency and reliability of WBG products to attract customers from sectors like automotive, aerospace, and renewable energy.
In August 2023, STMicroelectronics (ST) announced it would supply BorgWarner Inc. with its latest third-generation 750V silicon carbide power MOSFETs dice for BorgWarner's Viper-based power module. This module is designed for use in the traction inverters of current and future Volvo Cars electric vehicles. The partnership aims to enhance vehicle performance and range by providing Volvo Cars with advanced inverters. STMicroelectronics is committed to expanding its SiC production capacity and strengthening its supply to support the global automotive and industrial sectors in their transition to electrification and increased efficiency.