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SiC & GaN Power Semiconductor Market Accelerates at 22.9% CAGR to Reach $11.08 Billion by 2034
May 27, 2024 | PRNewswireEstimated reading time: 3 minutes
According to a new industry report by Fact.MR, the global SiC & GaN Power Semiconductor Market is expected to reach a valuation of US$ 1.41 billion in 2024. It is projected to achieve $11.08 billion by 2034, growing at a CAGR of 22.9% from 2024 to 2034.
SiC & GaN power semiconductors are transforming the electronics sector by overcoming the limited features offered by conventional silicon-based semiconductors. SiC & GaN power semiconductors are energy efficient and have thermal tolerance. These characteristics make SiC & GaN power semiconductors ideal for high-temperature and high-frequency applications. These semiconductors are finding extensive use in the automotive, renewable energy, industrial, and consumer electronics sectors.
In the automotive sector, SiC & GaN power semiconductors are used in the manufacturing of energy-efficient elective and hybrid vehicles. Due to their effective energy conversion ability, SiC & GaN power semiconductors in industrial settings are used in renewable energy inverters and motor drives. Ongoing research and development activities across the world are set to enhance the features of SiC & GaN power semiconductors even more over the coming years.
Key Takeaways from the Market Study:
- The market for SiC & GaN power semiconductors in the United States is evaluated at $149.9 million in 2024.
- Japan is set to hold 29.4% of the East Asia market share by 2034.
- The China market is approximated at US$ 154.4 million in 2024.
- SiC power module sales are forecasted to reach US$ 3.64 billion by 2034.
"Miniaturization trend in consumer electronics a key factor driving high demand for SiC & GaN power semiconductors," says a Fact.MR analyst.
Innovation and Acquisition Prime Tactics to Enhance Product Offerings
The global SiC & GaN power semiconductor market is highly competitive. Industry giants are adopting product expansion strategies such as mergers and acquisitions. Acquisition or merger into another company is aiding companies in increasing their product offerings and market reach.
- In October 2023, Infineon Technologies AG declared the acquisition of GaN Systems Inc.
- In 2023, Japan's deep-tech company Flosfia started offering next-gen power chips made from gallium oxide. These high-performance gallium power chips allow EVs to travel farther.
Regional Dynamics: SiC & GaN Power Semiconductors in Automotive and Renewable Energy Sectors
SiC and GaN power semiconductors have become integral to automotive manufacturing in the United States, spurred by stringent regulations governing vehicle safety and greenhouse gas emissions. As automakers strive to incorporate fuel-efficient components into their vehicles, the adoption of SiC and GaN power semiconductors has surged in automotive system production. Their high energy efficiency plays a crucial role in enhancing the performance of electric vehicle power trains.
Meanwhile, China stands out as a major hub for semiconductor manufacturing. The nation's robust production capabilities and extensive export of consumer electronics have fueled the demand for SiC and GaN power semiconductors. Additionally, the increasing popularity of renewable energy sources like solar panels and distributed energy storage systems has propelled the use of SiC and GaN power semiconductors in the production of these systems. Moreover, the growing trend of industrial automation has further fueled the growth of the SiC and GaN power semiconductor market in China.
High Demand for SiC Power Module Technologies:
Among the array of materials utilized in power module semiconductors, silicon carbide stands out as the most prevalent. This distinction arises from SiC's remarkable capability to minimize energy loss during power conversion processes. This inherent advantage translates into reduced reliance on expensive cooling systems, making SiC semiconductors an increasingly appealing choice for semiconductor purchasers.
This trend underscores the projection that the demand for SiC power modules will continue to surge over the next decade. Another notable advantage of SiC power modules is their exceptionally low switching loss, particularly in applications like metal-oxide-semiconductor field-effect transistors (MOSFETs), EV chargers, and solar inverters. This technological supremacy further bolsters SiC power module manufacturers as they broaden their product offerings and market presence.
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