SiC GaN Power Semiconductor Market Outlook – 2030
The global SiC GaN power semiconductor market size was valued at $0.79 billion in 2020, and is projected to reach $7.05 billion by 2030, registering a CAGR of 27.1% from 2021 to 2030.
SiC GaN power semiconductors are high-performance components that are capable of handling extremely high electrical currents, voltages, and frequencies. The main industries that benefit from SiC GaN power semiconductors are power transmission and distribution, automotive & transport, renewable energy, consumer electronics, and other industrial applications. It plays a key role in the sustainable and efficient use of energy, and can be used to transport energy over long distances with minimal losses.
Rise in demand for GaN power semiconductor for wireless charging and advantages of compound semiconductor (SiC) over silicon-based technology are the prime reasons that drive growth of the SiC GaN power semiconductor market. Further, increase in demand for power electronics modules across various industry verticals and rise in installation of solar photovoltaic panels for electricity generation accelerates growth of the SiC GaN power semiconductor market. Moreover, decrease in prices of GaN semiconductors and increase in requirement of GaN devices for commercial RF applications are opportunistic for the market growth. Considering these factors, the SiC GaN power semiconductor market is estimated to witness substantial growth in the future.
Advent of 5G mobile communication and government initiatives in HVDC and smart grid are expected to offer lucrative growth opportunities for the market during the forecast period. However, lack of availability of GaN material, high wafer cost of SiC semiconductors, and complexity in supply chain and designing process of SiC semiconductor technology hampers the market growth. Moreover, some of the other factors attributing to the SiC GaN power semiconductor market growth are rise in demand for connected devices, increase in disposable income, and several product launches by market players.
COVID-19 Impact Analysis
COVID-19 have a large impact on both consumer and economy. Electronics manufacturing hubs have been temporarily shut down to limit the COVID-19 spread among individuals. This has majorly affected the supply chain of the semiconductor market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on revenue, shareholder returns, and revenue, which are expected to create financial disruptions in the SiC GaN power semiconductor industry.
By Material
GaN segment is projected as one of the most lucrative segments.
Segment Overview
The SiC GaN power semiconductor market is segmented on the basis of material, product, application, industry vertical, and region. On the basis of material, the market is fragmented into SiC and GaN. Both SiC and GaN is further bifurcated into power modules and power discrete. The SiC segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period. On the basis of product, the market is segregated into power MOSFET, IGBT, Thyristor, power diode, and others. The power MOSFET segment dominated the market, in terms of revenue in 2020, and is anticipated to witness significant SiC GaN power semiconductor market share during the forecast period.
By application, the market is divided into power conversion, driving motors, and stabilizing power. The market share for the power conversion segment was highest in 2020, and is expected to grow at a high CAGR from 2021 to 2030. By industry vertical, the market is divided into IT & telecom, aerospace & defense, industrial, energy & power, electronics, automotive, and healthcare. The market share for the IT & telecom segment was highest in 2020, and the automotive segment is expected to grow at a high CAGR from 2021 to 2030.
By Industry Vertical
Energy & Power segment is expected to secure leading position during forecast period.
Top Impacting Factors
Significant factors that impact growth of the SiC GaN power semiconductor market include increase in demand for power electronics modules across various industry verticals, advantages of compound semiconductors (SiC) over silicon-based technology, rise in installation of solar photovoltaic panels for electricity generation, decrease in prices of GaN semiconductors, rise in demand for GaN power semiconductors for wireless charging, and increase in requirement of GaN devices for commercial RF applications. However, lack of availability of GaN material, high wafer cost of SiC semiconductors, and complexity in supply chain and designing process of SiC semiconductor technology hampers the market growth. On the contrary, advent of 5G communication and government initiatives in HVDC and smart grid are expected to offer lucrative opportunities for the SiC GaN power semiconductor market during the forecast period.
Competitive Analysis
Competitive analysis and profiles of the major SiC GaN power semiconductor market players such as Fujitsu Limited, Infineon Technologies, Maxim Integrated, Microchip Technology, NXP Semiconductors, ON Semiconductor Corporation, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments, and Toshiba Corporation are provided in this report. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration, to enhance their market penetration.
By Region
Asia-Pacific would exhibit the highest CAGR of 29.0% during 2021-2030
Key Benefits for Stakeholders
- This study comprises analytical depiction of the SiC GaN power semiconductor market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall SiC GaN power semiconductor market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and SiC GaN power semiconductor market opportunities with a detailed impact analysis.
- The current SiC GaN power semiconductor market forecast is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.
- The report includes the market share of key vendors and SiC GaN power semiconductor market trends.
SiC GaN Power Semiconductor Market Report Highlights
| Aspects | Details |
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 Key Market Players | Microchip Technology Inc., Texas Instruments Inc., Maxim Integrated Products, Inc., Infineon Technologies AG, Toshiba Corporation, ON Semiconductor Corporation, Fuji Electric Co., Ltd., STMicroelectronics N.V., NXP Semiconductors N.V., Renesas Electronics Corporation |
Analyst Review
Silicon carbide (SiC) and gallium nitrate (GaN) power semiconductors play a revolutionary role in the power semiconductors market. The current business scenario has been witnessing an increase in demand for SiC and GaN power devices, particularly in the developed regions such as the U.S., Europe, and China. Companies in this industry have been launching a variety of products, such as SiC schottky barrier diodes and SiC MOSFETs, owing to their growing usage in photovoltaic inverters, industrial motor drives, and electro-mobility.
With rise in use of electric vehicles and photovoltaic inverters, SiC power devices have been witnessing a strong growth rate. Companies, such as Infineon technologies and Cree, Inc., have been forming strategic partnerships for supply of silicon wafers. The major restraints that affect expansion of SiC power devices by major players in the power semiconductors market are high wafer cost and design issues. Therefore, companies have been adopting to design power devices on larger wafers such as 6-inch wafers.
On the other hand, GaN has gradually emerged as a sustainable semiconductor material in imminent power electronic converters, owing to its beneficial properties, such as wide band gap and the prospect to form hetero structures to make optimization of power conversion possible. Although GaN power devices are in their initial phase, they have already surpassed their silicon counterparts. GaN is majorly applied in optical and high-speed electronic devices, and has gained considerable impetus in recent years for power electronics applications. High-voltage transistors over 600V are reported to gain a high growth rate, in terms of revenue. In the past decade, performance of GaN power devices has quickly improved.
Key players profiled in the report include Fujitsu Limited, Infineon Technologies, Maxim Integrated, Microchip Technology, NXP Semiconductors, ON Semiconductor Corporation, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments, and Toshiba Corporation.
The SiC GaN power semiconductor market is estimated to grow at a CAGR of 27.1% from 2021 to 2030.
The SiC GaN power semiconductor market is projected to reach $7.05 billion by 2030.
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Rise in demand for connected devices, increase in disposable income, and several product launches by market players.
The key players profiled in the report include Fujitsu Limited, Infineon Technologies, Maxim Integrated, Microchip Technology, and many more.
On the basis of top growing big corporations, we select top 10 players.
The SiC GaN power semiconductor market is segmented on the basis of material, product, application, industry vertical, and region.
The key growth strategies of SiC GaN power semiconductor market players include product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration.
GaN segment would grow at a highest CAGR of 30.3% during the forecast period.
Asia-Pacific region will dominate the market by the end of 2030.
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