Selbyville, Delaware, Oct. 26, 2022 (GLOBE NEWSWIRE) --
The GaN & SiC power semiconductor market is expected to cross a valuation of USD 15 billion by 2032, according to latest research report by Global Market Insights Inc. The increasing acceptance of electric mobility is a prominent factor driving product demand.
Over recent years, investments to boost the production of eco-friendly electric and hybrid vehicles have been accelerating worldwide. For instance, in October 2022, Honda announced a USD 700 million investment in three electric vehicle facilities in Ohio. The requirement for efficient energy management systems will therefore rise, contributing to the development of GaN and SiC power semiconductors.
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The SiC power module product segment accounted for over 35% share of the GaN & SiC power semiconductor market in 2022. The strong demand can be credited to superior product features, including wider bandgap, thermal expansion, and the capability to operate in diverse conditions. In the next 3 to 5 years, the electric vehicle industry is expected to witness commendable growth. These factors will foster the usage of silicon carbide power electronics and modules to ensure higher efficiency, longer range, and faster acceleration of EVs.
The industry revenues from the traction application is expected to be worth over USD 1 billion by 2032. The widespread development of bullet trains, locomotives freight rail cars, high-speed tracks, and other rolling stock is among the key factors amplifying the market growth. Since these mobility solutions are extensively utilized in traction motors, inverters, and traction systems, the need for GaN & SiC power semiconductor components will rise at a robust pace.
Latin America GaN & SiC power semiconductor market is projected to exceed around USD 600 million by 2032, due to the surge in installation of PV modules and solar power systems. In countries including Chile, Brazil, and Mexico, the data center network is expanding rapidly. Developments like these will stimulate the demand for SiC and GaN semiconductors. The components are suitable for UPS, cabling infrastructure, generators, and other power management applications in data centers, strengthening the regional outlook.
Some of the key players operating in the GaN & SIC power semiconductor market include Navitas Semiconductor, Alpha & Omega Semiconductor, Sensitron SemiconductorCISSOID, Diodes Incorporated, Littelfuse, Inc., ON Semiconductor Corporation, STMicroelectronics N.V., Vishay Intertechnology, and Wolfspeedq, among others. These companies are focusing on acquisitions and other strategies to develop their presence in the industry.
For instance, in August 2022, Navitas Semiconductor acquired GeneSiC Semiconductor, a provider of SiC-based power device process and design solutions. This acquisition was aimed at strengthening the firms’ existing GaN and SiC power semiconductor product portfolio for smartphones, grid infrastructure systems, EV chargers, and other applications.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 GaN & SiC power semiconductor industry 3600 snapshots, 2018-2032
2.2 Business trends
2.2.1 TAM, 2023 - 2032
2.3 Regional trends
2.4 Product trends
2.5 Application trends
Chapter 3 GaN & SiC Power Semiconductor Industry Insights
3.1 Introduction
3.2 COVID-19 impact
3.3 Russia-Ukraine war impact
3.4 GaN & SiC power semiconductor industry ecosystem analysis
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent landscape
3.8 Key initiative & news
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Stronger capabilities of SiC and GaN over Silicon
3.10.1.2 Rising penitration of hybrid and electric vehicles across globally
3.10.1.3 High adoption of power device in renewable energy applications
3.10.1.4 Rising investment in research and development for Wide Band Gap Semiconductors
3.10.1.5 Surge in the investment for infrastructure development and proliferation of 5G technology
3.10.2 Industry pitfalls & challenges
3.10.2.1 High use of conventional silicon materials for manufacturing
3.10.2.2 High cost of manufacturing
3.11 Investment portfolio
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
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.
