SiC and GaN Power Device Market Heading Towards US$ 5,727.78 Million By 2030

New York, July 13, 2023 (GLOBE NEWSWIRE) -- According to the recent report “Global SiC and GaN Power Device Market” published by Consegic Business Intelligence stated that the market was worth USD 879.31 million in 2022 and is expected to reach over USD 5,727.78 million by the year 2030, registering at a CAGR of 27.3%.

SiC and GaN power devices are semiconductors used to lower the voltage or power of a machinery or appliance for converting higher frequencies to lower frequencies so as to provide protection to the machinery. High-power devices possess properties such as high critical field, high power density, high switching speed, and high thermal conductivity. Consequently, SiC and GaN semiconductors are widely used in electric vehicles and renewable energy systems.

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The increasing demand for high-performance semiconductors in automotive industry to improve the driving range of the vehicles is driving the growth of the market. High power devices are deployed in electric and hybrid electric vehicles to protect the machinery by providing faster switching speeds. For instance, in September 2022, Onsemi introduced silicon carbide-based power modules for application in on-board charging and high voltage (HV) DCDC conversion in electric vehicles.

The application of power devices in data centers to reduce energy consumption and improve efficiency is expected to present potential opportunities for the growth of SiC and GaN power devices market during the forecast period. However, complex packaging of SiC-based power devices is hindering the growth of the market.

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SiC and GaN Power Device Market Growth Drivers:

• The application of SiC and GaN power devices to improve EV efficiency, power density, and performance is driving the growth of the market.
• The rising adoption of power devices in renewable energy systems for power generation is accelerating the growth of the market.
• The increasing adoption of consumer electronic devices is driving the demand for SiC and GaN power device market.

Restraints

• The complex packaging of SiC-based power devices is restraining the growth of the market.

Opportunities

• The application of power devices in data centers to reduce energy consumption and improve efficiency is expected to present potential opportunities for the growth of SiC and GaN power devices market during the forecast period.

Global SiC and GaN Power Device Market Segmentation Details:

Based on Material, the SiC segment contributed the largest shares to the market growth in 2022. The SiC power devices offer lower conduction losses, high switching frequencies, and better efficiency compared to silicon devices. Moreover, SiC power devices possess high-temperature operation and high-voltage capabilities. Consequently, the application of SiC power devices in electric vehicles and renewable energy systems is driving the growth of the market.

Based on Product, the power MOSFET segment accounted for the maximum revenue share in the year 2022. The ability of power MOSFETs to handle high voltage ratings is propelling the growth of the market. Consequently, the application of power MOSFETs in power supplies, DC-to-DC converters, and low-voltage motor controllers is contributing to the growth of the market.

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Based on Type, the power modules segment accounted for the maximum revenue share in the year 2022. SiC power modules exhibit high electro-thermal conductivity and extremely fast switching for application in renewable energy systems and industrial automation. Subsequently, the increasing adoption of power modules in digital power supplies and three-phase inverters due to lower output capacitance is driving the growth of the market.

Based on Application, the hybrid and EV component contributed the largest shares to the market growth in 2022. The application of high-performance semiconductors in electric vehicles to improve energy-efficiency, increase power density, and extend the driving range of electric vehicles is contributing to the growth of the market. Thus, the deployment of power devices in onboard chargers, DC-DC converters, and motor drives for efficient supply of power to the vehicle is accelerating the growth of the market.

Based on End-User, the automotive segment accounted for the maximum revenue share in the year 2022. The increasing adoption of electric and hybrid electric vehicles among consumers is driving the growth of the market. SiC and GaN play a vital role in motor drives and power management systems in EVs. Consequently, the ability of power devices to offer conductive and wireless charging for EVs is accelerating the growth of the market.

Based on region, North America accounted for the largest revenue share in the year 2022. The rising government initiatives to promote the adoption of renewable energy systems are driving the growth of the market. Moreover, the presence of a large number of manufacturers in the region is contributing to the growth of the regional market.

Recent Developments

• In September 2022, Aixtron launched the new G10-SiC system for manufacturing of SiC power devices on 150 and 200 mm SiC wafers to allow efficient operation of semiconductors at higher temperatures.
• In April 2023, Nexperia introduced 650 V SiC Schottky diode offering high-performance and temperature-independent capacitive switching in power supplies, AC-DC and DC-DC converters, and battery-charging infrastructure.

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Key Market Highlights

• The global SiC and GaN power device market size is estimated to reach USD 5,727.78 million by 2030 and grow at a CAGR of 27.3% during the forecast period (2023-2030).
• Globally, SiC and GaN power device market is bifurcated based on material into SiC and GaN.
• In the context of product, the market is segregated into power MOSFET, thyristor, power diode, IGBT, and others.
• In the context of type, the market is separated into GaN power module, SiC power module, discrete SiC, and discrete GaN.
• Based on the application, the market is segmented into power supplies, power storage, wireless charging, hybrid and EV components, motor drives, PV inverter, HEV charging equipment, and others.
• Based on end-user, the market is separated into automotive, aerospace & defense, industrial, consumer electronics, healthcare, energy & power, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in SiC and GaN power device market.

List of Major Global SiC and GaN Power Device Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• ALPHA & OMEGA Semiconductor

• Broadcom Limited

• Cambridge Electronics

• Cree, Inc.

• Mitsubishi Electric Corporation

• GaN Systems

• Microsemi

• Qorvo

• Denso Corporation

• Navitas Semiconductor

Global SiC and GaN Power Device Market Segmentation: 

• By Material

• SiC
• GaN

• By Product

• Power MOSFET
• Thyristor
• Power Diode
• IGBT
• Others

• By Type
  • GaN Power Module
  • SiC Power Module
  • Discrete SiC
  • Discrete GaN
• By Application
  • Power Supplies
  • Power Storage
  • Wireless Charging
  • Hybrid and EV components
  • Motor Drives
  • PV Inverter
  • HEV Charging Equipment
  • Others
• By End-User
  • Automotive
  • Aerospace & Defense
  • Industrial
  • Consumer Electronics
  • Healthcare
  • Energy & Power
  • Others

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Key Questions Covered in the SiC and GaN Power Device Market Report

• What are SiC and GaN power devices?

- SiC and GaN power devices are wide-band gap semiconductors that provide high power density, high switching frequency, and reduced energy in high power applications.

• What are some of the most important applications of SiC and GaN power device and how do they impact the industry's growth potential?

- SiC and GaN power device are deployed in electric and hybrid electric vehicles for efficient conversion of power. Moreover, power devices are utilized in renewable energy systems for generation of electricity.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the SiC and GaN power device growth?

- North America accounted for the largest revenue share in the year 2022. The rising government initiatives for the adoption of renewable energy systems is driving the market growth.

• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- Asia Pacific is anticipated to register the fastest CAGR growth during the forecast period. The increasing adoption of electric vehicles among consumers is driving the market growth.

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