Selbyville, Delaware, April 27, 2021 (GLOBE NEWSWIRE) --
According to latest report “GaN & SiC Power Semiconductor Market by Product (Silicon Carbide (SiC) Power Module, Gallium Nitride (GaN) Power Module, Discrete SiC, Discrete GaN), Application (Power Supplies, Industrial Motor Drives, Hybrid/Electric Vehicle (H/EV), Photovoltaic (PV) Inverters, Traction), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of GaN & SiC power semiconductor will cross $4.5 billion by 2027. The market growth is driven by the proliferation of 5G technology around the globe.
These semiconductors offer small form factor and high-power density, accelerating their adoption among telecom operators to enhance their infrastructure applications. The rising initiatives by the government to adopt 5G technology will boost the market opportunities for GaN & SiC power semiconductor manufacturers.
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The discrete GaN segment held around 2% of the GaN & SiC power semiconductor market share in 2020 and is expected to show a reasonable growth of around 40% through 2027. The discrete GaN power semiconductors offer wide band gap and low-cost advantages, increasing their demand in charging applications in consumer electronics devices. These GaN power devices eliminate the cooling requirement, increasing their acceptance over silicon and silicon carbide-based power devices. Several smartphone manufacturers, including Oppo, Xiaomi, among others, are already using GaN semiconductor-based chargers as they withstand high temperatures and generate more power.
The PV inverters application in the GaN & SiC power semiconductor market captured more than 25% of revenue share in 2020 and is projected to grow at 30% CAGR by 2027 owing to rising consumer preferences toward clean electricity, driving the solar power installation in the commercial & residential sector. Also, the increasing government initiatives and funding activities to install solar energy systems in newly built homes and other buildings will foster the market opportunities for GaN & SiC power semiconductor manufacturers.
The Europe GaN & SiC power semiconductor market size was over USD 100 million in 2020 and is predicted to expand at a CAGR of more than 25% till 2027 on account of the rising government initiatives to accelerate electric vehicle adoption in the nation. For example, in March 2021, the German government announced to offer USD 6.5 billion funding for electric vehicle charging infrastructure. These supportive initiatives will add an advantage for companies operating in the regional market to accelerate their growth opportunities.
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Some of the major players operating in the market include Alpha and Omega Semiconductors, Diodes Incorporated, Fuji Electric Co., Ltd, Infineon Technologies AG, Microsemi Corporation, and Mitsubishi Electric Corporation, among others. These companies are focusing on strategic partner and merger activities to accelerate their position in the industry.
Some major findings of the GaN & SiC power semiconductor market report include:
- Rising government efforts to accelerate renewable energy in power generation will spur the growth opportunities for GaN & SiC power semiconductor manufacturers. Rising emphasis on subsidiaries and funding activities will accelerate the power generation around the globe.
- The rising penetration of electric vehicles in developing nations will create high growth opportunities for the GaN & SiC power semiconductor market. Major automotive OEMs, such as Audi, Maruti Suzuki, Tata Motors, among others, are accelerating their development toward electric and hybrid vehicles, further adding an advantage for the market expansion.
- Technology innovations in SiC power modules with the integration of dedicated IC and chipsets will increase energy efficiency and reduce device footprint. This will accelerate their demand in smart energy meters and smart grid applications.
- Rising trends toward industrial automation machinery and robots will impel the demand for GaN & SiC power semiconductors in the industrial motor drive segment. These devices offer high power efficiency in industrial machinery, adding an opportunity for the market progression.
- The COVID-19 pandemic widely affected the industry growth in the first and second quarters of 2020. Several nations around the globe have halted their projects for solar energy generation, declining the growth opportunities for the market leaders. Also, the declining consumer buying power has led automotive OEMs to reduce their electric vehicle production capacity, hampering the market value.
Table of Contents (ToC) of the report:
Chapter 3 GaN & SiC Power Semiconductor Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on the GaN & SiC power semiconductor market
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 SiC semiconductor development timeline
3.4 GaN semiconductor development timeline
3.5 Global electric vehicle industry landscape, 2016 - 2027
3.6 Global renewable energy industry landscape, 2016 - 2027
3.7 Industry ecosystem analysis
3.8 Technology & innovation landscape
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls and challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 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.