Dublin, April 26, 2024 (GLOBE NEWSWIRE) -- The "Wide-Bandgap Power (WBG) Semiconductor Devices - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Wide-Bandgap Power (WBG) Semiconductor Devices Market to Reach $10.9 Billion by 2030
The global market for Wide-Bandgap Power (WBG) Semiconductor Devices estimated at US$1.4 Billion in the year 2022, is projected to reach a revised size of US$10.9 Billion by 2030, growing at a CAGR of 29.4% over the analysis period 2022-2030.
The evolution of the semiconductor industry sees a thrilling chapter unfold with wide-bandgap (WBG) semiconductors poised to surpass silicon and become integral to power, lighting, RF, and optoelectronics.
Silicon Carbide (SiC), one of the segments analyzed in the report, is projected to record a 29.4% CAGR and reach US$6.3 Billion by the end of the analysis period. Growth in the Gallium Nitride (gan) segment is estimated at 31.4% CAGR for the next 8-year period.
The pandemic's impact on the semiconductor industry has underscored the risk of value chain modularity, influencing the prospects of wide bandgap materials. Wide-bandgap power (WBG) semiconductor devices, with their myriad applications and advantages, are at the forefront of innovation. Developed regions lead the global market outlook, but developing economies are expected to drive future growth.
Competition in the market is strong, with players worldwide actively participating. Recent market activity indicates a growing demand for wide-bandgap devices, especially in the automotive industry, driven by the increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), as well as the rising need for power supplies and UPS systems in data centers.
The U.S. Market is Estimated at $405.6 Million, While China is Forecast to Grow at 38.9% CAGR
The Wide-Bandgap Power (WBG) Semiconductor Devices market in the U.S. is estimated at US$405.6 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$3.2 Billion by the year 2030 trailing a CAGR of 38.9% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21% and 25.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 24.8% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 311 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.4 Billion |
| Forecasted Market Value (USD) by 2030 | $10.9 Billion |
| Compound Annual Growth Rate | 29.2% |
| Regions Covered | Global |
MARKET OVERVIEW
- Wide-Bandgap: An Exciting Chapter in Evolution of Modern Semiconductor Industry
- Wide Bandgap Semiconductors Set to Move Past Silicon & Emerge as Bedrock of Power, Lighting, RF & Optoelectronics
- Pandemic Impact on the Semiconductor Industry Exposes the Risk of Value Chain Modularity
- Impact of COVID-19 Outbreak on Wide Bandgap Materials' Prospects
- An Introduction to Wide-Bandgap Power (WBG) Semiconductor Devices
- Insight into WBG Materials
- Key Applications
- Advantages of WBG Semiconductors
- Global Market Outlook
- Type & Application Insights
- Developed Regions Lead, Developing Economies to Spearhead Growth
- Competition
- Competitive Market Presence - Strong/Active/Niche for Players Worldwide in 2023 (E)
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Wide-Bandgap Devices: A Workhorse for Diverse Spectrum of Applications
- Promising Outlook for Wide Bandgap Devices from Automotive Industry
- Growing Demand for EVs and HEVs to Drive Market Gains
- Rising Adoption of Power Supplies and UPS Systems in Data Centers to Fuel Need for WBG Semiconductor Devices
- Shift towards Renewable Energy Sources to Propel Market
- Wide-Bandgap Semiconductors to Supercharge Renewable Energy Revolution
- Increasing Use of PV Inverters in Solar Power Plants Augurs Well for the Market
- Rapid Industrialization Spurs Demand for Industrial Motor Drives, Stimulating Market Growth
- Significance of WBG Power Semiconductor Devices in Railway Traction Systems
- WBG Semiconductors Enhance Efficiency of Power Devices
- Applications of GaN & SiC
- Wide-Bandgap Semiconductor Devices: Powering the Power Converter Ecosystem
- Power Semiconductors Built on GaN & SiC
- WBG Semiconductors Expand Power Efficiency Horizons for Consumer Sector
- Ceramic to Push Wide-Bandgap Device Performance for New Applications
- Growing Focus on Power Electronics Drives Uptake of SiC
- Rising Demand for Wide-Bandgap Materials Bodes Well
- Technology Advancements in Wide Bandgap Semiconductor Devices to Shape Future Growth Trends
- New Material Technologies, SiC and GaN, to Shape the Future of Power Electronics
- Design Engineers Race to Characterize Wide-Bandgap Semiconductors
- Challenges Confronting WBG Power Semiconductor Devices Market
- Thermal Metrology Challenges with WBG Devices
FOCUS ON SELECT PLAYERS (Total 49 Featured)
- Exagan
- GaN Systems, Inc.
- GeneSiC Semiconductor, Inc.
- Microsemi Corporation
- Monolith Semiconductor
- Qorvo, Inc.
- STMicroelectronics NV
- Texas Instruments, Inc.
- United Silicon Carbide, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4j49zf
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