Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors Market Size, Share, Growth and Industry Analysis by Type (Silicon carbide power semiconductor, and, gallium nitride power semiconductor) By Application (Consumer electronics, new energy grid connection, rail, industrial motor, ups power supply, new energy vehicles, and, other), Regional Forecast To 2031

Updated On: 15 April 2024

GALLIUM NITRIDE (GAN) AND SILICON CARBIDE (SIC) POWER SEMICONDUCTORS MARKET REPORT OVERVIEW

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global gallium nitride (gan) and silicon carbide (sic) power semiconductors market size was USD 1016.4 million by 2028 and market is projected to touch 2528.6 Million by 2031, exhibiting a CAGR of 35.5% during the forecast period.

Semiconductors that are made up of Gallium Nitride (GaN) and Silicon Carbide (SiC) are considered highly efficient, because Silicon carbide and gallium nitride are considered to the best and leading-edge materials for the production of power semiconductors. These substances have several advantages over the normal semiconductor materials.

These semiconductors have several applications and are used in various sectors like consumer electronics, railways, ups power supply, and, new energy grid connection. This is considered as the latest trend in the market.

Power semiconductors are used in modern electronics. Silicon carbide and gallium nitride are considered very suitable for the manufacturing of semiconductors. These are considered as the factors driving the Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors market growth.

COVID-19 impact: Decline in Value of Semiconductor Industry Reduced Market Growth

The pandemic of COVID-19 created a disastrous situation to all the markets across the world. The demand for products declined completely, and there was a drastic change in the preference of consumers. This affected the market negatively.

Semiconductor market was one of the major victims of lockdowns, travel bans, and social distancing norms. After the outbreak of coronavirus, the demand for PC semiconductors reduced by almost four to eight percent. Semiconductor sector faced several difficulties because most of the companies delayed the upgradation of planned hardware, and also several long term migration projects. All of these factors brought down the market share of semiconductor sector negatively affected Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors market share during the pandemic.

LATEST TRENDS

"Usage of SiC and GaN Transistors and Diodes in Electric Vehicles to Increase Market Growth"

Gallium Nitride (GaN) and Silicon Carbide (SiC) power semiconductors have many benefits and superior features. Transistors and electrodes that are made up of gallium nitride and silicon carbide are used in the manufacturing of electric vehicles. Electric vehicles have become the recent trend in the market.

Vehicles that run on diesel, petrol, and other non-renewable sources of energy are now getting outdated. Environmental awareness among people, and the initiatives taken up by government authorities to reduce the harmful emission and pollution is increasing the demand for electric vehicles. Increasing application of SiC and GaN power conductors in the manufacturing of electric vehicles across the globe is creating lucrative growth opportunities in the market. This is considered as the latest trend in the market.

Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Silicon carbide power semiconductor, and, gallium nitride power semiconductor. The silicon carbide power semiconductor segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Consumer electronics, new energy grid connection, rail, industrial motor, ups power supply, new energy vehicles, and, other. The consumer electronics segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Integration of Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors in Modern Electronics to Drive Market Growth"

Gallium Nitride (GaN) and Silicon Carbide (SiC) power semiconductors make up a large part of the modern electronics sector. Globalization, and rapid urbanization has increased the usage of electronic devices like computers, laptops, PCs, and smartphones among people. Semiconductors form an integral part in manufacturing most of these electronic devices. This has propelled the growth and development of the market.

Many new developments are being witnessed in the market recently. SiC semiconductors are now being drafted into thinner layers and their impurity concentration is made higher. This has increased the breakdown electric field strength that is used for configuring power devices that operate at a very high voltage. All of these factors are driving the market share.

"Several Benefits Provided by Power Conductors to Propel Market Growth "

Gallium Nitride (GaN) and Silicon Carbide (SiC) power Semiconductors have an upper hand compared to other conductors because gallium nitride and silicon carbide are considered to be the most suitable material for conductors. They also provide several benefits, which will further propel the market growth.

These power conductors have higher voltage operation, greater switching frequencies, higher band gap, and wide range of temperatures. Gallium nitride present in these conductors will contribute in reducing the cost of energy consumed. This compound is highly efficient. The heat that is expended will be very less in turn decreasing the cost incurred. Silicon carbide enables the conductor to operate at higher power densities. All of these factors are increasing Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors market share.

RESTRAINING FACTOR

"Unfavorable Features of Silicon Carbide and Gallium Nitride to Decrease Market Growth"

Gallium nitride and silicon carbide have certain features that are not suitable for the manufacturing of semiconductors. Silicon has a lower band gap because of which it cannot be used for higher power applications. Silicon is also not very efficient in supporting high voltage designs.

Gallium has a low thermal conductivity compared to other substances. Using gallium is expensive. Maintaining cost effectiveness can become a major challenge while using gallium. Controlling defects while manufacturing can be another difficulty. All of these factors can bring down market growth.

Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors Market Regional Insights

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"North America to Dominate Market Share in Upcoming Years"

North America is a region that has witnessed a lot of developments in the semiconductor market share. This region is predicted to dominate the market throughout the forecast period. Many reasons have contributed in the growth of the market in this region which include higher investments on research about the usage of gallium nitride and silicon carbide in the manufacturing of semiconductors.

Also, the increasing demand for electric vehicles among people in this region is increasing the scope of market. Information technology is a developing sector in North America. This has increased the use of electronic devices. Semiconductors are an integral part of both the electric vehicle and electronic devices market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• INfineon (Germany)
• CREE (Wolfspeed) (U.S.)
• Roma Semiconductor Group (Italy)
• STMicro electronics (Switzerland)
• ON Semiconductor (U.S.)
• Mitsubishi Electric (Japan)
• Fuji Electric (Japan)
• Littelfuse (U.S.)
• Tyco Tianrun Semiconductor Technology (Beijing) Co., Ltd. (China)
• Shenzhen Basic Semiconductor Co., Ltd. (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The top industrial players along with the region that dominates the market has also been given for the readers to know.