The SiC and GaN power semiconductor market is poised for exponential growth between 2024 and 2034. According to Future Market Insight (FMI), the global market is expected to reach USD 2,170.8 million in 2024, driven by rising demand for energy-efficient and high-performance power electronics. By 2034, the market is forecast to achieve a staggering USD 23,718.0 million, with a remarkable CAGR of 27.1% over the assessment period.
Currently, the SiC segment dominates the global market, holding a prominent value share of 78.3%. This can be attributed to the rising adoption of SiC power semiconductors in diverse applications, including automotive. However, the GaN segment will grow at a higher CAGR of 29.1% through 2034.
Several factors are anticipated to fuel the growth of the SiC and GaN power semiconductor industry during the next ten years. These include growing demand for electric and hybrid vehicles, growth of the renewable energy sector, and high adoption of industrial automation.
Silicon carbide (SiC) and gallium nitride (GaN) power semiconductors are becoming ideal replacements for conventional silicon-based semiconductors. This is because they offer advantages like higher efficiency, lower power losses, and higher operating temperatures.
The increasing adoption of SiC and GaN power semiconductors in power electronics applications, such as inverters and motor drives, is a key growth-shaping trend. Similarly, the high penetration of 5G technology and adoption of industrial automation systems will propel demand for SiC & GaN power semiconductors.
The market is predicted to benefit from the growing renewable energy sector. This is because these power semiconductors are widely used in PV inverters, power storage devices, and other applications.
The need for SiC and GaN power semiconductors is anticipated to soar as industries like renewable energy and electric vehicles continue to develop and demand greater performance and efficiency from power electronics. Hence, a robust CAGR has been predicted for the target market.
Improvements in semiconductor manufacturing processes are facilitating the development of more efficient and compact SiC and GaN devices. Key players strive to develop efficient and affordable power semiconductors to encourage adoption.
Key Takeaways from the Market Report:
- The SiC & GaN power semiconductor industry is predicted to reach USD 23,718.0 million by 2034, recording a 27.1% CAGR.
- With a market share of 78.3% for 2034, the SiC segment will retain its dominance.
- By component, the transistor segment is set to grow at a robust CAGR of 28.0% through 2034.
- Based on application, the automotive segment is forecast to account for a revenue share of 74.0% in 2034.
- China is poised to emerge as the most lucrative market, registering a CAGR of 31.1%.
- Sales in the United States are estimated to total USD 3,804 million by 2034.
“Transition toward renewable energy and growing popularity of electric vehicles is anticipated to create lucrative growth prospects for the SiC & GaN power semiconductor industry through 2034.”.” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
What are the Growth Opportunities in the SiC and GaN Power Semiconductor Market?
- Electrification of Transportation: The shift towards EVs and hybrid vehicles is fueling demand for energy-efficient power modules.
- Renewable Energy Systems: Increasing investments in wind and solar power installations are accelerating the need for high-performance semiconductors.
- Data Centers and 5G Deployment: Rising demand for faster networks and efficient data center operations presents a lucrative opportunity.
- Industrial Automation: The growing adoption of robotics and automation is driving the integration of SiC and GaN in industrial power systems.
Prime Determinants of Growth, Trends, and Opportunities
- Growing Demand for Green Energy Solutions: Stringent energy-efficiency regulations worldwide are encouraging the adoption of SiC and GaN components.
- Technological Innovation: Enhanced thermal conductivity, high voltage tolerance, and compact designs make these semiconductor packaging highly desirable.
- Supportive Policies: Government incentives for clean energy projects are driving R&D and manufacturing investments.
- Rising EV Penetration: The global EV market is expected to surpass USD 900 billion by 2030, boosting the adoption of SiC and GaN semiconductors.
Key Companies & Market Share Insights
The SiC & GaN power semiconductor market is highly competitive, with major players like Infineon Technologies AG, STMicroelectronics N.V., ROHM Co, ON Semiconductor Corporation, and others holding a significant share.
Vendors are continuously looking forward to product development, innovation, and strategic alliances to stay ahead of the competition. They are making significant investments in R&D to enhance the functionality and efficiency of SiC & GaN power semiconductors to meet the increasing demand from industrial automation, power electronics, automotive, and renewable energy sectors.
Recent Developments:
• In 2020, a new 1200V silicon carbide (SiC) MOSFET for high power industrial applications was introduced by Toshiba Electronics Europe GmbH.
• In January 2023, Japan-based Fuji Electric Co., Ltd. launched the MICREX-VieW FOCUS Evolution for monitoring and control systems.
• In 2021, ON Semiconductor, a leading American semiconductor supplier, launched new silicon carbide MOSFET module solutions for charging electric and hybrid vehicles.
Prominent players in the SiC and GaN Power Semiconductor Market invest significantly in technology upgrades and production capacity expansions. The competitive landscape includes:
- Infineon Technologies
- Cree, Inc. (now Wolfspeed)
- STMicroelectronics
- ON Semiconductor
- ROHM Semiconductor
- Texas Instruments
- Mitsubishi Electric Corporation
Country-wise Insights on SiC and GaN Power Semiconductor Market
| Country | CAGR (2024–2034) | Growth Drivers | |
| United States | 27.6% | Booming EV market, renewable energy adoption, industrial automation trends. | |
| Canada | 29% | Growing clean energy projects and rising semiconductor investments. | |
| Germany | 26% | Strong automotive industry and focus on green energy technologies. | |
| United Kingdom | 24% | Increasing adoption of industrial automation and renewable energy systems. | |
| China | 31.1% | Leading EV manufacturing hub, renewable energy expansion, and government support for green initiatives. | |
| Japan | 28.5% | Rising EV demand, advancements in automation technologies, and strong semiconductor R&D capabilities. | |
| South Korea | 29.6% | Thriving electronics industry and increasing focus on green energy and automation. | |
SiC and GaN Power Semiconductor Market Segmentation
By Material Type:
- SiC
- GaN
By Component:
- Diodes
- Transistor
- Power Module
- Hybrid Devices
By Application:
- Automotive
- Powertrain
- On-board Charger
- Fast & Wireless Charging
- On-board DC/DC Converter
- Motor Drive
- xEV Components
- Traction Inverters
- Lighting System
- LiDAR Autonomous Control
- Others
- Industrial
- Power Supplies
- Charging Equipment
- Power Storage
- Motor Drives
- PV Inverter
- Traction Motor Components
- Communication Equipment
- Lighting System
- Robotics Control System
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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