SiC & GaN Power Semiconductor Market

SiC & GaN Power Semiconductor Market Outlook (2024 to 2034)

The global SiC & GaN power semiconductor market is estimated to reach a size of US$ 1.41 billion in 2024. Worldwide sales of SiC & GaN power semiconductors are projected to increase at a CAGR of 22.9% and reach US$ 11.08 billion by 2034-end.

Following the present market scenario of global semiconductors, silicon carbide (SiC) and gallium nitride (GaN) power semiconductor demand is calculated to increase at a significant pace during the next 10 years, states Fact.MR, a market research and competitive intelligence provider. SiC & GaN transistors and diodes have indispensable functions in electric vehicles. Applications of SiC & GaN power semiconductors in electric vehicle components are significantly high. In addition, swelled-up demand for commercial and non-commercial electric vehicles (EVs) across the world is set to result in multiplied sales of SiC and GaN products.

The pricing scenario of SiC & GaN power semiconductors completely depends on the production of silicon carbide and gallium nitride on a global level. Factors maintaining a cut-throat competition for SiC & GaN components are due to the increasing demand for germanium semiconductors.

Demand for SiC & GaN semiconductors is increasing due to their extensive implementation in leading power modules, motor drivers, power supplies, and PV inverters across the globe. An increasing number of solar device installations is set to uplift the consumption of SiC & GaN power semiconductors in the Asia Pacific region. Advancements in solar-based energy production are acting as a boon for manufacturers in this business space.

• The North American SiC & GaN power semiconductor market is forecast to reach US$ 2.69 billion by 2034.
• East Asia is estimated to account for 22.4% of the global SiC & GaN power semiconductor market share in 2024.

Report Attribute	Detail
SiC & GaN Power Semiconductor Market Size (2024E)	US$ 1.41 Billion
Forecasted Market Value (2034F)	US$ 11.08 Billion
Global Market Growth Rate (2024 to 2034)	22.9% CAGR
South Korea Market Value (2034F)	US$ 591.2 Million
SiC Demand Growth (2024 to 2034)	22.6% CAGR
Key Companies Profiled	VisIC Technologies Ltd; Transform, Inc.; Alpha & Omega Semiconductor; Renesas Electronics; Panasonic Corporation; Danfoss A/S; Microsemi Corporation; Wolfspeed, Inc.; ROHM Semiconductor; NXP Semiconductors N.V.; GaN Systems Inc.; Exagan S.A.S; STMicroelectronics N.V.; Raytheon Company; Genesic Semiconductor Inc.; Avogy, Inc.; Vincotech GmbH; United Silicon Carbide Inc.; Fuji Electric Systems Co., Ltd; Infineon Technologies; SEMIKRON International GmbH; Global Power Technologies Group; Cambridge Electronics.

Growth Factors Driving SiC & GaN Power Semiconductor Market

• Global sales of semiconductors are increasing subsequently with the rise in consumer electronics demand. Semiconductors make up a significant part of modern electronics, including laptops, smartphones, and PCs. With the inclusion of many electronic devices into our daily lives, it won’t be wrong to state that semiconductors have central importance.
• Through the use of a thinner drift layer and a higher impurity concentration, SiC's 10x greater breakdown electric field strength than silicon allows for the configuration of power devices operating at high voltages (600 volts to thousands of volts). These semiconductors are highly preferable in power solutions operating at high voltage. The lower on-resistance makes these semiconductors an ideal choice for greater withstand voltages.
• Wide band gap semiconductors are characterized by high electrical breakdown and field strength. This allows the breakdown of the voltage, which is similar to silicon with a V layer much thinner than SiC.
• GaN wafers are more expensive than SiC as they have a horizontal structure with an active layer. This makes it useful in various applications where extremely fast switching is required.

Which Aspects are Positively Influencing Sales of SiC and GaN Power Semiconductors?

“Energy Efficiency Driving Use of SiC and GaN Power Devices in Wireless Communication Systems”

Rising demand for wireless communication systems, including 5G network technology, is creating profitable opportunities for SiC and GaN power semiconductor manufacturers. The high efficiency of SiC and GaN power semiconductors is increasing their use in industrial device manufacturing.

One of the notable SiC and GaN power semiconductor market trends is the growing demand for compact and miniature consumer electronics. SiC and GaN power semiconductors are also widely used in automotive systems to increase their energy efficiency.

Which Market Dynamics are Impacting Demand for GaN and SiC Power Semiconductors?

“High Manufacturing and Installation Costs”

Compared to traditional silicon-based components the price of GaN and SiC power semiconductors is high. GaN and SiC power semiconductors have potential for long-term benefits, however, high initial investment is hampering their adoption to some extent. Furthermore, the production process of GaN and SiC power semiconductors is also complex, which influences its overall production cost.

Start-up Ecosystem

• United States-based start-up Mivium offers gallium nitride (GaN) and aluminum gallium nitride (AlGaN) semiconductors. The neuromorphic computing technology used by the company enhances the performance and energy efficiency of semiconductors.
• Freschfield is a United States-based start-up that designs and builds microgrids. iSkin, an energy-producing cladding system developed by Freschfield, uses quantum semiconductor technology to generate a high amount of power.

Country-wise Analysis

How Will SiC & GaN Power Semiconductor Suppliers Fare in the United States?

“American Automobiles Manufactured Using Energy Efficient SiC & GaN Power Semiconductors”

Attribute	United States
Market Value (2024E)	US$ 149.9 Million
Growth Rate (2024 to 2034)	23.4% CAGR
Projected Value (2034F)	US$ 1.22 Billion

SiC & GaN power semiconductors are widely used in automotive manufacturing in the United States. The strict regulations related to vehicle safety and greenhouse gas emissions are driving automakers' attention toward the adoption of fuel-efficient components in automobile manufacturing. SiC & GaN power semiconductors are widely used in automotive system production. Their high energy efficiency contributes to the performance of electric vehicle power trains.

Will China be a Profit Pool for SiC & GaN Power Semiconductor Manufacturers?

“Prime Use of SiC & GaN Power Semiconductors in China-Made Consumer Electronics”

Attribute	China
Market Value (2024E)	US$ 154.4 Million
Growth Rate (2024 to 2034)	22.9% CAGR
Projected Value (2034F)	US$ 1.21 Billion

China is a hub of semiconductor manufacturing. The high production and export of consumer electronics are driving the sales of SiC & GaN power semiconductors. Rising popularity of renewable energy sources such as solar panels and distribution energy storage systems is increasing the use of SiC & GaN power semiconductors in the production of these renewable energy systems. The rising trend of industrial automation is further driving the SiC & GaN power semiconductor market growth in China.

Category-wise Analysis

Why is Demand for GaN Power Semiconductors Higher?

“GaN Power Semiconductors Finding Increasing Applications in 5G Networks and Automobiles”

Attribute	GaN Power Semiconductors
Segment Value (2024E)	US$ 715.9 Million
Growth Rate (2024 to 2034)	23.2% CAGR
Projected Value (2034F)	US$ 5.77 Billion

GaN power semiconductors are used by EV automakers as their energy efficiency aid in increasing power density, reducing vehicle charging time, and enhancing cost-efficiency. GaN power semiconductors are also used in the production of 5G multi-chip modules. GaN semiconductors are leading the way for energy-efficient mobile networks.

• In 2021, NXP Semiconductors announced the introduction of GaN technology into its multi-chip module platform. NCP’s GaN-based multi-chip modules are believed to increase the efficiency of 5G networks by 8%.

The growing need for automation in the manufacturing process is driving the use of GaN semiconductors in motion control and robotics. Thus, GaN power semiconductors are set to hold a leading share of the global market throughout the forecast period.

Which Component is Finding Extensive Application?

“Demand for SiC Power Module Technologies to Remain High”

Attribute	SiC Power Modules
Segment Value (2024E)	US$ 476.3 Million
Growth Rate (2024 to 2034)	22.6% CAGR
Projected Value (2034F)	US$ 3.64 Billion

Considering the group of materials used in power module semiconductors, silicon carbide comes under the most used material. This fact is valued by SiC’s ability to lose only a minimum amount of energy when implemented in any power conversion process. The aforementioned benefit reduces the cost of expensive cooling systems, which attracts more semiconductor buyers toward SiC semiconductors.

This trend helps determine that the demand for SiC power modules is set to increase at a rapid pace during the next 10 years. Another prominent advantage of using a SiC power module is its extremely low switching loss while operating in applications such as metal-oxide-semiconductor field-effect transistors (MOSFETs), EV chargers, and solar inverters. This technical dominance is further benefiting SiC power module manufacturers as they expand their product reach.

Competitive Landscape

Key players in the SiC & GaN power semiconductor industries are mainly opting for growth-oriented strategies that include the establishment of SiC and GaN-related value chains. In addition, branding and continuous technical advancements in manufacturing technology hit the top position on their priority list. These strategies are helping the industry giants expand their regional footprint and garner high market share, thus providing a competitive advantage.

• In September 2023, Navitas Semiconductor announced the launch of GaNSafe™, a next-generation, high-performance wide bandgap power platform.
• In 2019, Infineon Technologies bought Cypress Semiconductor Company with a deal closure value of US$ 10 billion.

Fact.MR provides detailed information about the price points of key producers of SiC & GaN power semiconductors positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Key Segments SiC & GaN Power Semiconductor Market Research

• By Material :

  • SiC
  • GaN

• By Component :

  • SiC Power Modules
  • GaN Power Modules
  • Discrete SiC Power Devices
  • Discrete GaN Power Devices

• By Application :

  • Power Supplies
  • Wireless Charging
  • Power Storage
  • Hybrid & EV Components
  • HEV Charging Equipment
  • Motor Drives
  • PV Inverters
  • Traction Motor Components
  • Others

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa