According to a new report published by KD Market Insights, titled, “SiC & GaN Power Semiconductor Market Insights, Trends, Opportunity & Forecast, 2021–2026,” the global SiC & GaN power semiconductor market size is anticipated to witness exponential growth during the forecast period i.e. 2021-2026. The increasing adoption of SiC and GaN power semiconductor devices for various power applications around the world, the escalating technological advancements across automotive electronics and the growing semiconductor industry globally are the major factors contributing towards the growth of the global SiC & GaN power semiconductor market. Also, the ability of the SiC to deliver lower losses and high efficiency along with the proliferating application of IGBT modules fuel the global SiC & GaN power semiconductor market.

Furthermore, factors such as the rising introduction of 5G mobile communication, the emerging adoption of electric vehicles and the flourishing automotive production in China and India are expected to further unlocked significant opportunities for the growth of the global market over the forecast period.

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The Asia Pacific region is anticipated to account for the largest market share in the SiC & GaN power semiconductor market by the end of the forecast period of 2021-2026. This can be attributed to the huge demand for power supply equipments in some of the largest industrial markets such as India and China and the presence of cheap labor and raw materials across the region. The North American region is also expected to hold a significant share in the market over the forecast period.

According to product type, the SiC power module segment accounted for the largest share in the market in 2020. It is further expected to continue with its dominance over the forecast period. This is because SiC power modules have become a vital component in various power applications owing to its features & capabilities such as less thermal expansion and wider band gap. According to product type, the GaN power module and discrete GaN power devices segments are expected to exhibit the highest growth rate over the forecast period. According to application, the power supplies segment is anticipated to hold the largest market share by the end of the forecast period.  However, the electric vehicle segment is expected to witness the highest CAGR over the forecast period of 2021-2026. Also, the industrial motor drives and traction segments may observe critical growth rates over the forecast period owing to the high demand for power semiconductor devices in driving motors, particularly in switching them from low to high speeds.

The global SiC & GaN power semiconductor market is segmented into product type, application and region. Based on product type, the market is bifurcated into SiC power module, GaN power module, discrete GaN power devices and discrete SiC power devices. Based on application, it is classified into industrial motor drives, power supplies, electric vehicle (h/ev), PV inverters and traction.

The global SiC & GaN power semiconductor market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of SiC & GaN Power Semiconductor Market

  • On the basis of product type, the SiC Power Module segment accounted for the largest share in the market in 2020. It is further expected to continue with its dominance over the forecast period.
  • On the basis of product type, the GaN power module and discrete GaN power devices segments are expected to exhibit the highest growth rate over the forecast period.
  • On the basis of application, the power supplies segment is anticipated to hold the largest market share by the end of the forecast period.
  • On the basis of application, the electric vehicle segment is expected to witness the highest CAGR over the forecast period of 2021-2026.
  • On the basis of region, the Asia Pacific region is anticipated to account for the largest market share in the SiC & GaN power semiconductors market by the end of the forecast period of 2021-2026.

Some of the major SiC & GaN power semiconductor companies profiled in the report include Infineon Technologies AG, ROHM Semiconductor, Sanken Electric Company, United Silicon Carbide Inc., STMicroelectronics N.V., Raytheon Company, Monolith Semiconductor Inc., Fuji Electric Systems Co. Ltd., GeneSiC Semiconductor Inc. and Panasonic Corporation.

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