The global wide bandgap semiconductor market is forecasted to be valued at USD 831.8 million by 2032, up from USD 241.3 million in 2022, advancing at a CAGR of 13.2% during the forecast period. The demand for wide bandgap semiconductors is rising as manufacturers are highly using Silicon Carbide (SiC) and Gallium Nitride (GaN) in radio frequency applications.
| Report Attribute | Details |
|---|---|
| Wide Bandgap Semiconductors Market Value (2022) | USD 241.3 Million |
| Wide Bandgap Semiconductors Market Anticipated Value (2032) | USD 831.8 Million |
| Wide Bandgap Semiconductors Market CAGR (2022 to 2032) | 13.2% |
Wide bandgap semiconductor materials are widely used to operate devices at high voltages, temperatures, and frequencies. This factor is increasing the demand for wide bandgap semiconductors.
Wide bandgap semiconductors are the main component used for making blue and green lasers and LEDs. It’s also anticipated that there is a demand for wide bandgap semiconductors, notably in military radars. Furthermore, the wide bandgap semiconductor market manufacturers are getting benefitted from the increased usage of tablets and smartphones.
Therefore, it is expected that the wide bandgap semiconductor market is likely to witness significant wide bandgap semiconductor market growth during the forecast period.
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It is anticipated that the wide bandgap semiconductor market trends and forecasts are the key drivers for the wide bandgap semiconductor market opportunities. There is increased online streaming of videos that has doubled the number of mobile device users.
This, in turn, has led to high usage of data. Hence, the manufacturers in the wide bandgap semiconductor market are using SiC and GaN-based semiconductors for high-performance telecommunications and wireless systems. This is bolstering the demand for wide bandgap semiconductors and driving the wide bandgap semiconductor market growth and wide bandgap semiconductor market future trends.
Furthermore, to manage the high loads of traffic in data usage, the wide bandgap semiconductor is implemented and is being increasingly adopted to support operational bandwidth. The reason driving the wide bandgap semiconductor market size is that they facilitate higher voltage operation and ease of impedance matching.
Moreover, the favorable growth projection of the LED lighting market is creating incremental wide bandgap semiconductor market opportunities for manufacturers in the wide bandgap semiconductor ecosystem. The adoption of wide bandgap semiconductors is leading to energy savings and longer lifetimes of LED lighting, which is serving as an efficient option for all consumers and fueling the wide bandgap semiconductor market growth.
In addition to that, wide bandgap semiconductors provide an alternative approach to achieving major breakthroughs in the field of power electronics. Electric vehicle manufacturers are making adoption of wide band gap semiconductors for the manufacturing of different automobile components such as HV-LV DC-DC converters, driver ICs, onboard chargers, motor drives, and charging equipment. This factor is expected to drive the wide bandgap semiconductor adoption trends during the forecast period.
Besides the driving factors, there are also some factors that are likely to restrain the wide bandgap semiconductor market growth during the forecast period.
It is anticipated that there is a high cost of manufacturing involved for the wide bandgap semiconductors. The overall sales of wide bandgap semiconductor have been low due to some unresolved issues related to the availability of the materials to manufacture wide bandgap semiconductors, the cost associated with the production of wide bandgap semiconductors, and other initial high capital investments can hinder the wide bandgap semiconductor market growth in the upcoming years.
Principal Consultant
It is projected that North America is likely to dominate the wide bandgap semiconductor market during the forecast period of 2022 to 2032. Currently, the North American regions accumulatively are accountable for 36.3% of the total wide bandgap semiconductor market share.
Due to the increased use and adoption of smart devices in this region, North America is expected to have lucrative wide bandgap semiconductor market growth. They are improving the hardware reliability along with energy consumption for most electronic devices.
Furthermore, North America is having a rapid rise in the automobile sector, which is further stimulating the demand for wide bandgap semiconductors and the adoption of wide bandgap semiconductors and contributing to the expanding wide bandgap semiconductor market growth as well as wide bandgap semiconductor market size.
Europe is anticipated to follow North America in the wide bandgap semiconductor market expansion of wide bandgap semiconductor market share. Currently, Europe holds 20.7% of the total wide bandgap semiconductor market share.
There is an increasing demand for energy-efficient semiconductors in this region for the developing It and Telecommunications industry, and consumer electronics in this region. European regions are also receiving government funding, which is encouraging investors owing to avail the benefits provided. There is the availability of cheap labors in this region that is influencing the wide bandgap semiconductor market growth.
Some key developments in the wide bandgap semiconductors market are:
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The start-up ecosystem in the wide bandgap semiconductor market is intense, with frequent innovations being made. Start-ups in the wide bandgap semiconductor market are focusing on improvising the devices with the integration of SiC and GaN to make high-power components available to consumers.
GaN Systems, a Canadian Series C-funded start-up, provides GaN semiconductors across multiple applications in the EV power electronics segment. It claims the total power loss reduction to be 50%, 20% lower system cost and 3X more power density.
US-based SLD Laser, a deep tech company founded by wide bandgap semiconductor market pioneers, offers semi-polar GaN-based light sources for LiDAR, HUD, and other automotive lighting system applications.
Swedish Norstel AB, which received a major investment from STMicroelectronics, claims that deployment of HEMT epitaxy on SiC can enable the targeted performance of Radar systems at high frequency.
The major player operating in the wide bandgap semiconductors market are Efficient Power Conversion Corporation, Mersen S.A., Everlight Electronics Co, Avogy, Inc., Toshiba Corporation, Fujitsu Limited, Renesas Electronics Corporation, NXP Semiconductors N.V., and Cree Inc.
The other prominent vendors associated with the wide bandgap semiconductors market are Fairchild Semiconductor, GeneSiC Semiconductor, Inc., Infineon Technologies AG, Infineon Technologies AG, MicroGaN Gmbh, United Silicon Carbide Inc., Microsemi Corporation, Vishay Intertechnology, Inc. Mitsubishi Electric, Nitronix Nanotechnology Corporation, Powerex, ROHM Semiconductor, STMicroelectronics, Sanken Electric Co., Ltd, Semikron, Semisouth Laboratories, Inc., and Shindengen Electric.
These major players are continuously collaborating, upgrading, and making efforts for expanding the wide bandgap semiconductors market with high-frequency regulations for energy and power devices to boost sales of wide bandgap semiconductor.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 13.2% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Material, Application, End-User Industry, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Efficient Power Conversion Corporation; Mersen S.A.; Everlight Electronics Co; Avogy, Inc.; Toshiba Corporation; Fujitsu Limited; Renesas Electronics Corporation; NXP Semiconductors N.V.; Cree Inc. |
| Customization | Available Upon Request |
The growth outlook for the wide bandgap semiconductors market is predicted to advance at a CAGR of 13.2% from 2022 to 2032.
The North American region is anticipated to lead the wide bandgap semiconductors market during the forecast period.
The wide bandgap semiconductors market is likely to hold a valuation of USD 831.8 million by 2032.
The automotive sector is the key contributor to the wide bandgap semiconductors market.
Technology
November 2022
REP-GB-271
250 pages
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Wide Bandgap Semiconductors Market
