Quest of End-use Industries to Reduce Carbon Footprint
Driving Demand for Energy-Efficient SiC & GaN Power
Semiconductors
ROCKVILLE, Md., May 27, 2024 /PRNewswire/ -- According to a new
industry report by Fact.MR, the global SiC & GaN Power
Semiconductor Market is expected to reach a valuation of
US$ 1.41 billion in 2024. It
is projected to achieve $11.08
billion by 2034, growing at a CAGR of 22.9% from
2024 to 2034.
SiC & GaN power semiconductors are transforming the
electronics sector by overcoming the limited features offered by
conventional silicon-based semiconductors. SiC & GaN power
semiconductors are energy efficient and have
thermal tolerance. These characteristics make SiC & GaN
power semiconductors ideal for high-temperature and
high-frequency applications. These semiconductors
are finding extensive use in the automotive, renewable
energy, industrial, and consumer electronics sectors.
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Report:
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In the automotive sector, SiC & GaN power
semiconductors are used in the manufacturing
of energy-efficient elective and hybrid vehicles. Due to
their effective energy conversion ability, SiC & GaN power
semiconductors in industrial settings are used in
renewable energy inverters and motor drives. Ongoing research
and development activities across the world are set to
enhance the features of SiC & GaN power semiconductors even
more over the coming years.
Key Takeaways from the Market Study:
- The market for SiC & GaN power semiconductors in
the United States is evaluated at
$149.9 million in 2024.
- Japan is set to hold 29.4% of
the East Asia market share by
2034.
- The China market is
approximated at US$ 154.4 million in
2024.
- SiC power module sales are forecasted to reach US$ 3.64 billion by 2034.
"Miniaturization trend in consumer electronics a key
factor driving high demand for SiC & GaN power
semiconductors," says a Fact.MR analyst.
Innovation and Acquisition Prime Tactics to Enhance Product
Offerings
The global SiC & GaN power semiconductor market
is highly competitive. Industry giants are adopting product
expansion strategies such as mergers and acquisitions. Acquisition
or merger into another company is aiding companies in increasing
their product offerings and market reach.
- In October 2023, Infineon
Technologies AG declared the acquisition of GaN Systems Inc.
- In 2023, Japan's deep-tech
company Flosfia started offering next-gen power chips made from
gallium oxide. These high-performance gallium power chips allow EVs
to travel farther.
Regional Dynamics: SiC & GaN Power Semiconductors in
Automotive and Renewable Energy Sectors
SiC and GaN power semiconductors have become integral to
automotive manufacturing in the United
States, spurred by stringent regulations governing vehicle
safety and greenhouse gas emissions. As automakers strive to
incorporate fuel-efficient components into their vehicles, the
adoption of SiC and GaN power semiconductors has surged in
automotive system production. Their high energy efficiency plays a
crucial role in enhancing the performance of electric vehicle power
trains.
Meanwhile, China stands out as
a major hub for semiconductor manufacturing. The nation's robust
production capabilities and extensive export of consumer
electronics have fueled the demand for SiC and GaN power
semiconductors. Additionally, the increasing popularity of
renewable energy sources like solar panels and distributed energy
storage systems has propelled the use of SiC and GaN power
semiconductors in the production of these systems. Moreover, the
growing trend of industrial automation has further fueled the
growth of the SiC and GaN power semiconductor market in
China.
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High Demand for SiC Power Module Technologies:
Among the array of materials utilized in power module
semiconductors, silicon carbide stands out as the most prevalent.
This distinction arises from SiC's remarkable capability to
minimize energy loss during power conversion processes. This
inherent advantage translates into reduced reliance on expensive
cooling systems, making SiC semiconductors an increasingly
appealing choice for semiconductor purchasers.
This trend underscores the projection that the demand for SiC
power modules will continue to surge over the next decade. Another
notable advantage of SiC power modules is their exceptionally low
switching loss, particularly in applications like
metal-oxide-semiconductor field-effect transistors (MOSFETs), EV
chargers, and solar inverters. This technological supremacy further
bolsters SiC power module manufacturers as they broaden their
product offerings and market presence.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of
the global SiC & GaN power semiconductor market,
presenting historical demand data (2019 to 2023) and forecast
statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on
material (SiC, GaN), component (SiC power modules, GaN power
modules, discrete SiC power devices, discrete GaN power devices),
and application (power supplies, wireless charging, power storage,
hybrid & EV components, HEV charging equipment, motor drives,
PV inverters, traction motor components, others), across seven
major regions of the world (North
America, Latin America,
Western Europe, Eastern Europe, East
Asia, South Asia &
Pacific, and MEA).
Check Out More Related Studies Published by Fact.MR
Research:
https://www.factmr.com/report/4581/silicon-carbide-market
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renowned for its comprehensive market reports and invaluable
business insights. As a prominent player in business intelligence,
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and competitive landscapes. Renowned for its commitment to accuracy
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