GaN and SiC Power Semiconductor Market to Eyewitness Massive Growth by 2027
The GaN & SiC power semiconductor market is estimated to grow at a steady pace over the coming years owing to the rise of 5G technology worldwide. Increasing initiatives by the global governments to adopt 5G technology are having a positive impact, with industry players launching new application-specific products. Increasing government efforts towards accelerating the use of renewable energy in energy generation would outline a lucrative growth opportunity. Growing focus on funding activities and subsidiaries would expedite power generation throughout the globe.
GaN & SiC power semiconductors provide high power density and small form factor, increasing their usage among telecom operators in order to enhance infrastructure applications.
With the penetration of electric vehicles in developing nations, there are a lot of opportunities for manufacturers in the industry. Key automotive OEMs like Tata Motors, Audi, and Maruti Suzuki are fastening up the development of their hybrid and electric vehicles, boosting overall market expansion.
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Technological innovations within SiC power modules due to the incorporation of dedicated chipsets and IC could decrease device footprint and raise energy efficiency, which is likely to propel their demand in smart grid applications and smart energy meters. Additionally, the industrial motor drive segment is expected to witness high product demand given to growing trends of industrial automation robots and machinery.
Meanwhile, several GaN and SiC power semiconductor companies are focusing on R&D initiatives and new product development. For example, in 2019, Microchip Technology Inc., announced the release of a family of SiC power devices in production volumes consisting of wide-bandgap technology and performance advantages. Based on such developments, Global Market Insights, Inc., suggests that the GaN & SiC power semiconductor market may exceed USD 4.5 billion by 2027.
Mentioned below are some of the key trends driving GaN & SiC power semiconductor market expansion:
Rising demand for discrete GaN power semiconductors
The discrete GaN category accounted for around 2% industry share in 2020 and is projected to register a CAGR of around 40% over the forecast timeframe. Discrete GaN power semiconductors provide low cost advantages and have wide band gap, hence escalating their demand in charging applications in consumer electronics devices.
The GaN power devices eliminate the cooling requirement, therefore raising their adoption over silicon carbide-based and silicon power devices. Many smartphone manufacturers such as Xiaomi and Oppo are using GaN semiconductor-based chargers already, as they generate more power and can withstand high temperatures.
Robust product adoption in PV inverters
GaN & SiC power semiconductor devices help in increasing power density and in minimizing the size of passive components, which is driving their usage in PV inverters. The PV inverters application segment held above 25% of the market share in 2020 and is likely to grow at a 30% CAGR over the forecast timeframe owing to surging consumer preference towards clean electricity.
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This would be boosting the solar power installation in the residential and commercial sector. Government initiatives and funding activities are helping the installation of solar energy systems in newly built homes and buildings.
Europe emerging as a promising business ground
The Europe GaN & SiC power semiconductor market held a valuation of more than USD 100 million in 2020 and is anticipated to record a 25% CAGR through the analysis timeframe.
The upcoming growth is credited to the increasing number of government initiatives taking place in order to speed up the adoption of electric vehicles in the region. Supportive initiatives are estimated to offer opportunities to regional GaN & SiC power semiconductor companies.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definition
1.2 Methodology & forecast
1.3 Data Sources
1.3.1 Primary
1.3.2 Secondary
Chapter 2 Executive Summary
2.1 GaN & SiC power semiconductor market 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Regional trends
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