GaN & SiC Power Semiconductor Market Prophesied to Grow at a Faster Pace by 2027
According to a study conducted by GMI, the GaN & SiC power semiconductor market is projected to surpass USD 4.5 billion by 2027. Rampant development and roll out of 5G technology around the globe will offer new growth prospects to GaN and SiC power semiconductor manufacturers. These semiconductors are known for providing small form factor and high-power density, hastening their adoption whilst telecom operators augment infrastructure development. Constant initiatives taken by governments for adopting 5G technology will drive the expansion of the industry.
As per latest news reports, India’s Department of Telecommunications (DoT) has permitted the Telecom Service Providers (TSPs) to demonstrate trials for the use and application of 5G technology. While in April 2019, the South Korean government announced the deployment of its first 5G mobile network in the country. These initiatives will aid manufacturers to introduce new application-specific products. Highlighting another example, in July 2020, Mitsubishi Electric Corporation announced the development of a GaN-based power amplifier modules delivering high compactness and power efficiency for applications in 5G base stations.
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With respect to the current pandemic, the GaN and SiC power semiconductor industry was severely impacted since the spread of virus in 2020. Several projects in the solar energy generation landscape were halted during the first and second quarter of 2020. Additionally, decline in sales has led automotive OEMs to reduce their electric vehicle production capacity, impeding market growth.
However, as things are steadily normalizing, the market is expected to witness momentous growth in upcoming years. For Instance, as per the recent report, AIXTRON, one of the leading global providers of deposition equipment to the semiconductor industry, recorded large number of GaN power electronics orders, revenues and net income in FY2021.
The key players operating in the GaN & SiC power semiconductor market include Fuji Electric Co., Ltd, Alpha and Omega Semiconductors, Mitsubishi Electric Corp., Microsemi Corp., Infineon Technologies AG, and Diodes Inc., among others. The major players are focusing on taking strategic initiatives like mergers, acquisitions, and partnerships for staying competitive in the market. In June 2020, ROHM announced its partnership with Vitesco Technologies to deliver SiC components to Vitesco to increase the efficiency of power electronics in electric vehicles. This partnership is expected to aid the company in strengthening its market position of SiC power solutions in EV applications.
Based on region, the Europe GaN & SiC power semiconductor market was valued at over USD 100 million in 2020 and is projected to grow at a 25% CAGR during the forecast period. Rising favorable initiatives taken by the government to accelerate electric vehicle adoption are expected to boost the regional growth in the estimated timeframe. In March 2021, the German government announced to offer USD 6.5 billion funding for electric vehicle charging infrastructure. Such initiatives will provide an additional opportunity to regional players operating in the GaN & SiC power semiconductor market.
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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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