The gan and sic power semiconductor market size has grown exponentially in recent years. It will grow from $1.19 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The historical growth in the GaN and SiC power semiconductor sector can be attributed to several factors, including the increasing demand for energy efficiency across various industries, the industry's need for high-power applications, advancements in miniaturization and higher operating frequencies, enhanced capabilities in handling higher temperatures and voltages, as well as the continuous improvement in cost competitiveness over time within this technology.
The gan and sic power semiconductor market size is expected to see rapid growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The anticipated growth in the GaN and SiC power semiconductor sector for the upcoming period is expected to be driven by several factors, including the increasing demand for electric vehicles, the expansion of renewable energy sources, the widespread deployment of 5G and telecommunications infrastructure, the growth of industrial automation and IoT (Internet of Things) technologies, and the rising market for consumer electronics. Key trends expected in this forecast period encompass heightened adoption of GaN and SiC power semiconductors within the automotive industry, a growing emphasis on environmental sustainability and clean energy solutions, increased focus on energy efficiency across various applications, advancements in miniaturization and the ability to operate at high frequencies, as well as technological advancements and innovations in the realm of consumer electronics.
The anticipated widespread adoption of electric vehicles is poised to drive the expansion of the GaN and SiC power semiconductor market in the foreseeable future. Electric vehicles, characterized by an electric motor drawing power from an external battery, leverage Gallium Nitride (GaN) power semiconductors for efficient power transistors and integrated circuits. Meanwhile, Silicon Carbide (SiC) power semiconductors offer notable advantages over silicon, such as 10 times the breakdown electric field strength and a threefold increase in band gap within electric vehicles. Notably, projections from the International Energy Outlook in October 2021 indicate an estimated 2.21 billion light-duty vehicles (LDVs) by 2050, with a 31% growth in electric and plug-in LDVs, reaching 672 million vehicles.
The rapid and extensive deployment of renewable energy sources is anticipated to be a significant driver for the growth of the GaN and SiC power semiconductor market. This deployment involves harnessing energy from sources such as solar, wind, hydropower, and geothermal energy to generate electricity. GaN and SiC semiconductors stand out due to their higher efficiency, facilitating the seamless integration of renewable energy into the power grid. Supporting this, a report from the National Renewable Energy Laboratory in April 2023 highlights global photovoltaic installations reaching 231 gigawatts in 2022, with China leading the surge, contributing 42% to global demand and forecasting installations exceeding 300 GW by 2023 and surpassing 400 GW by 2025.
A prominent trend in the GaN and SiC power semiconductor market is the focus on technological advancements, with key industry players striving to develop cutting-edge solutions. Notably, in May 2022, Infineon Technologies, a prominent German semiconductor manufacturing company, unveiled its extended CoolSiC portfolio. This advanced silicon carbide (SiC) chip, featuring high-voltage solutions, is positioned as the foundation for the next generation. The technology introduces a low drain-source on resistance and offers ten times less FIT rate from cosmic rays compared to 1700 V SiC MOSFETs. Additionally, it provides an overvoltage tolerance, simplifying operation due to the wide functioning gate voltage range.
Major players within the GaN and SiC power semiconductor market are strategically focusing on innovative offerings, such as the groundbreaking G10-GaN, to enhance revenue streams. A notable example is Aixtron SE, a Germany-based technology company, which introduced the G10-GaN platform in September 2023. This revolutionary cluster solution is tailored for the high-volume production of GaN-based power and radiofrequency devices. The G10-GaN system aims to deliver twice the productivity per cleanroom area, ushering in a new level of material uniformity that provides customers with distinct competitive advantages. Designed to foster the growth of the GaN industry, the system facilitates the manufacturing of power chips utilizing various technologies, including GaN-on-Si and GaN-on-SOI, with voltage ratings spanning from 40V to 1200V.
In October 2023, Infineon Technologies AG, a leading German semiconductor manufacturer, completed the acquisition of GaN Systems Inc. for a significant $830 million. This acquisition marks a substantial leap in Infineon's GaN roadmap, solidifying its position as a prominent player in the GaN landscape. By integrating GaN Systems Inc., a Canada-based company specializing in gallium nitride (GaN) power semiconductors, Infineon gains access to an extensive array of GaN-based power conversion technologies and cutting-edge application expertise. This strategic move not only reinforces Infineon's standing as an industry leader in power semiconductors but also accelerates time-to-market for innovative solutions.
Major companies operating in the gan and sic power semiconductor market report are NXP Semiconductors N.V., Alpha & Omega Semiconductor Limited, Fuji Electric Systems Co. Ltd., Infineon Technologies AG, Littelfuse Inc., Microchip Technology Incorporated, Mitsubishi Electric Corporation, Renesas Electronics Corporation, ROHM Co. Ltd., STMicroelectronics N.V., Transphorm Inc., GeneSiC Semiconductor Inc., Wolfspeed Inc., VisIC Technologies Ltd., Panasonic Holdings Corporation, GaN Systems Inc., SEMIKRON International GmbH, Sanken Electric Co. Ltd., Epiluvac AB, IQE Plc, SweGaN AB, Compagnie de Saint-Gobain S.A., ON Semiconductor Corporation, Coherent Inc., Efficient Power Conversion Corporation, Navitas Semiconductor Corporation, Power Integrations Inc., Resonac Co. Ltd., SICC Semiconductor Corporation, Sumitomo Electric Industries Ltd., Showa Denko K.K.
Asia-Pacific was the largest region in the GaN and SiC power semiconductor market in 2023. The regions covered in the gan and sic power semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gan and sic power semiconductor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary products within the GaN and SiC power semiconductor category comprise SiC power modules, GaN power modules, discrete SiC components, and discrete GaN components. SiC power modules are specifically designed with silicon carbide semiconductors as switches. These components find application across various sectors, including power supplies, industrial motor drives, hybrid or electric vehicles (H/EVs), photovoltaic inverters, traction systems, among others, and are distributed through both direct and indirect channels in the market.
The GaN and SiC power semiconductors market research report is one of a series of new reports that provides GaN and SiC power semiconductors market statistics, including GaN and SiC power semiconductors industry global market size, regional shares, competitors with a GaN and SiC power semiconductors market share, detailed GaN and SiC power semiconductors market segments, market trends and opportunities, and any further data you may need to thrive in the GaN and SiC power semiconductors industry. This GaN and SiC power semiconductors market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The gan and sic power semiconductor market size is expected to see rapid growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The anticipated growth in the GaN and SiC power semiconductor sector for the upcoming period is expected to be driven by several factors, including the increasing demand for electric vehicles, the expansion of renewable energy sources, the widespread deployment of 5G and telecommunications infrastructure, the growth of industrial automation and IoT (Internet of Things) technologies, and the rising market for consumer electronics. Key trends expected in this forecast period encompass heightened adoption of GaN and SiC power semiconductors within the automotive industry, a growing emphasis on environmental sustainability and clean energy solutions, increased focus on energy efficiency across various applications, advancements in miniaturization and the ability to operate at high frequencies, as well as technological advancements and innovations in the realm of consumer electronics.
The anticipated widespread adoption of electric vehicles is poised to drive the expansion of the GaN and SiC power semiconductor market in the foreseeable future. Electric vehicles, characterized by an electric motor drawing power from an external battery, leverage Gallium Nitride (GaN) power semiconductors for efficient power transistors and integrated circuits. Meanwhile, Silicon Carbide (SiC) power semiconductors offer notable advantages over silicon, such as 10 times the breakdown electric field strength and a threefold increase in band gap within electric vehicles. Notably, projections from the International Energy Outlook in October 2021 indicate an estimated 2.21 billion light-duty vehicles (LDVs) by 2050, with a 31% growth in electric and plug-in LDVs, reaching 672 million vehicles.
The rapid and extensive deployment of renewable energy sources is anticipated to be a significant driver for the growth of the GaN and SiC power semiconductor market. This deployment involves harnessing energy from sources such as solar, wind, hydropower, and geothermal energy to generate electricity. GaN and SiC semiconductors stand out due to their higher efficiency, facilitating the seamless integration of renewable energy into the power grid. Supporting this, a report from the National Renewable Energy Laboratory in April 2023 highlights global photovoltaic installations reaching 231 gigawatts in 2022, with China leading the surge, contributing 42% to global demand and forecasting installations exceeding 300 GW by 2023 and surpassing 400 GW by 2025.
A prominent trend in the GaN and SiC power semiconductor market is the focus on technological advancements, with key industry players striving to develop cutting-edge solutions. Notably, in May 2022, Infineon Technologies, a prominent German semiconductor manufacturing company, unveiled its extended CoolSiC portfolio. This advanced silicon carbide (SiC) chip, featuring high-voltage solutions, is positioned as the foundation for the next generation. The technology introduces a low drain-source on resistance and offers ten times less FIT rate from cosmic rays compared to 1700 V SiC MOSFETs. Additionally, it provides an overvoltage tolerance, simplifying operation due to the wide functioning gate voltage range.
Major players within the GaN and SiC power semiconductor market are strategically focusing on innovative offerings, such as the groundbreaking G10-GaN, to enhance revenue streams. A notable example is Aixtron SE, a Germany-based technology company, which introduced the G10-GaN platform in September 2023. This revolutionary cluster solution is tailored for the high-volume production of GaN-based power and radiofrequency devices. The G10-GaN system aims to deliver twice the productivity per cleanroom area, ushering in a new level of material uniformity that provides customers with distinct competitive advantages. Designed to foster the growth of the GaN industry, the system facilitates the manufacturing of power chips utilizing various technologies, including GaN-on-Si and GaN-on-SOI, with voltage ratings spanning from 40V to 1200V.
In October 2023, Infineon Technologies AG, a leading German semiconductor manufacturer, completed the acquisition of GaN Systems Inc. for a significant $830 million. This acquisition marks a substantial leap in Infineon's GaN roadmap, solidifying its position as a prominent player in the GaN landscape. By integrating GaN Systems Inc., a Canada-based company specializing in gallium nitride (GaN) power semiconductors, Infineon gains access to an extensive array of GaN-based power conversion technologies and cutting-edge application expertise. This strategic move not only reinforces Infineon's standing as an industry leader in power semiconductors but also accelerates time-to-market for innovative solutions.
Major companies operating in the gan and sic power semiconductor market report are NXP Semiconductors N.V., Alpha & Omega Semiconductor Limited, Fuji Electric Systems Co. Ltd., Infineon Technologies AG, Littelfuse Inc., Microchip Technology Incorporated, Mitsubishi Electric Corporation, Renesas Electronics Corporation, ROHM Co. Ltd., STMicroelectronics N.V., Transphorm Inc., GeneSiC Semiconductor Inc., Wolfspeed Inc., VisIC Technologies Ltd., Panasonic Holdings Corporation, GaN Systems Inc., SEMIKRON International GmbH, Sanken Electric Co. Ltd., Epiluvac AB, IQE Plc, SweGaN AB, Compagnie de Saint-Gobain S.A., ON Semiconductor Corporation, Coherent Inc., Efficient Power Conversion Corporation, Navitas Semiconductor Corporation, Power Integrations Inc., Resonac Co. Ltd., SICC Semiconductor Corporation, Sumitomo Electric Industries Ltd., Showa Denko K.K.
Asia-Pacific was the largest region in the GaN and SiC power semiconductor market in 2023. The regions covered in the gan and sic power semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gan and sic power semiconductor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary products within the GaN and SiC power semiconductor category comprise SiC power modules, GaN power modules, discrete SiC components, and discrete GaN components. SiC power modules are specifically designed with silicon carbide semiconductors as switches. These components find application across various sectors, including power supplies, industrial motor drives, hybrid or electric vehicles (H/EVs), photovoltaic inverters, traction systems, among others, and are distributed through both direct and indirect channels in the market.
The GaN and SiC power semiconductors market research report is one of a series of new reports that provides GaN and SiC power semiconductors market statistics, including GaN and SiC power semiconductors industry global market size, regional shares, competitors with a GaN and SiC power semiconductors market share, detailed GaN and SiC power semiconductors market segments, market trends and opportunities, and any further data you may need to thrive in the GaN and SiC power semiconductors industry. This GaN and SiC power semiconductors market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. GaN and SiC Power Semiconductor Market Characteristics3. GaN and SiC Power Semiconductor Market Trends and Strategies31. Global GaN and SiC Power Semiconductor Market Competitive Benchmarking32. Global GaN and SiC Power Semiconductor Market Competitive Dashboard33. Key Mergers and Acquisitions in the GaN and SiC Power Semiconductor Market
4. GaN and SiC Power Semiconductor Market - Macro Economic Scenario
5. Global GaN and SiC Power Semiconductor Market Size and Growth
6. GaN and SiC Power Semiconductor Market Segmentation
7. GaN and SiC Power Semiconductor Market Regional and Country Analysis
8. Asia-Pacific GaN and SiC Power Semiconductor Market
9. China GaN and SiC Power Semiconductor Market
10. India GaN and SiC Power Semiconductor Market
11. Japan GaN and SiC Power Semiconductor Market
12. Australia GaN and SiC Power Semiconductor Market
13. Indonesia GaN and SiC Power Semiconductor Market
14. South Korea GaN and SiC Power Semiconductor Market
15. Western Europe GaN and SiC Power Semiconductor Market
16. UK GaN and SiC Power Semiconductor Market
17. Germany GaN and SiC Power Semiconductor Market
18. France GaN and SiC Power Semiconductor Market
19. Italy GaN and SiC Power Semiconductor Market
20. Spain GaN and SiC Power Semiconductor Market
21. Eastern Europe GaN and SiC Power Semiconductor Market
22. Russia GaN and SiC Power Semiconductor Market
23. North America GaN and SiC Power Semiconductor Market
24. USA GaN and SiC Power Semiconductor Market
25. Canada GaN and SiC Power Semiconductor Market
26. South America GaN and SiC Power Semiconductor Market
27. Brazil GaN and SiC Power Semiconductor Market
28. Middle East GaN and SiC Power Semiconductor Market
29. Africa GaN and SiC Power Semiconductor Market
30. GaN and SiC Power Semiconductor Market Competitive Landscape and Company Profiles
34. GaN and SiC Power Semiconductor Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
GaN and SiC Power Semiconductor Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on gan and sic power semiconductor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for gan and sic power semiconductor? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
Markets Covered:1) By Product: SiC Power Module; GaN Power Module; Discrete SiC; Discrete GaN
2) By Application: Power Supplies; Industry Motor Drives; Hybrid/Electric Vehicles (H/EVs); Photovoltaic Inverters; Traction; Other Applications
3) By Distribution channel: Direct; Indirect
Companies Mentioned: NXP Semiconductors N.V.; Alpha & Omega Semiconductor Limited; Fuji Electric Systems Co. Ltd.; Infineon Technologies AG; Littelfuse Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- NXP Semiconductors N.V.
- Alpha & Omega Semiconductor Limited
- Fuji Electric Systems Co. Ltd.
- Infineon Technologies AG
- Littelfuse Inc.
- Microchip Technology Incorporated
- Mitsubishi Electric Corporation
- Renesas Electronics Corporation
- ROHM Co. Ltd.
- STMicroelectronics N.V.
- Transphorm Inc.
- GeneSiC Semiconductor Inc.
- Wolfspeed Inc.
- VisIC Technologies Ltd.
- Panasonic Holdings Corporation
- GaN Systems Inc.
- SEMIKRON International GmbH
- Sanken Electric Co. Ltd.
- Epiluvac AB
- IQE Plc
- SweGaN AB
- Compagnie de Saint-Gobain S.A.
- ON Semiconductor Corporation
- Coherent Inc.
- Efficient Power Conversion Corporation
- Navitas Semiconductor Corporation
- Power Integrations Inc.
- Resonac Co. Ltd.
- SICC Semiconductor Corporation
- Sumitomo Electric Industries Ltd.
- Showa Denko K.K.
Methodology
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