Wide Bandgap Semiconductor Market Size to Grow USD 1868 Million by 2030 at a CAGR of 14.2% | Valuates Reports

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Sep 18, 2024, 12:17 ET

BANGALORE, India , Sept. 18, 2024 /PRNewswire/ -- Wide Bandgap Semiconductor Market is Segmented by Type (Silicon Carbide (SiC) Substrate, Gallium Nitride (GaN) Substrate, Aluminum Nitride (AIN) Substrate, Others), by Application (Power Discrete Devices, RF Devices, Optoelectronic Devices): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Wide Bandgap Semiconductor Market was valued at USD 800 million in 2023 and is anticipated to reach USD 1868 million by 2030, witnessing a CAGR of 14.2% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Wide Bandgap Semiconductor Market:

Because wide bandgap semiconductors are essential to improving the effectiveness and performance of power electronics, the market for these semiconductors is expanding rapidly. In comparison to conventional silicon-based semiconductors, wide bandgap materials like silicon carbide (SiC) and gallium nitride (GaN) provide better properties including stronger voltage resistance, quicker switching rates, and fewer energy losses. They are crucial for applications in telecommunications, renewable energy systems, and electric cars because of these benefits. Wide bandgap semiconductor usage is being driven by the continuous trend towards energy-efficient technologies and the growing need for high-performance electronic devices in a variety of sectors.

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TRENDS INFLUENCING THE GROWTH OF THE WIDE BANDGAP SEMICONDUCTOR MARKET

Because silicon carbide (SiC) substrates have greater breakdown voltages, better thermal conductivity, and can function at higher temperatures than standard silicon, they are a major factor in the expansion of the wide bandgap (WBG) semiconductor market. Because of these characteristics, SiC substrates are perfect for high-frequency, high-power, and high-temperature applications, especially in power electronics, EVs, and renewable energy sources. The demand for SiC-based WBG semiconductors is rising as more sectors embrace energy-efficient technologies. This is making it possible to build smaller, lighter, and more efficient electronic devices, which is greatly boosting the market's growth.

GaN substrates' remarkable efficiency, high electron mobility, and capacity to function at higher voltages and frequencies are what are propelling the wide bandgap semiconductor market's expansion. GaN substrates are seeing growing usage in microwave and radio frequency (RF) applications, such as radar systems, satellite communications, and 5G telecommunications. They are also perfect for fast-charging systems and small power supplies because to their exceptional performance in high-frequency and power electronics. GaN-based WBG semiconductors are increasingly indispensable as the need for electronic device efficiency and shrinking grows, driving the market's expansion in a number of advanced technology areas.

The Wide Bandgap Semiconductor Market is mostly driven by the automotive and transportation industries, especially with the explosive rise in demand for electric and hybrid vehicles (HEVs). In comparison to conventional silicon-based semiconductors, WBG semiconductors, such as those based on SiC and GaN, provide better power densities, quicker switching rates, and improved efficiency. These benefits are crucial for automotive applications because they allow EVs to have longer driving ranges, more efficient power conversion, and quicker charging periods. Furthermore, WBG semiconductors are being utilized more and more in inverters and advanced driver-assistance systems (ADAS), which is propelling their acceptance in the automotive sector and bolstering the market's expansion.

The Wide Bandgap Semiconductor Market is expanding due in large part to the growing use of 5G telecommunications. In 5G RF (Radio Frequency) and microwave applications, WBG materials—especially GaN—are crucial because they provide improved thermal performance, higher efficiency, and higher power density than conventional silicon-based semiconductors. These characteristics make it possible to create base stations, transceivers, and power amplifiers that are more efficient and compact—all essential for the successful deployment of 5G networks. GaN-based WBG semiconductor use in 5G infrastructure is anticipated to pick up speed as the need for high-throughput, low-latency communication increases, propelling market development.

Regulations and government assistance are major factors propelling the Wide Bandgap Semiconductor Market's expansion. In order to lower carbon emissions and improve energy security, governments everywhere are putting rules into place and offering incentives to encourage the use of energy-efficient technology, such as WBG chips. The market for WBG materials like SiC and GaN is increasing due to initiatives including financing for semiconductor research and development, investments in renewable energy infrastructure, and subsidies for electric cars. Further boosting market expansion are industry adoption of WBG semiconductors in a variety of applications due to strict energy efficiency rules and regulations.

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WIDE BANDGAP SEMICONDUCTOR MARKET SHARE ANALYSIS

Due to the region's robust semiconductor manufacturing base, especially in nations like China, Japan, and South Korea, the wide bandgap semiconductor market is expanding significantly on a regional basis, with Asia-Pacific leading the charge. The region's emphasis on renewable energy, electric cars, and 5G infrastructure is boosting the need for wide bandgap semiconductors, which perform better in power electronics and include SiC and GaN.

With significant expenditures in the automotive and energy industries as well as technical breakthroughs, North America is another important actor. With its focus on renewable energy and electric vehicles, Europe is another important region that helps the wide bandgap semiconductor industry grow overall.

Key Players:

Wolfspeed Inc.
Coherent
TankeBlue Semiconductor
SICC Materials
Beijing Cengol Semiconductor
Resonac
Hebei Synlight Crystal
Norstel
ROHM Group (SiCrystal)
SK Siltron
San'an Optoelectronics
CETC
Mitsubishi Chemical
Sumitomo Electric
Kyma Technologies
Element Six
Akash Systems
Qorvo
RFHIC Corporation
MARUWA
Toshiba Materials
CeramTec
Denka
TD Power Materials
Kyocera
CoorsTek
Leatec Fine Ceramics
Fujian Huaqing Electronic Material Technology
Wuxi Hygood New Technology
Zhuzhou Ascendus New Material Technology
Shengda Tech
Chaozhou Three-Circle (Group)
Sinoceram Technology (zhengzhou) Co., Ltd
Zhejiang Zhengtian New Materials
SiChuan Liufang Yucheng Electronic Technology
Fujian ZINGIN New Material Technology
Shandong Sinocera Functional Material
HEBEI SINOPACK ELECTRONIC TECHNOLOGY
Chengdu Xuci New Material
Zhejiang Xinna Ceramic New Material

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