SiC and GaN Power Device Market Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

Based on the Material :

Based on the material, the market is bifurcated into up to SiC and GaN. The SiC segment accounted for the largest revenue share in the year 2022. SiC has a bandgap of 3.26eV that provides high-temperature operation and high-voltage capabilities. Moreover, SiC power devices offer lower conduction losses, high switching frequencies, and better efficiency compared to silicon devices. For instance, in August 2022, Toshiba launched new 3rd generation SiC MOSFETs called TWxxNxxxC series featuring 1200V and 650V products to offer low on-resistance and reduced switching losses. Subsequently, the application of SiC power devices in electric vehicles to increase the power density of the vehicles is propelling the growth of the market.

The GaN segment is predicted to emerge as the fastest-growing segment during the forecast period. GaN has a wider bandgap ranging from 3.4 to 3.6eV that provides high frequency operation of power devices. Moreover, GaN power devices provides higher power density for application in data centers, wireless communication systems, and automotive electronics. Additionally, GaN power devices are easily integrated with the existing SiC power devices accounting for the cost-effectiveness of GaN, resulting in market growth.

Based on the Product :

Based on the product, the market is separated into power MOSFET, thyristor, power diode, IGBT, and others. The power MOSFET segment accounted for the largest revenue share in the year 2022. The low gate drive power, fast switching speed, and advanced paralleling capability of power MOSFETs is driving the growth of the market. Power MOSFETs have the capability to handle high voltage ratings. For instance, in June 2023, Mitsubishi Electric Corporation introduced new SBD-integrated SiC-MOSFET with voltage 3.3 kV for large industrial equipment including railways and DC power systems. Thus, power MOSFETs are deployed for a wide range of applications, including most power supplies, DC-to-DC converters, low-voltage motor controllers, and many other applications, resulting in market growth.

The IGBT segment is expected to witness the fastest CAGR growth during the forecast period. IGBTs are voltage-controlled devices that provides high reliability and high efficiency in industrial applications. Moreover, IGBTs have high short circuit tolerance (TSC) and are well-suited for home appliances. Furthermore, the cost-efficiency of IGBTs in comparison to MOSFETs is expected to drive the market growth during the forecast period.

Based on the Type :

Based on the type, the market is divided into GaN power module, SiC power module, discrete SiC, and discrete GaN. The SiC power module segment accounted for the largest revenue share of 45.3% in the year 2022. SiC power modules combine multiple SiC power devices into the module package, along with the driver and protection circuitry. SiC power modules exhibit high electro-thermal conductivity and extremely fast switching for application in renewable energy systems and industrial automation. For instance, in May 2023, Navitas Semiconductor launched silicon carbide power products for SiCPAK modules with voltage ranging from 650 V to 6,500 V for application in energy storage systems (ESS), solar inverters, industrial motion, and electric vehicle (EV). Moreover, the lower output capacitance of SiC modules in digital power supplies, three-phase inverters, and electronic converters (AC to DC and DC to DC) is contributing to the growth of the market.

The GaN power module segment is predicted to register fastest CAGR growth during the forecast period. GaN power modules provide high switching speeds with reduced energy losses due to the extremely low-gate charge and output capacitance. Moreover, the advanced protective packaging of GaN power modules is contributing to the growth of the market. Thus, the application of GaN power modules in amplifiers for audio, and converters for data communications and telecommunications servers is accelerating the growth of the market.

Based on the Application :

Based on the application, the market is segmented into power supplies, power storage, wireless charging, hybrid and EV components, motor drives, PV inverter, HEV charging equipment, and others. Hybrid and EV component segment accounted for the largest revenue share in the year 2022. SiC and GaN power devices play a crucial role in electric and hybrid electric vehicles to improve energy-efficiency, increase power density, and extend the driving range of electric vehicles. Power devices have applications in onboard chargers, DC-DC converters, motor drives, and inverters for efficient supply of power to the vehicle.

The PV inverter segment is projected to witness the fastest CAGR growth during the forecast period. SiC and GaN power devices are extensively employed in photovoltaic inverters in solar energy systems. Power devices in renewable energy systems enable high power conversion efficiencies and improved reliability for efficient generation of electricity. Consequently, the increasing demand for electricity among consumers is driving the demand for renewable energy systems, resulting in the growth of SiC and GaN power device market.

Based on the End-User :

Based on the end-user, the market is fragmented into automotive, aerospace & defense, industrial, consumer electronics, healthcare, energy & power, and others. The automotive segment accounted for the largest revenue share in the year 2022. The increasing adoption of electric and hybrid electric vehicles among consumers is driving the growth of the market. SiC and GaN play a vital role in motor drives and power management systems in EVs. Power devices are used for conductive and wireless charging of EVs offering flexibility and convenience to the user. Consequently, the application of wide band gap semiconductor materials in automotive industry is propelling the growth of the market.

The energy & power segment is anticipated to emerge as the fastest-growing segment during the forecast period. High-performance semiconductor devices are vital in renewable energy systems for power generation, power storage, and power distribution applications. SiC and GaN power devices are deployed in solar and wind inverters for efficient generation of electricity. The faster-switching speed and high thermal stability of power devices contributes to its application in the energy & power industry. Thus, the growing demand for renewable energy is accelerating the growth of the market.

Based on the Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share of USD 338.97 million in 2022 and is expected to reach USD 2,210.92 million in 2030, registering a CAGR of 27.4% during the forecast period. Additionally, in the region, United States accounted for the largest revenue share of 62.45% in the year 2022. The rapid expansion of renewable energy systems in the region is driving the growth of the market. Government of U.S. is taking several initiatives to promote the adoption of renewable energy systems. Therefore, the increasing adoption of solar and wind energy is driving the demand for SiC and GaN power devices for efficient generation of electricity. Moreover, key players in the region are engaging in research & development activities for the production of high-performance semiconductor devices. For instance, in June 2022, GaN systems launched a high-performance, low-cost transistor called GS-065-018-2-L to improve efficiency, power density performance, and thermal management, in industrial and data center applications. Therefore, the presence of a large number of manufacturers such as Broadcom Limited, GaN Systems, and Microsemi in the region is propelling the growth of the market.

Asia-Pacific region is anticipated to register the fastest CAGR growth of 27.6% during the forecast period. The rapid expansion of the automotive industry is driving the growth of SiC and GaN power device market. Consumers are increasingly adopting electric vehicles due to their low maintenance and fuel-efficiency. Consequently, the application of wide-band gap power devices in electric and hybrid electric vehicles is driving the growth of the market. Moreover, the growing adoption of consumer electronics devices such as smartphones, laptops, and tablets are driving the demand for SiC and GaN power devices. The small-form factor of semiconductor devices is contributing to the growth of the regional market.