Wide-Bandgap Power Semiconductor Market - Forecasts from 2022 to 2027

The wide-bandgap power semiconductor market is projected to witness a CAGR of 24.95% during the forecast period to reach a total market size of US$4,875.463 million by 2027, increasing from US$1,025.326 million in 2020.

Introduction

Wide-bandgap (WBG) semiconductors modified with molecular species are materials with unique optical and electronic properties. They are smaller, faster, more reliable power electronic components and have higher efficiency than their silicon-based counterparts.

Market Drivers

Due to their scientific and technological properties, WBG power semiconductors have gained popularity in the field of high-performance optoelectronic and electronic devices. As the demand for consumer electronics continues to surge during this timeframe, the demand for WBG semiconductors is presumed to grow far and wide. The physical characteristics of the devices are transformed at t- high frequencies. While its chemical and mechanical features seeped their way into optoelectronic applications. Thus, the high-performance uses coupled with the novel properties are paving the way for the market and carving new opportunities for the years to come.

By material, silicon carbide (SiC) and gallium nitride (GaN) capture a significant share of the market due to their high efficiencies. Geographically, the Asia-Pacific region is expected to grow at a faster rate during the period owing to the development of semiconductor technology in the region.  Data centres are avid users of WBG power semiconductors because of the requirements for high-efficiency, reliable electricity at the lowest possible cost.

Growth Factors

Application in power electronics

The physical and electrical properties of wide-bandgap materials make them a well-suited option to power electronics. WBG materials’ like silicon, gallium arsenide, gallium nitride, etc., have a vast bandgap that translates to a higher breakdown electric field, higher operating–temperature capability, and lower susceptibility to radiation. They are often considered superior to regular semiconductors. Apart from the existing uses of WBG power semiconductors, the market is filled with potential for commercially viable and efficient power semiconductors.

Superior characteristics

WBG power semiconductors have some exceptional qualities like high-switching speed, high voltage, and high temperature. Exploring these capabilities can lead to massive energy savings in industrial processing and consumer appliances, accelerate the widespread use of electric vehicles and fuel cells, and help integrate renewable energy onto the electric grid. Moreover, devices can operate at much higher temperatures, voltages, and frequencies, which makes the devices more efficient and last longer. Since these semiconductors are superior to conventional technologies, the market will garner more share in the years to come.

Restraints

The full potential of the WBG power semiconductor is being challenged by the high cost of investment and the rising price of raw materials. These factors are making it difficult for emerging players to operate and also raise strong barriers to entry for new firms.

COVID–19’s Impact on the Wide-Bandgap Power Semiconductor Market:

The WBG power semiconductor is highly reliant on its end-user industries.  Some industries, like consumer electronics, flourished during the pandemic owing to the digital boom, remote work culture, and distance learning, among others. Other sectors, like automotives, witnessed a downturn as demand fell due to the imposing lockdowns. Overall, the market has foreseen a mixed response during the pandemic. However, investments in R&D and innovation increased as a result of the prospect of newer product launches and applications to combat the pandemic's effects.

Market Segmentation:

By Material

• Silicon Carbide (SiC)
• Gallium Nitride (GaN)
• Diamond
• Gallium Oxide
• Aluminum Nitride (AIN)

By Application

• Data Centers
• Renewable Energy Generation
• Hybrid and Electric Vehicles
• Motor Drives

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Australia
• Japan
• South Korea
• India
• Thailand
• Taiwan
• Indonesia
• Others