The wide band gap (WBG) power device market was valued at $0.9 billion in 2023 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 10.9% from 2024 to 2033.
WBG power device is a category of semiconductor devices utilizing materials with high energy differences, such as silicon carbide (SiC) or gallium nitride (GaN) during their manufacturing. SiC and GaN are known to offer excellent thermal conductivity, thus ensuring reliability and enabling efficient heat dissipation in demanding applications. WBG power devices are ideal for power conversion and control in diverse industries, including renewable energy, automotive, consumer electronics, and industrial applications. The key attributes of WBG power devices include fast switching speeds, low conduction losses, and high breakdown voltages.
The telecommunications, aerospace, and consumer electronics sectors are the major drivers of the wide band gap (WBG) power device market as their applications are subject to space & weight constraints. WBG devices enable the miniaturization of power electronics, hence witness a high demand. In addition, the devices are observing a significant requirement in the renewable energy sector for the integration of energy resources into power grid. To optimize power consumption in real time, the deployment of AI and the Internet of Things (IoT) is trending in the market. These technologies are enhancing the remote monitoring and smart management of power devices.
Despite the advantages, the challenges pertaining to material defects, reliability problems, and manufacturing intricacies act as a major restraint for the wide band gap (WBG) power device market. Furthermore, the deployment of advanced WBG devices into existing framework requires intensive testing and modifications, which limits the expansion of the market. On the contrary, the accelerating adoption of electric vehicles (EVs) is presenting lucrative opportunities for the market. WBG power devices play a critical role in refining the performance of EVs, by offering quick switching speeds and high operating temperatures. As per the International Energy Agency, EVs are expected to account for more than 60% of the total vehicles sales by 2030. Such soaring figures are an indicator of a bright future for the wide band gap (WBG) power device market.
Segment Review
The wide band gap (WBG) power device market is segmented into type, application, and region. On the basis of type, the market is bifurcated into GaN and SiC. Depending on application, it is divided into communication, automotive, consumer electronics, aerospace, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the GaN segment dominates the wide band gap (WBG) power device market.
Depending on application, the consumer electronics segment accounts for a high market share.
Region wise, Asia-Pacific is the highest revenue generator in the wide band gap (WBG) power device market.
Competition Analysis
The major players operating in the global wide band gap (WBG) power device market include Infineon Technologies AG, ROHM CO., LTD., Mitsubishi Electric Corporation, STMicroelectronics, Fuji Electric Co., Ltd., TOSHIBA CORPORATION, Microchip Technology Inc., Cree LED, Inc., GeneSiC, and GaN systems. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
WBG power device is a category of semiconductor devices utilizing materials with high energy differences, such as silicon carbide (SiC) or gallium nitride (GaN) during their manufacturing. SiC and GaN are known to offer excellent thermal conductivity, thus ensuring reliability and enabling efficient heat dissipation in demanding applications. WBG power devices are ideal for power conversion and control in diverse industries, including renewable energy, automotive, consumer electronics, and industrial applications. The key attributes of WBG power devices include fast switching speeds, low conduction losses, and high breakdown voltages.
The telecommunications, aerospace, and consumer electronics sectors are the major drivers of the wide band gap (WBG) power device market as their applications are subject to space & weight constraints. WBG devices enable the miniaturization of power electronics, hence witness a high demand. In addition, the devices are observing a significant requirement in the renewable energy sector for the integration of energy resources into power grid. To optimize power consumption in real time, the deployment of AI and the Internet of Things (IoT) is trending in the market. These technologies are enhancing the remote monitoring and smart management of power devices.
Despite the advantages, the challenges pertaining to material defects, reliability problems, and manufacturing intricacies act as a major restraint for the wide band gap (WBG) power device market. Furthermore, the deployment of advanced WBG devices into existing framework requires intensive testing and modifications, which limits the expansion of the market. On the contrary, the accelerating adoption of electric vehicles (EVs) is presenting lucrative opportunities for the market. WBG power devices play a critical role in refining the performance of EVs, by offering quick switching speeds and high operating temperatures. As per the International Energy Agency, EVs are expected to account for more than 60% of the total vehicles sales by 2030. Such soaring figures are an indicator of a bright future for the wide band gap (WBG) power device market.
Segment Review
The wide band gap (WBG) power device market is segmented into type, application, and region. On the basis of type, the market is bifurcated into GaN and SiC. Depending on application, it is divided into communication, automotive, consumer electronics, aerospace, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the GaN segment dominates the wide band gap (WBG) power device market.
Depending on application, the consumer electronics segment accounts for a high market share.
Region wise, Asia-Pacific is the highest revenue generator in the wide band gap (WBG) power device market.
Competition Analysis
The major players operating in the global wide band gap (WBG) power device market include Infineon Technologies AG, ROHM CO., LTD., Mitsubishi Electric Corporation, STMicroelectronics, Fuji Electric Co., Ltd., TOSHIBA CORPORATION, Microchip Technology Inc., Cree LED, Inc., GeneSiC, and GaN systems. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
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Key Market Segments
By Type
- GaN
- SiC
By Application
- Communication
- Automotive
- Consumer Electronics
- Aerospace
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Infineon Technologies AG
- ROHM CO., LTD.
- Mitsubishi Electric Corporation
- STMicroelectronics
- Fuji Electric Co., Ltd.
- TOSHIBA CORPORATION
- Microchip Technology Inc.
- Cree LED, Inc.
- GeneSiC
- GaN systems
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: WIDE BAND GAP (WBG) POWER DEVICE MARKET, BY TYPE
CHAPTER 5: WIDE BAND GAP (WBG) POWER DEVICE MARKET, BY APPLICATION
CHAPTER 6: WIDE BAND GAP (WBG) POWER DEVICE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Wide Band Gap Market include:- Infineon Technologies AG
- ROHM CO., LTD.
- Mitsubishi Electric Corporation
- STMicroelectronics
- Fuji Electric Co., Ltd.
- TOSHIBA CORPORATION
- Microchip Technology Inc.
- Cree LED, Inc.
- GeneSiC
- GaN systems
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 350 |
| Published | June 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 0.9 billion |
| Forecasted Market Value ( USD | $ 2.5 billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
