SiC and GaN Power Semiconductor Market size was valued at USD 5.2 Billion in 2024 and is projected to reach USD 14.8 Billion by 2033, exhibiting a CAGR of 12.5% from 2026 to 2033.
The SiC (Silicon Carbide) and GaN (Gallium Nitride) power semiconductor market reached a size of approximately USD 1.8 billion in 2022 and is expected to grow at a Compound Annual Growth Rate (CAGR) of around 20% from 2023 to 2030. The increasing demand for power efficient devices, along with the rapid adoption of electric vehicles (EVs) and renewable energy systems, is a key driver for the growth of this market. North America held the largest market share in 2022, accounting for nearly 35% of the global market, driven by advancements in automotive and industrial applications. Europe and Asia Pacific are also experiencing rapid growth, with Asia Pacific projected to have the highest CAGR during the forecast period, primarily due to the increasing demand for high performance electronics and the adoption of EVs in countries like China, Japan, and South Korea.
Regionally, North America leads with a strong presence in power electronics, industrial automation, and EV applications, contributing to the market’s overall growth. Europe follows closely, fueled by advancements in power systems and a shift toward sustainable technologies. The Asia Pacific region is emerging as a key hub for SiC and GaN power semiconductor growth due to significant investments in automotive, telecommunication, and consumer electronics sectors. Additionally, the expansion of renewable energy projects and the increasing integration of wide bandgap semiconductor devices in power grids further amplify market prospects in this region. As of 2022, the Asia Pacific market was valued at around USD 500 million and is expected to grow at a CAGR of 22% through 2030.
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Infineon
CREE (Wolfspeed)
Roma Semiconductor Group
STMicroelectronics
ON Semiconductor
Mitsubishi Electric
Fuji Electric
Littelfuse
Global Power Technology Co.
Ltd.
Shenzhen Basic Semiconductor Co.
Ltd.
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global SiC and GaN Power Semiconductor Market
Consumer Electronics
Automotive
Industrial Equipment
Telecommunications
Renewable Energy Systems
Power MOSFETs
Power Diodes
IGBTs (Insulated Gate Bipolar Transistors)
Rectifiers
Silicon Carbide (SiC)
Gallium Nitride (GaN)
Silicon (Si)
Low Voltage (up to 100V)
Medium Voltage (100V - 1000V)
High Voltage (over 1000V)
Telecommunications and Data Centers
Automotive Manufacturers
Consumer Electronics Firms
Industrial Production Plants
Energy Providers and Utilities
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global SiC and GaN Power Semiconductor Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global SiC and GaN Power Semiconductor Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global SiC and GaN Power Semiconductor Market, By Type
6. Global SiC and GaN Power Semiconductor Market, By Application
7. Global SiC and GaN Power Semiconductor Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global SiC and GaN Power Semiconductor Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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