Wide Band Gap Semiconductor Market expected to Witness a Sustainable Growth by 2027

According to a new research report pertaining to the wide band gap semiconductor market, published by Transparency Market Research the global wide band gap semiconductor market is expected to reach a value of US$ 3 Bn by 2027, expanding at a CAGR of ~22% from 2019 to 2027. According to the report, the global wide band gap semiconductor market would continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 𝐚𝐭-https://www.transparencymarketresearch.com/wide-band-gap-semiconductor-market.html

Rise in Demand for Power Semiconductor Devices to Drive Wide Band Gap Semiconductor Market

The use of wide band gap (WBG) semiconductors makes power semiconductor devices smaller, quicker, and more reliable and efficient than other semiconductor materials available in the market. Advantages such as lightweight, longer life cycle, and greater energy band gap offered by wide band gap semiconductor materials make their use preferable in different types of power semiconductor devices across the globe.

Wide commercial availability, decline in the prices of WBG semiconductor power devices, and increasing demand for gallium nitride (GaN) and silicon carbide (SiC) power devices for use in applications such as telecom equipment, computers, military devices, electric vehicles, and photovoltaic inverters, are anticipated to drive the global wide band gap semiconductor market in the near future.

Increase in investments in wide band gap semiconductor materials and their adoption in the power semiconductor industry are anticipated to boost the global wide band gap semiconductor market during the forecast period.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞-https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=73316

Energy & Utility End-use Industry to Account for Leading Share

The report offers detailed segmentation of the global wide band gap semiconductor market: in terms of material (silicon carbide [SiC], gallium nitride [GaN], diamond, and others), application (hybrid/electric vehicles, PV inverters, railway traction, wind turbines, power supplies, motor drives, UPS, and others), and end-use industry (automotive, aerospace & defense, IT & consumer, energy & utility, and others). The global market has also been segmented based on region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).

Among the materials, the silicon carbide (SiC) segment accounted for a leading share of the global wide band gap semiconductor market in 2018. The segment is anticipated to maintain its dominance of the global wide band gap semiconductor market during the forecast period.
The hybrid/electrical vehicles application segment is expected to lead the global wide band gap semiconductor market and expand at a high CAGR during the forecast period.

Energy & utility is a highly attractive end-use industry segment of the global wide band gap semiconductor market. It is the largest segment in terms of market size. The segment is anticipated to expand at a rapid rate during the forecast period. Additionally, rise in the procurement of wide band gap semiconductor materials by different power semiconductor manufacturers is anticipated to drive the global wide band gap semiconductor market during the forecast period.

𝐀𝐬𝐤 𝐑𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬-https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=73316

Asia Pacific a Highly Lucrative Wide Band Gap Semiconductor Market

Asia Pacific is expected to hold the maximum share of the global wide band gap semiconductor market during the forecast period, owing to the early adoption of wide band gap semiconductors in the region. Asia Pacific and North America account for a considerable market share. These regions are projected to provide lucrative opportunities to the wide band gap semiconductor market during the forecast period.

China dominated the wide band gap semiconductor market in Asia Pacific in 2018. The wide band gap semiconductor market in the country is expected to expand at a prominent CAGR during 2019 to 2027. Different government organizations across Asia Pacific are increasing their spending on research & development for advanced power semiconductor devices. This, in turn, is expected to boost the wide band gap semiconductor market in the region. Moreover, rise in the demand for electric vehicles and high interest for 5G supported devices are some of the major drivers that are likely to propel the wide band gap semiconductor market during the forecast period.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠-https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=73316

Investments in Development of New Products to Fuel Wide Band Gap Semiconductor Market

The report provides the profiles of leading players operating in the global wide band gap semiconductor market. These are Cree, Inc., GeneSiC Semiconductor Inc., Infineon Technologies AG, Panasonic Corporation, ST Microelectronics N.V., ON Semiconductor, ROHM Semiconductor, OSRAM Opto Semiconductors GmbH, TT Electronics, Qorvo, Inc., and Broadcom Inc.

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About Transparency Market Research

Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

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This release was published on openPR.