Wide Bandgap Semiconductor Market in 2024 Detailed Study Analysis

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Wide Bandgap Semiconductor Market - (By Material (Silicon Carbide (SiC) Substrate, Gallium Nitride (GaN) Substrate, Aluminum Nitride (AIN) Substrate, Others), By Application (Power Discrete Devices, RF Devices, Optoelectronic Devices)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Wide Bandgap Semiconductor Market is valued at US$ 807.5 Mn in 2023, and it is expected to reach US$ 2,124.7 Mn by 2031, with a CAGR of 13.1% during the forecast period of 2024-2031.

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The wide bandgap semiconductor market is comprised of materials that have a larger bandgap than conventional semiconductors, such as silicon. These materials, including gallium nitride (GaN) and silicon carbide (SiC), allow devices to operate at higher temperatures, voltages, and frequencies. This renders them especially advantageous in applications that necessitate improved power efficiency and performance, including advanced communication technologies, renewable energy systems, and electric vehicles. The market is being stimulated by the increasing proliferation of wide bandgap semiconductors in a variety of industrial & consumer applications, as well as the increasing demand for energy-efficient electronic devices. Standard silicon-based semiconductors are outperformed by wide bandgap semiconductors, including gallium nitride (GaN) and silicon carbide (SiC).

They are particularly well-suited for applications that necessitate high power and efficiency, including industrial motors, renewable energy systems, electric vehicles, due to their ability to operate at elevated temperatures, voltages, and frequencies. This initiative to enhance energy efficiency and reduce energy losses is a significant market driver. Nevertheless, the production of wide bandgap semiconductors, including silicon carbide (SiC) and gallium nitride (GaN), is more challenging than that of conventional silicon-based semiconductors. Manufacturing prices have increased as a result of the highly complex production procedures and the necessity for specialized equipment. The pervasive use of wide bandgap semiconductors may be restricted by the higher costs, which can serve as a obstacle to entry for companies seeking to enter the market.

List of Prominent Players in the Wide Bandgap Semiconductor Market:
• Wolfspeed, Inc.
• Coherent Corp.
• TankeBlue Semiconductor Co., Ltd.
• SICC Co., Ltd. (SICC Materials)
• Beijing Cengol Semiconductor Co., Ltd.
• Resonac Holdings Corporation
• Hebei Synlight Crystal Co., Ltd.
• Norstel AB
• ROHM Co., Ltd. (SiCrystal GmbH - ROHM Group)
• SK Siltron Co., Ltd.
• San'an Optoelectronics Co., Ltd. (CETC)
• Mitsubishi Chemical Corporation
• Sumitomo Electric Industries, Ltd.
• Kyma Technologies, Inc.
• Element Six (UK) Ltd.
• Akash Systems, Inc.
• Qorvo, Inc.
• RFHIC Corporation
• Maruwa Co., Ltd.
• Toshiba Materials Co., Ltd.
• CeramTec GmbH
• Denka Company Limited
• TD Power Materials Co., Ltd.
• Kyocera Corporation
• CoorsTek, Inc.
• LEATEC Fine Ceramics Co., Ltd.
• Fujian Huaqing Electronic Material Technology Co., Ltd.
• Wuxi Hygood New Technology Co., Ltd.
• Zhuzhou Ascendus New Material Technology Co., Ltd.
• Shengda Tech, Inc
• Cissoid
• Diodes
• Fuji Electric
• Fujitsu
• GeneSiC
• Infineon Technologies
• Nexperia
• Panasonic
• Renesas Electronics

Market Dynamics:
Drivers-
The global increase in demand for wide bandgap semiconductors is being driven by the transition to renewable energy sources and electric vehicles. Because they have the potential to enhance efficiency and performance while simultaneously reducing the size and weight of power electronics, SiC and GaN semiconductors are essential components of electric vehicle powertrains and charging infrastructure. Similar to this, these semiconductors are implemented in inverters and other power conversion devices in renewable energy systems to enhance the overall efficacy of the system.

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Challenges:
The supply chain for wide bandgap semiconductor materials and components is significantly smaller than that of silicon-based semiconductors. This constrained supply chain has the potential to contribute to supply shortages, extended lead times, and increased prices for wide-bandgap semiconductor products. In addition, the infrastructure for the production, testing, and packaging of wide bandgap semiconductor gadgets may be less advanced than that for silicon-based devices, which presents logistical challenges for enterprises that are participating in this industry. Investments in infrastructure enhancements and supply chain expansion are required to resolve these constraints in the production of wide bandgap semiconductors.

Regional Trends:
The North America Wide Bandgap Semiconductor market is expected to register a remarkable market share in revenue metrics and is projected to grow at a high CAGR in the near future. North America is anticipated to experience profitable growth in the wide bandgap semiconductor market as a result of the growing popularity and adoption of smart devices in the region. They are enhancing the energy consumption and hardware reliability of the majority of electronic devices. Additionally, this sector is expanding rapidly in Europe. The demand for energy-efficient semiconductors in this region is on the rise due to the growth of the IT and telecommunications industry, as well as consumer electronics. Government funding is also being provided to European regions, which is incentivizing investors to take advantage of the benefits.

Recent Developments:
• In Dec 2022, Wolfspeed, Inc. disclosed the extension of a current, multi-year, long-term Silicon Carbide wafer supply agreement with a prominent power device manufacturer, which is now valued at approximately $225 million. The company's vision for an industry-wide transition from silicon-to-Silicon Carbide semiconductor power devices is reinforced by the expanded agreement, which mandates that Wolfspeed provide the company with 150 mm Silicon Carbide bare and epitaxial wafers.
• In June 2023, Airbus and STMicroelectronics (ST) agreed to work on power electronics R&D to promote more efficient and lighter aircraft electrification power electronics. The partnership will create innovative power electronics devices and systems using wide-bandgap (WBG) semiconductor materials, including SiC and GaN.

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Segmentation of Wide Bandgap Semiconductor Market-
By Material-
• Silicon Carbide (SiC) Substrate
• Gallium Nitride (GaN) Substrate
• Aluminum Nitride (AIN) Substrate
• Others
By Application-
• Power Discrete Devices
• RF Devices
• Optoelectronic Devices
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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