Wide Bandgap Semiconductor Market to Reach $2.1 Billion by 2031 Led by Increased Adoption in Power Discrete and RF Devices

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 encompasses materials with a larger bandgap than traditional semiconductors, such as silicon. These materials, notably gallium nitride (GaN) and silicon carbide (SiC), enable devices to operate at higher temperatures, voltages, and frequencies. As a result, they are highly advantageous in applications requiring enhanced power efficiency and performance, such as advanced communication technologies, renewable energy systems, and electric vehicles.

The market is being driven by the increasing adoption of wide bandgap semiconductors across various industrial and consumer applications, as well as the growing demand for energy-efficient electronic devices. Compared to traditional silicon-based semiconductors, wide bandgap semiconductors offer superior performance, particularly in high-power and high-efficiency applications. They are especially well-suited for industrial motors, renewable energy systems, and electric vehicles, thanks to their ability to operate effectively at elevated temperatures, voltages, and frequencies. This push for greater energy efficiency and reduced energy losses remains a key factor driving market growth.

However, the production of wide bandgap semiconductors, including GaN and SiC, presents greater challenges than the manufacturing of conventional silicon-based semiconductors. The highly complex production processes and the need for specialized equipment have led to higher manufacturing costs. These increased costs could serve as a barrier to widespread adoption, potentially limiting market entry for companies looking to capitalize on the opportunities within the sector.

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

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Market Dynamics:
Drivers:
The global demand for wide bandgap semiconductors is primarily being driven by the shift towards renewable energy sources and the adoption of electric vehicles (EVs). Semiconductors such as silicon carbide (SiC) and gallium nitride (GaN) play a critical role in enhancing efficiency and performance while reducing the size and weight of power electronics. These materials are integral components of EV powertrains and charging infrastructure. Similarly, they are utilized in inverters and other power conversion devices within renewable energy systems, contributing to the overall efficiency and effectiveness of these systems.

Challenges:
The supply chain for wide bandgap semiconductor materials and components is significantly smaller and more constrained compared to that of traditional silicon-based semiconductors. This limited supply chain may result in supply shortages, extended lead times, and higher prices for wide bandgap semiconductor products. Furthermore, the infrastructure required for the production, testing, and packaging of these semiconductors is less developed than that of silicon-based devices, posing logistical challenges for companies involved in the industry. Addressing these issues will require significant investments in infrastructure improvements and the expansion of supply chains to support the production of wide bandgap semiconductors.

Regional Trends:
The North American wide bandgap semiconductor market is expected to capture a substantial share of the global market revenue and is projected to experience strong growth in the near future. The region's growth is fueled by the increasing adoption of smart devices, which are improving energy consumption and hardware reliability across various electronic devices. Additionally, Europe is also witnessing rapid growth in this sector. The rising demand for energy-efficient semiconductors is being driven by the expansion of the IT and telecommunications industries, as well as the consumer electronics sector. Moreover, government funding in European regions is encouraging investment, further stimulating market growt

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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.

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

View Overview Report: https://www.insightaceanalytic.com/report/wide-bandgap-semiconductor-market/2833

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This release was published on openPR.