Wide Bandgap Semiconductor Market to Hit $2.1B by 2031 Driven by EV and Renewable Energy Adoption

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 (WBG) semiconductor market comprises materials with larger bandgaps than conventional semiconductors, such as silicon. Key WBG materials, including gallium nitride (GaN) and silicon carbide (SiC), enable electronic devices to function at higher temperatures, voltages, and frequencies, delivering enhanced power efficiency and performance. These characteristics make WBG semiconductors highly suitable for applications across advanced communication systems, renewable energy infrastructure, and electric vehicles.

Market growth is being driven by the increasing adoption of WBG semiconductors in industrial and consumer applications, alongside the rising demand for energy-efficient electronic devices. Compared to traditional silicon-based technologies, WBG semiconductors offer superior performance in high-power and high-efficiency applications, including industrial motors, renewable energy systems, and electric mobility solutions. The pursuit of improved energy efficiency and reduced energy losses continues to act as a primary growth driver for the sector.

Nonetheless, the manufacturing of WBG semiconductors, particularly GaN and SiC, involves highly complex processes and specialized equipment, resulting in elevated production costs. These financial and technical challenges may impede widespread adoption and limit market entry for new players seeking to capitalize on the opportunities within this evolving 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 wide bandgap (WBG) semiconductor market is primarily propelled by the transition toward renewable energy solutions and the growing adoption of electric vehicles (EVs). Materials such as silicon carbide (SiC) and gallium nitride (GaN) are critical in enhancing power efficiency and device performance while simultaneously reducing the size and weight of power electronics.

These semiconductors are key components in EV powertrains and charging infrastructure, as well as in inverters and other power conversion systems within renewable energy installations, thereby improving overall system efficiency and operational effectiveness.

Challenges:
The WBG semiconductor supply chain remains comparatively limited and less mature than that of traditional silicon-based semiconductors, resulting in potential supply constraints, extended lead times, and higher product costs. Additionally, the infrastructure required for manufacturing, testing, and packaging WBG devices is less developed, creating logistical and operational challenges for industry participants. Overcoming these obstacles will necessitate substantial investments in production capabilities and the expansion of supply chain networks to meet growing market demand.

Regional Trends:
North America is expected to command a significant share of the global WBG semiconductor market, driven by increasing adoption of smart and energy-efficient devices that enhance hardware reliability and reduce power consumption across electronic systems. Europe is also experiencing rapid growth, supported by rising demand for energy-efficient semiconductors across the IT, telecommunications, and consumer electronics sectors. Government incentives and funding initiatives in the region are further encouraging investment, thereby fostering market expansion and technological advancement.

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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

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This release was published on openPR.