Top Market Shifts Transforming the Wide Bandgap Semiconductors Market Landscape: Key Insights

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What Is the Expected CAGR for the Wide Bandgap Semiconductors Market Through 2025?
In recent years, there has been a significant expansion in the size of the wide bandgap semiconductors market. It is projected to increase from $2.15 billion in 2024 to $2.39 billion in 2025, with a compound annual growth rate (CAGR) of 11.5%. The growth observed in the past period is largely due to rising integration in EV inverters and onboard chargers, demand for shortening EV charging time, the shift towards autonomous and connected vehicles, development of smart grid and initiatives for grid modernization.

What's the Projected Size of the Global Wide Bandgap Semiconductors Market by 2029?
It is projected that the market size for wide bandgap semiconductors will experience a substantial expansion in upcoming years, reaching a total value of $3.81 billion in 2029, with a cumulative annual growth rate (CAGR) of 12.3%. Factors contributing to this growth throughout the predicted period include the escalating demand for electric vehicles, governmental incentives for EVs, a rising uptake of energy-efficient power electronics, the increase in automation and robotics, and the required high power density in UPS systems. In addition, key trends forecasted for this period encompass robust investment in research and development, localizing of the semiconductor supply chain, the utilization of WBG in future consumer electronics, their usage in motor drives and power supplies, and integration within the smart factory or industry 4.0.

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Top Growth Drivers in the Wide Bandgap Semiconductors Industry: What's Accelerating the Market?
The growth of the wide bandgap semiconductors market is forecasted to be spurred by the increasing popularity of electric vehicles (EVs) in the future. EVs are either fully or partly driven by electricity, replacing or supplementing internal combustion engines with batteries and electric motors. Their demand has been on an upwards trajectory due to heightened environmental consciousness, with both consumers and governments actively looking to lessen greenhouse gas emissions and air pollution by foregoing fossil fuel-based transport. As the preference for electric vehicles increases, it fuels the need for wide bandgap semiconductors that enhance charging efficiency and speed, lessen energy wastage and boost the EV's overall performance and range. For example, as per the France-based International Energy Agency (IEA), there was a surge in electric car sales in 2023 by 3.5 million units from 2022, denoting a 35% annual growth. Hence, the surging demand for electric vehicles is spearheading the expansion of the wide bandgap semiconductors market.

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Which Fast-Growing Trends Are Poised to Disrupt the Wide Bandgap Semiconductors Market?
Leading firms in the wide bandgap semiconductors market are turning their attention to the creation of technologically superior products like ultra-wide bandgap semiconductors powered by diamond and aluminum nitride technology, in order to deliver extraordinary thermal conductivity. This particular technology involving diamond and aluminum nitride stands for the incorporation of these cutting-edge materials in semiconductor devices. The aim is to exploit their unparalleled thermal, electrical, and mechanical characteristics to facilitate high-power, high-performance electronic usages. For example, in October 2024, Raytheon, a manufacturer of wide bandgap semiconductors based in the US, was contracted by DARPA, a government agency in the US, to launch diamond and aluminum nitride-predicated ultra-wide bandgap semiconductors - UWBGS. These are set to revolutionize semiconductor devices by augmenting power transmission and heat management in sensors along with other electronic applications. These materials enable the development of compact, high-power RF switches, restrictors, and amplifiers. Their exceptional thermal conductivity guarantees efficient operation at extreme temperatures and conditions. The ultimate objective is to evolve these materials into devices that are perfected for advanced radar, communication systems, electronic warfare, directed energy, and hypersonic weapon applications.

What Are the Main Segments in the Wide Bandgap Semiconductors Market?
The wide bandgap semiconductors market covered in this report is segmented -

1) By Component: Diodes, Transistors, Modules, Substrates
2) By Material: Silicon Carbide (SiC), Aluminium Nitride (AIN), Gallium Nitride (GaN), Diamond, Other Materials
3) By Application: Hybrid Or Electric Vehicles, Photovoltaic Inverters, Railway Tractions, Wind Turbines, Power Supplies, Motor Drives, Servers, Other Applications
4) By End-Use Industry: Automotive, Consumer Electronics, Telecommunications, Energy And Utility, Aerospace And Defense, Other End-Use Industries

Subsegments:
1) By Diodes: Schottky Diodes, PIN Diodes, Zener Diodes, Light Emitting Diodes (LEDs)
2) By Transistors: Bipolar Junction Transistors (BJTs), Field Effect Transistors (FETs), High Electron Mobility Transistors (HEMTs)
3) By Modules: Power Modules, RF Power Modules, Integrated Power Modules (IPMs)
4) By Substrates: Silicon Carbide (SiC) Substrates, Gallium Nitride (GaN) Substrates, Sapphire Substrates, Silicon Substrates

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Which Top Companies are Driving Growth in the Wide Bandgap Semiconductors Market?
Major companies operating in the wide bandgap semiconductors market are Panasonic Corporation, Navitas Semiconductor Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Fujitsu Limited, Texas Instrumennts Inc., STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, Microchip Technology Incorporated, Fuji Electric Co. Ltd., Skyworks Solutions Inc., Qorvo Inc., ROHM Co. Ltd, Vishay Intertechnology Inc., II-VI Incorporated, Nexperia B.V., Wolfspeed Inc., GaN Systems Inc., Efficient Power Conversion Corporation.

Which Regions Will Dominate the Wide Bandgap Semiconductors Market Through 2029?
North America was the largest region in the wide bandgap semiconductors market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wide bandgap semiconductors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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