Wide Band Gap (WBG) Power Device Market By Type (GaN, SiC), By Application (Communication, Automotive, Consumer Electronics, Aerospace, Healthcare, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Wide Band Gap (WBG) Power Device Market
The wide band gap (WBG) power device market was valued at $0.9 billion in 2023 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 10.9% from 2024 to 2033.
WBG power device is a category of semiconductor devices utilizing materials with high energy differences, such as silicon carbide (SiC) or gallium nitride (GaN) during their manufacturing. SiC and GaN are known to offer excellent thermal conductivity, thus ensuring reliability and enabling efficient heat dissipation in demanding applications. WBG power devices are ideal for power conversion and control in diverse industries, including renewable energy, automotive, consumer electronics, and industrial applications. The key attributes of WBG power devices include fast switching speeds, low conduction losses, and high breakdown voltages.The telecommunications, aerospace, and consumer electronics sectors are the major drivers of the wide band gap (WBG) power device market as their applications are subject to space & weight constraints. WBG devices enable the miniaturization of power electronics, hence witness a high demand. In addition, the devices are observing a significant requirement in the renewable energy sector for the integration of energy resources into power grid. To optimize power consumption in real time, the deployment of AI and the Internet of Things (IoT) is trending in the market. These technologies are enhancing the remote monitoring and smart management of power devices.
Despite the advantages, the challenges pertaining to material defects, reliability problems, and manufacturing intricacies act as a major restraint for the wide band gap (WBG) power device market. Furthermore, the deployment of advanced WBG devices into existing framework requires intensive testing and modifications, which limits the expansion of the market. On the contrary, the accelerating adoption of electric vehicles (EVs) is presenting lucrative opportunities for the market. WBG power devices play a critical role in refining the performance of EVs, by offering quick switching speeds and high operating temperatures. As per the International Energy Agency, EVs are expected to account for more than 60% of the total vehicles sales by 2030. Such soaring figures are an indicator of a bright future for the wide band gap (WBG) power device market.
Segment ReviewThe wide band gap (WBG) power device market is segmented into type, application, and region. On the basis of type, the market is bifurcated into GaN and SiC. Depending on application, it is divided into communication, automotive, consumer electronics, aerospace, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the GaN segment dominates the wide band gap (WBG) power device market.
Depending on application, the consumer electronics segment accounts for a high market share.
Region wise, Asia-Pacific is the highest revenue generator in the wide band gap (WBG) power device market.
Competition AnalysisThe major players operating in the global wide band gap (WBG) power device market include Infineon Technologies AG, ROHM CO., LTD., Mitsubishi Electric Corporation, STMicroelectronics, Fuji Electric Co., Ltd., TOSHIBA CORPORATION, Microchip Technology Inc., Cree LED, Inc., GeneSiC, and GaN systems. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeGaN
SiC
By ApplicationCommunication
Automotive
Consumer Electronics
Aerospace
Healthcare
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Infineon Technologies AG
ROHM CO., LTD.
Mitsubishi Electric Corporation
STMicroelectronics
Fuji Electric Co., Ltd.
TOSHIBA CORPORATION
Microchip Technology Inc.
Cree LED, Inc.
GeneSiC
GaN systems