Wide Band Gap Semiconductors Market Forecasts to 2028 – Global Analysis By Product (Silicon Carbide (SiC), Gallium Nitride (GaN), Diamond), Application, (Data Centers, Hybrid & Electric Vehicles, Motor Drives) and By Geography

Wide Band Gap Semiconductors Market Forecasts to 2028 – Global Analysis By Product (Silicon Carbide (SiC), Gallium Nitride (GaN), Diamond), Application, (Data Centers, Hybrid & Electric Vehicles, Motor Drives) and By GeographyAccording to Stratistics MRC, the Global Wide Band Gap Semiconductors Market is accounted for $1.38 billion in 2022 and is expected to reach $5.42 billion by 2028 growing at a CAGR of 25.6% during the forecast period. Wide-bandgap semiconductors (also known as WBG semiconductors or WBGSs) are semiconductor materials which have a larger band gap than conventional semiconductors. A bandgap denotes to the energy difference in semiconductors between the top of the valence band and the bottom of the conduction band. The larger distance allows wide bandgap semiconductor power devices to operate at higher voltages, temperatures, and frequencies.

According to the Indian Electronics and Semiconductor Association, the country's semiconductor component market is expected to be worth USD 32.35 billion by 2025, registering a CAGR of 10.1% (2018-2025). The country is a lucrative destination for global R&D centers. Thus, the government's ongoing Make In India initiative is expected to result in investments in the semiconductor market. In Japan, the University of Tokyo has been working with Mitsubishi Electric Corporation to enhance the reliability of SiC semiconductor devices. In 2017, Mitsubishi Electric revealed a new ultra-compact SiC inverter designed for hybrid vehicles, with mass commercialization targeted for around 2021.

Market Dynamics:

Driver:

Upsurge in demand for EVs

Demand for hybrid/electric vehicles is speedily growing across the globe, mainly in China and a few noticeable countries in Europe. Several governments are restraining the production and sale of diesel- and gasoline-powered vehicles. The Government of countries aims for battery-operated electric vehicles to make up all new automobile sales in the nation by 2025. For instance- The U.S has set a goal of 50% electric vehicle sales by 2030. By the end of this decade, the European Commission aims to see at least 30 million electric vehicles on the road, a significant increase from the 1.4 million EVs that are already sold in the region.

Restraint:

High cost

The full prospective of the WBG power semiconductor is being confronted by the high cost of investment and the increasing price of raw materials. These factors are making it challenging for emerging players to operate and also raise strong barriers to entry for new firms.

Opportunity:

Application in power electronics

The physical and electrical properties of these materials make them a well-suited choice to power electronics. Its materials’ like silicon, gallium arsenide, gallium nitride, etc., have a massive bandgap that translates to a higher breakdown electric field, higher operating–temperature capability, and lower susceptibility to radiation. They are repeatedly considered superior to regular semiconductors. Apart from the existing uses of WBG power semiconductors, the market is filled with potential for commercially viable and efficient power semiconductors. All these factors create ample opportunity for the market growth.

Threat:

Concerns related to doping and growth

WBG semiconductors are in general very challenging to grow up to large diameters in size owing to issues involved in growth. Most of the WBG semiconductors are leaky and it is difficult to make them semi-insulating due to issues related to doping and growth. Power electronics always prefer semiconductors with low leakage current to increase device lifetime.

Impact of Covid- 19

The WBG power semiconductor is highly reliant on its end-user industries. Some industries, like consumer electronics, flourished during the pandemic owing to the digital boom, remote work culture, and distance learning, among others. Other sectors, like automotives, witnessed a downturn as demand fell owing to the imposing lockdowns. Overall, the market has foreseen a mixed response during the pandemic. Though, investments in R&D and innovation increased as a result of the prospect of newer product launches and applications to combat the pandemic's effects.

The Silicon Carbide (SiC) segment is expected to be the largest during the forecast period

The Silicon Carbide (SiC) segment is expected to be the largest during the forecast period, as SiC delivers better thermal conductivity, higher performance, and thermal stability across varied extensive band gap semiconductor applications while needing less energy and physical space as compared to conventional silicon technologies. These features enable SiC to deliver consistent and consistent performance in high-voltage and high-temperature applications.

The Aerospace & Defense segment is expected to have the highest CAGR during the forecast period

The Aerospace & Defense segment is expected to have the highest CAGR during the forecast period, owing to growing demand for extensive band gap semiconductors from numerous end-use industries such as consumer electronics, telecommunication, and transportation systems. It is also used in military applications such as radar, sonar, and electronic warfare systems.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the increased demand for the wide bandgap semiconductors from the automobile sector. Moreover, due to product development by key vendors in region. For instance, in 2019, Semiconductor Components Industries, LLC launched the SiC (silicon carbide) MOSFETs device. The extensive band semiconductor material silicon carbide is used in MOSFET so that it can operate at high voltages. MOSFET can be used in electric vehicles for on-board charging.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period Growth of the market in the province can be attributed to an upsurge in government support for R&D in WBG materials in China and Japan. Moreover, rise in demand for energy-efficient semiconductor devices in end-use industries including automotive, IT & telecoms, and consumer electronics, and increase in penetration of smartphones, mobile internet services, and energy and utility devices are also fuelling the market in the province.

Key players in the market

Some of the key players profiled in the Wide Band Gap Semiconductors Market include Avago Technologies (Braodcom), Cree Inc., Exagan, GaN Systems, GeneSiC Semiconductor, Infineon Technologies AG, Microsemi Corporation, Monolith Semiconductor, Navitas Semiconductor, Nexperia, On Semiconductor, Panasonic Corporation, Qorvo, Renesas Electronics Corporation,, ROHM Semiconductor, STMicroelectronics N.V., Texas Instruments, Toshiba Electronic Devices & Storage Corporation, Transphorm, United Silicon Carbide.

Key Developments:

In September, 2020: STMicroelectronics, a key company in the field of semiconductor, and Leti, a research institute of CEA Tech, announced to collaborate in a view to industrialize Gallium Nitride-on-Silicon technologies for implementation in power switching devices..

In November 2021: Nexperia launched 650 V, 10 A SiC Schottky diodes, a new family of high-performance Silicon Carbide (SiC) diodes, thereby expanding its wide bandgap semiconductors offering. The SiC Schottky diode is utilized in Switch Mode Power Supply (SMPS), AC-DC and DC-DC converters, battery charging infrastructure, uninterruptible power supply (UPS), and photovoltaic inverters.

Products Covered:
• Silicon Carbide (SiC)
• Gallium Nitride (GaN)
• Diamond
• Aluminum Nitride (AIN)
• Boron Nitride

Applications Covered:
• Data Centers
• Hybrid & Electric Vehicles
• Motor Drives
• Power Supplies
• PV Inverters
• Railway Tractions
• Renewable Energy Generation
• Servers
• Wind Turbines
• Other Applications

End Users Covered:
• Information Technology & Telecom
• Energy & Utility
• Consumer Electronics
• Automotive & Transportation
• Aerospace & Defense
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances