According to a recent study titled ‘GaN and SiC Power Semiconductor Market Size By Product (SiC Power Module, GaN Power Module, Discrete SiC, Discrete GaN), By Application (Power Supplies, Industrial Motor Drives, H/EV, PV Inverters, Traction), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, South Korea, Taiwan, Brazil, Mexico), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report, the global GaN and SiC power semiconductor market is projected to surpass USD 3 billion by the year 2025.
 

The limitations of silicon-based power devices have fueled the demand for reliable power devices with a longer lifespan, which in turn is boosting the growth of GaN and SiC power semiconductor market. These devices offer high energy efficiency and low energy loss. GaN and SiC power semiconductors are increasingly being used across various industries including automotive electronics, rail traction, and electric vehicles. Furthermore, their implementation in solar energy applications is expected to present new growth opportunities during the forecast period.
 

As per the report, GaN and SiC power semiconductor market is witnessing rapid growth on account of wide use of these materials in high power and high temperature applications such as aircraft, automotive, and deep oil & gas extractions. Bipolar junction transistors, field effect transistors, and other active switching devices are other major application areas of these devices. Notably, wide bandgap semiconductors offer high capabilities for critical electric fields, enabling semiconductor manufacturers to develop devices with minimal energy loss through the use of SiC and GaN materials, thereby driving the market growth.
 

Based on the product type, SiC power module segment is expected to witness a considerable growth during the analysis period, owing to high preference among manufacturers on account of low material cost and high product yield. On the contrary, GaN power module segment will witness a comparatively slower growth in the coming years as GaN materials do not hold the same technological maturity. GaN is presently available in the form of heterostructures with a thin layer of GaN at the top of different materials such as SiC, sapphire, and conventional silicon.
 

Considering the geographical outlook, U.S. GaN and SiC power semiconductor market is anticipated to exhibit a strong CAGR over the forecast timeline. The regional growth can be attributed to well-established IT infrastructure, coupled with rising demand for consumer electronics, and increasing penetration of IoT and connected devices. Growing implementation of 5G network across the region will further enhance the business outlook in the years to come.
 

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In addition, Asia Pacific GaN and SiC power semiconductor market is also slated to register considerable growth during the study period, owing to a thriving telecommunication sector in conjunction with adoption of 5G technologies in countries such China, Japan, and South Korea.
 

Key players of GaN and SiC power semiconductor market include Alpha & Omega Semiconductor, ON Semiconductor, Infineon Technologies, STMicroelectronics, Shindengen Electric Manufacturing Co. Ltd., Semikron, Sanken Electric Company, Rohm Semiconductor, Renesas Electronics Corporation, Nexperia Semiconductors, Mitsubishi Electric, Microsemi Corp., Littelfuse, Diode, Inc., and Fuji Electric.