Wide Band Gap Semiconductors Market to Attract Value of US$ 9.5 Billion by 2031.
- The global wide band gap semiconductors market is projected to develop at a CAGR of 24.6% from 2022 to 2031.
- Surge in the use of wide band gap semiconductor materials in industrial and commercial applications is driving the market growth.
- Rise in adoption of electric vehicles is driving the growth avenues in the market.
WILMINGTON, Del., Aug. 29, 2022 – The global wide band gap semiconductors market is prognosticated to expand at a CAGR of 24.6% during the forecast period 2022-2031, according to assessment by Transparency Market Research (TMR). Furthermore, the market for wide band gap semiconductors is expected to reach a value of US$ 9.5 Bn by the end of 2031.
With surge in the understanding about environmental concerns, people from around the world are increasing the adoption of electric vehicles. This factor is leading to revenue-generation avenues in the global wide band gap semiconductors market, note researchers of a TMR study. This aside, the government authorities of several developed and developing nations around the world are taking initiatives in order to promote the adoption of electric vehicles. This factor, in turn, is bolstering the wide band gap semiconductors market.
The wide band gap semiconductors market in Asia Pacific is projected to attract sizable avenues for growth during the forecast period. The Asia Pacific market growth is ascribed to several important factors including increase in the use of energy-efficient semiconductor devices in varied end-use industries such as IT & telecoms, consumer electronics, and automotive industry. Moreover, rise in the use of mobile internet services, energy and utility devices, and smartphones in the region and the presence of favorable government policies in the region are fueling the expansion of the Asia Pacific wide band gap semiconductors market, state analysts at TMR.
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Wide Band Gap Semiconductors Market: Key Findings
- Wide band gap semiconductors are gaining traction owing to their increased use in PV inverters, power supply systems, chargers and adapters, motor drives, SMPS, EV chargers, and numerous other industrial applications. Hence, a rise in the product use across varied end-use industries is anticipated to fuel the market expansion during the forecast period. Moreover, increase in wide band gap semiconductor applications across large, high-efficiency data centers is leading to profitable prospects in the market, note analysts at TMR.
- Due to rise in the awareness about wide band gap semiconductor advantages, which include their compact size and reliability, there has been increase in their use in the manufacturing of power electronics components, notes a TMR study on the global wide band gap semiconductors market. This aside, some of the important advantages of wide band gap semiconductors include their ability to offer high level of efficiency and work at higher voltages, temperatures, and switching frequencies than Si semiconductors. These advantages are boosting the product demand across different end-use industries. This factor, in turn, is expected to result into the growth of the global wide band gap semiconductors market share during the forecast period, as per the study by TMR.
Wide Band Gap Semiconductors Market: Growth Boosters
- Increase in the utilization of wide band gap semiconductor materials across commercial as well as industrial applications is expected to help in expansion of the wide band gap semiconductors market size.
- Surge in the demand for electric vehicles across many developed and developing nations around the world is propelling the wide band gap semiconductors market.
Wide Band Gap Semiconductors Market: Key Players
Some of the key players profiled in the report are:
- Cree Inc.
- Avago Technologies (Braodcom)
- Navitas Semiconductor
- Infineon Technologies AG
- On Semiconductor
- Nexperia
- ROHM Semiconductor
- Panasonic Corporation
- Toshiba Electronic Devices & Storage Corporation
- STMicroelectronics N.V.
Wide Band Gap Semiconductors Market Segmentation
Material
- Silicon Carbide (SiC)
- Gallium Nitride (GaN)
- Diamond
- Others (Zinc Oxide, GaAs, etc.)
Application
- Hybrid / Electric Vehicles
- PV Inverters
- Railway Tractions
- Wind Turbines
- Power Supplies
- Motor Drives
- Servers
- Others (Medical Imaging, Chargers and Adapters, etc.)
End-use Industry
- Automotive & Transportation
- Consumer Electronics
- Aerospace & Defense
- IT & Telecom
- Energy & Utility
- Others (Healthcare, Industrial, etc.)
Regions Covered
- Automotive & Transportation
- Consumer Electronics
- Aerospace & Defense
- IT & Telecom
- Energy & Utility
- Others (Healthcare, Industrial, etc.)
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America