Wide Band Gap (WBG) Power Devices Market Worth US$ 7,717.69 Million By 2030, Says Consegic Business Intelligence

Wide Band Gap (WBG) Power Devices Market is set to experience substantial growth, with a projected CAGR of 24.6% during the period of 2023-2030, due to increasing demand for efficient power generation in automotive vehicles.

New York, June 08, 2023 (GLOBE NEWSWIRE) -- In the research report Global Wide Band Gap (WBG) Power Devices Market published by Consegic Business Intelligence, it is revealed that the market achieved a valuation of USD 1,350.0 Million in 2022. With a projected CAGR of 24.6%, the market is expected to surpass USD 7,717.69 Million by 2030. Wide bandgap (WBG) power are semiconductor devices that utilize materials with wide energy bandgaps, typically greater than 2 electron volts (eV), as the semiconductor material. Wide bandgap materials have superior thermal properties, enabling them to operate at higher temperatures without significant degradation in performance. Request Sample Now

The increasing demand for wide band gap semiconductors in data centers to manage the vast volume of data generated by the usage of advanced technologies is driving the growth of wide band gap power devices market. Moreover, the increasing adoption of IoT-enabled devices (Internet of Things) generates vast volume of data that requires semiconductor devices with wide band gap properties. For instance, in April 2023, Navitas Semiconductor signed an agreement with Mouser Electronics to deploy Mouser stock Navitas GanFast and GeneSiC wide band-gap (WBG) semiconductor technologies in data centers.

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The rollout of 5G and wireless communication systems requires high-frequency power devices with fast switching speeds that creates potential opportunities for the growth of wide band gap power devices in telecommunication sector. In addition, Wide bandgap power devices meet the requirements of high-frequency operation in aforementioned sector by enabling efficient power amplification and enhanced wireless communication systems. However, the complex manufacturing processes associated with wide band gap power devices are hindering the market growth.

Global Wide Band Gap (WBG) Power Devices Market: Report Attributes

Report Attributes

Report Details

Market Size By 2030

USD 7,717.69 Million

Forecast Period

2023-2030

CAGR (2023-2030)

24.6%

Base Year

2022

Study Timeline

2017-2030

Key Players

Navitas Semiconductor, Cree Inc., Infineon Technologies AG, Avago Technologies, Nexperia, ROHM Semiconductors, STMicroelectronics, Infineon Technologies AG, Transphorm Inc., Microchip Technology Inc.

By Material

Silicon Carbide, Diamond Substrate, Gallium Nitride, Zinc Oxide, and Others

By Application

Renewable Energy, Vehicle Electrification, Industrial Motor Drives, Uninterrupted Power Supply, 5G Communications, and Others

By End-User

Automotive, Energy and Utility, Industrial, Aerospace & Defense, and Others

Report Coverage

Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more

By Region

North America, Europe, Asia-Pacific, Latin America, Middle East & Africa

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Key Market Highlights

The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa

Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Wide Band Gap (WBG) Power Devices market.

Globally, Wide Band Gap (WBG) Power Devices are divided based on the material into silicon carbide, diamond substrate, gallium nitride, zinc oxide, and others.

In the context of Application, the market is separated into renewable energy, vehicle electrification, industrial motor drives, uninterrupted power supply, 5g communications, and others.

Based on the End-User, the market is segregated into automotive, energy and utility, industrial, aerospace & defense, and others.

Wide Band Gap (WBG) Power Devices Market Growth Drivers:

The increasing adoption of high-performance semiconductors in data centers due to growing amount of data is driving the growth of wide band gap (WBG) market.

Growing demand for wide band gap power devices in automotive industry to power electric and hybrid electric vehicles is accelerating the growth of WBG market.

The growing demand for generation of electricity from renewable sources of energy such as solar and wind energy is propelling the growth of the market.

Restraints

The complex manufacturing processes of wide band gap power devices is restraining the growth of the market.

Emission of Infrared (IR) radiation during the doping process of semiconductor devices is hindering the growth of the market.

Opportunities

Rollout of 5G and wireless communication systems to provide high-frequency operation and enhanced wireless communication systems is expected to present potential opportunities for the growth of wide band gap power devices.

Global Wide Band Gap (WBG) Power Devices Market Segmentation Details:

Based on Material, the SiC-based power devices phone contributed the largest shares to the market growth in 2022. The SiC-based power electronics have a bandgap of around 3.0 to 3.3 eV, allowing SiC devices to handle higher breakdown voltages and operate at higher temperatures. Therefore, the application of SiC power electronics for high-power and high-voltage applications, such as power transmission and electric vehicle charging is driving the growth of the market.

Based on Application, automotive segment offered substantial shares to the Global Wide Band Gap (WBG) Power Devices Market in the year 2022. Wide bandgap power devices offer higher efficiency and faster switching speeds. As a result, the application of wide band gap power devices in electric and hybrid electric vehicles is driving the growth of the market. Moreover, the application of DC-DC converters for power distribution and voltage conversion in electric vehicles is propelling the growth of the market.

Based on End-User, the automotive segment accounted for the maximum revenue share in the year 2022. The application of wide band gap power devices for power generation in electric vehicles is driving the growth of the market. Moreover, the deployment of wide band gap power devices for in-vehicle infotainment systems is accelerating the growth of the market.

Based on Region, The Asia-Pacific region has been a major contributor to the growth of the wide band gap power devices market. The growing number of data centers in Asia-Pacific is driving the growth wide band gap power devices market. The growing adoption of consumer electronics devices generates vast amounts of data that require high-bandgap power devices for efficient management of data. Moreover, the increasing demand for alternate sources of energy such as solar and wind energy is accelerating the growth of the market.

Recent Developments

In March 2023, GaN Systems launched a new GaN-Based 800V On-Board Charger (OBC) that delivers 36% higher power density and superior switching performance in automotive applications.

In March 2023, Infineon Technologies acquired GaN Systems for USD 830 Million in order to strengthen its GaN portfolio in power systems.

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List of Major Global Wide Band Gap (WBG) Power Devices Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

Navitas Semiconductor

Cree Inc.

Infineon Technologies AG

Avago Technologies

Nexperia

ROHM Semiconductors

STMicroelectronics

Infineon Technologies AG

Transphorm Inc.

Microchip Technology Inc.

Global Wide Band Gap (WBG) Power Devices Market Segmentation:

By Material

Silicon Carbide

Diamond Substrate

Gallium Nitride

Zinc Oxide

Others

By Application

Renewable Energy

Vehicle Electrification

Industrial Motor Drives

Uninterrupted Power Supply

5G Communications

Others

By End-User

Automotive

Energy and Utility

Industrial

Aerospace & Defense

Others

Key Questions Covered in the Wide Band Gap (WBG) Power Devices Market Report

What are wide band gap power devices?

Wide Band Gap (WBG) Power Devices are semiconductor devices with electronic band gaps larger than one or two electron volts (eV). Wide band gap power devices such as SiC and GaN based devices offer efficient energy generation, transmission, and consumption well-suited for high power applications.

What will be the potential market valuation for the Wide Band Gap (WBG) Power Devices Market industry by 2030?

The market for global wide band gap power devices market is expected to reach USD 7,717.69 Million in 2030 growing at a CAGR of 24.6% due to the increasing demand for wide band gap power devices to power electric and hybrid electric vehicles.

What specific segmentation details are covered in the Wide Band Gap (WBG) Power Devices market report, and how is the fastest segment anticipated to impact the market growth?

The report consists of segments including material, application, and End-User. Each segment is projected to have the fastest growing sub-segment being fueled by industry trends and drivers. For instance, the material segment witnessed GaN as the fastest-growing segment during the forecast period.

Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

North America is expected to witness the fastest CAGR growth during the forecast period due to the early adoption of high power semiconductor devices to support advanced technologies such as AI, IoT, and machine learning applications.

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