Wide Bandgap Semiconductor Market to Reach $5.4 Billion, Globally, by 2032 at 13.2% CAGR: Allied Market Research

The wide bandgap semiconductor market is driven by factors such as an increase in adoption of wearable devices, and propelling the growth and demand for flexible and thin batteries in the Internet of Things (IoT).

Wilmington, Delaware, Dec. 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Wide Bandgap Semiconductor Market by Material (Silicon Carbide (SiC), Gallium Nitride (GaN), Diamond, and Others), by Industry Vertical (Consumer Electronics, Automotive, Aerospace and Defense, IT And Telecom, Energy and Utility, and Others)". According to the report, the global wide bandgap semiconductor market was valued at $1.6 billion in 2022 and is estimated to reach $5.4 billion by 2032, exhibiting a CAGR of 13.2% from 2023 to 2032.

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• 290 – Pages
• 101 – Tables
• 73 – Charts

Prime Determinants of Growth

The wide bandgap semiconductor market is expanding at a robust rate, driven by the growing use of these advanced materials in wearable technology, the expanding semiconductor industry, and increased private spending on technical R&D for Internet of Things (IoT) applications. The pattern changes in consumer preferences from traditional batteries to wide bandgap semiconductors such as silicon carbide (SiC) and gallium nitride (GaN)—due to these materials' numerous benefits, is a major driver of market demand. One of the main factors propelling the worldwide market expansion is the growing awareness of the advantages of wide bandgap semiconductors, which are distinguished by their high energy density and enhanced working temperature range.

Report Coverage & Details:

Covid-19 Scenario

• The positive pandemic impact for wide bandgap semiconductor was witnessed in the increased demand for power electronics components in consumer devices and research and development.

The silicon carbide segment to maintain its leadership status throughout the forecast period.

Based on material, the button batteries segment held the highest market share in 2022, accounting for nearly half of the global wide bandgap semiconductor industry revenue and is estimated to maintain its leadership status throughout the forecast period, SiC is frequently utilized in power electronics components such as junction field-effect transistors (JFETs), metal-oxide-semiconductor field-effect transistors (MOSFETs), and Schottky diodes. In addition, the same segment is projected to manifest the highest CAGR of 13.84% from 2023 to 2032.

The consumer electronics segment to maintain its leadership status throughout the forecast period.

Based on application, the consumer electronics segment held the highest market share in 2022, accounting for more than one-third of the global wide bandgap semiconductor market revenue and is estimated to maintain its leadership status throughout the forecast period, due to the growing need for small and portable electronics. In addition, the same segment is projected to manifest the highest CAGR of 14.02% from 2023 to 2032.

North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global wide bandgap semiconductor market revenue. This region is expected to witness the fastest CAGR of 13.96% from 2023 to 2032. The growth is primarily attributed to the high need for consumer electronics in the wide bandgap semiconductor market. As a centre of technology, the area has seen a rise in the use of small, effective power sources to sustain a wide range of portable electronics, such as wearables, smartphones, and other electronic devices.

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Leading Market Players: -

• Infineon Technologies AG
• Microsemi Corporation
• STMicroelectronics
• Maxell Ltd
• ROHM Semiconductor
• Texas Instruments Inc.
• Vishay Intertechnology Inc.
• Panasonic Corporation
• Genesic semiconductor
• Nexperia
• Wolfspeed, Inc.

The report provides a detailed analysis of these key players of the global wide bandgap semiconductor market. These players have adopted different strategies such as product development and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders:

• This study comprises analytical depiction of the Wide Bandgap Semiconductors Market Trends along with the current trends and future estimations to depict the imminent investment pockets.
• The overall wide bandgap semiconductor analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

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Wide Bandgap Semiconductors Market Key Segments:

By Material

• Gallium Nitride (GaN)
• Diamond
• Others
• Silicon Carbide (SiC)

By Industry Vertical

• Consumer Electronics
• Automotive
• Aerospace and Defense
• IT and Telecom
• Energy and Utility
• Others

By Region

• North America  (U.S., Canada, Mexico)
• Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
• Europe  (UK, Germany, France, Rest of Europe)
• LAMEA  (Latin America, Middle East, Africa)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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SOURCE Allied Market Research