Wide Band Gap(WBG) Power Device Market Size, Share, Growth, and Industry Analysis, By Type (GaN Power Devices and SiC Power Devices), By Application (Car, Transportation, Energy, Industrial, Consumption and Others) and Regional Forecast to 2032

WIDE BAND GAP (WBG) POWER DEVICE MARKET REPORT OVERVIEW

The global Wide Band Gap(WBG) Power Device Market size was USD 1.53 billion in 2023 and the market is projected to touch USD 3.64 billion by 2032, exhibiting a CAGR of 13.4% during the forecast period.

WBG power devices are taken as semiconductor devices that function effectively from high voltage and temperature to high frequency applications. WBG devices differ from the conventional Si-based power devices in the sense that they apply materials with a wider band gap such as SiC and GaN.

COVID-19 Impact: Market Growth restrained by the Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The covid-19 affected many industries, including the global supply chain of equipment and other materials needed in the production of WBG power devices. These disruptions averted the organization’s production and delivery mechanism which also affected the growth of the market and project development.

LATEST TRENDS

"Expansion in Renewable Energy to Propel Market Growth"

Solar, wind and most of the other renewable energy sources require power conditioning circuitry for creation of the energy and utilization of power generated. WBG TECHNOLOGIES powered by Silicon carbide power devices and Gallium nitride devices possess high power conversion efficiencies. One of the many advantages of these components is their capacity to deal with high voltage and frequency difference and low power loss ratios, which are so important in improving the efficiency of renewable energy conversion systems.

WIDE BAND GAP (WBG) POWER DEVICE MARKET SEGMENTATION

By Type

Based on type the market can be categorized into GaN Power Devices and SiC Power Devices.

• GaN Power Devices- GaN devices offer high-frequency performance and are best applicable in situations where speed and efficiency are important; for instance in power supply for high-frequency circuits, RF amplifiers and chargers for electronic gadgets.
• SiC Power Devices-  SiC devices are applied in ranges where high power density and efficiency are needed including industrial motor drives, electric vehicle and renewable power electronics systems.

By Application

Based on application the market can be categorized into Car, Transportation, Energy, Industrial, Consumption and Others.

• Car- The WBG devices are particularly important in EVs for applications such as motor drive, inverters, and battery chargers. High efficiency notions also make for better range, faster charging abilities as well as optimal vehicle performance.
• Transportation- In rail systems, WBG power devices employed are in traction drives and efficient energy systems. They play a role of maintaining low energy consumption and ensuring high availability of electric locomotives and railway structures.
• Energy- In solar inverters, the power electronics parts and wind turbine converters, WBG devices improve the quality of the power conversion processes as well as its compatibility with the electrical power grid. In this sense, thermal stability and efficiency augur well for energy output as well as system performance.
• Industrial- WBG power devices work in motor drives for industrial uses including, pumps, fans and compressors. Due to their high efficiency and thermal performance they lead to the saving of energy and overall improvement of operations.
• Consumption-  Some of the applications that incorporate WBG devices in their power adapter and chargers include laptops and Smart phones among others. They allow charging solutions that are smaller, lighter and more efficient, compared to traditional ones.

DRIVING FACTORS

"Increasing Demand for Energy Efficiency to Drive Market Advancement"

One of the key driving factors in the Wide Band Gap(WBG) Power Device market growth is the Increasing Demand for Energy Efficiency. A main driver in the current market for Wide Band Gap (WBG) power devices encompassing SiC and GaN is attributed to the fact that they are more efficient than the standard silicon as the World-wide demand for efficient power conversion rises. Industries and consumers increasingly demanding, and pressing for products with lower energy requirements and operating expenses call for improved power electronics.

"Expansion of Renewable Energy to Expand the Market"

Perhaps one of the biggest trends that has a major impact on the WBG power device market is the growth of renewable energy due to the need for high efficient and reliable power conversion systems for power conversion from solar and wind resources. The power devices of WBG like SiC and GaN are suitable in such application as they can work at high voltage, temperature and switching frequency than the conventional silicon devices.

RESTRAINING FACTOR

"High Cost of WBG Materials to Market Growth "

This also implies that with the improvement in cost of WBG material, it therefore remains a huge risk to the market of WBG power devices as it discourages affordability and business viability. The extent of proof can be seen in some of the WBG materials like the Silicon Carbide or SiC and Gallium Nitride or GaN, these are used in the manufacture of WBG devices, and they cost more than silicon.

WIDE BAND GAP (WBG) POWER DEVICE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Strong Manufacturing Base"

Asia Pacific has emerged as the most dominant region in the Wide Band Gap(WBG) Power Device market share due to a convergence of factors that propel its leadership in this dynamic industry. Currently, there exist strong manufacturing industries of semiconductors in the Asia Pacific region especially China, Japan and South Korea. It also features many manufacturing factories of WBG materials and devices with cost advantage of large scale production and ‘State of the art’ manufacturing technologies.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Wide Band Gap(WBG) Power Device Landscape through Innovation and Global Strategy"

Major industry players are pivotal in shaping the Wide Band Gap(WBG) Power Device market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of Wide Band Gap(WBG) Power Device.

List of Market Players Profiled

• Infineon(Germany)
• Toshiba(Japan)
• Fuji(Japan)
• STMicro (Switzerland)
• Mitsubishi (Japan)

INDUSTRIAL DEVELOPMENT

Jan 2024:Renesas Electric Corporation has signed a definitive agreement to acquire Transphorm Incorporated which is a provider of GaN-packed WBG power devices. This may be a strategic acquisition to expand the product line of Renesas Electric Corporation particularly for GaN type WBG power devices.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.