GaN and SiC Power Semiconductor Market Expected to Reach $4.5 Billion by 2027

The rapid development of 5G technology around the world provides new growth prospects for gallium nitride (GaN) and silicon carbide (SiC) power semiconductor manufacturers.

According to a study conducted by Global Market Insights, the new material semiconductors are characterized by small size and high power density, and the GaN and SiC power semiconductor markets are expected to exceed US$4.5 billion by 2027.

In recent years, global telecom operators have continuously expanded infrastructure construction in the communications field, which has also provided a broad application scenario for GaN and SiC power semiconductors. For example, in the fields of smart grids and industrial motor drives, the demand for power semiconductors made of new materials will be strong.

In 2020, GaN power semiconductors accounted for about 2% of the industry share and are expected to achieve a compound annual growth rate of 40% in the next five years. GaN power semiconductors have the advantage of low cost and can improve the charging performance of consumer electronic devices. GaN power semiconductors can also optimize the size of passive components and have good practical feedback in the market application of photovoltaic inverters. Due to the surge in consumer preference for clean electricity, GaN and SiC power semiconductor devices accounted for more than 25% of the market share of photovoltaic inverters last year and are expected to grow at a compound annual growth rate of 30% in five years.

The European GaN and SiC power semiconductor market revenue exceeded US$100 million in 2020. The EU will take more and more positive measures to accelerate the popularization of electric vehicles. The main players in the GaN and SiC power semiconductor market include Fuji Electric, Mitsubishi Electric, Infineon and Diodes, etc.