GaN & SiC Power Semiconductor Market to Hit $15 Bn by 2032,

Selbyville, Delaware, Oct. 26, 2022 (GLOBE NEWSWIRE) —

The GaN & SiC power semiconductor market is expected to cross a valuation of USD 15 billion by 2032, according to latest research report by Global Market Insights Inc. The increasing acceptance of electric mobility is a prominent factor driving product demand.

Over recent years, investments to boost the production of eco-friendly electric and hybrid vehicles have been accelerating worldwide. For instance, in October 2022, Honda announced a USD 700 million investment in three electric vehicle facilities in Ohio. The requirement for efficient energy management systems will therefore rise, contributing to the development of GaN and SiC power semiconductors.

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The SiC power module product segment accounted for over 35% share of the GaN & SiC power semiconductor market in 2022. The strong demand can be credited to superior product features, including wider bandgap, thermal expansion, and the capability to operate in diverse conditions. In the next 3 to 5 years, the electric vehicle industry is expected to witness commendable growth. These factors will foster the usage of silicon carbide power electronics and modules to ensure higher efficiency, longer range, and faster acceleration of EVs.

The industry revenues from the traction application is expected to be worth over USD 1 billion by 2032. The widespread development of bullet trains, locomotives freight rail cars, high-speed tracks, and other rolling stock is among the key factors amplifying the market growth. Since these mobility solutions are extensively utilized in traction motors, inverters, and traction systems, the need for GaN & SiC power semiconductor components will rise at a robust pace.

Latin America GaN & SiC power semiconductor market is projected to exceed around USD 600 million by 2032, due to the surge in installation of PV modules and solar power…