GaN And SiC Power Semis To Reach $4.5B By 2027
5G, EV, smart grids, motor drives and PV inverters driving the market
According to a study conducted by Global Market Insights, the GaN and SiC power semiconductor market will surpass $4.5 billion by 2027.
Initiatives taken by governments to adopt 5G technology will help drive the expansion of the industry. In addition, smaller SiC power module footprints and higher energy efficiency will propel demand in smart grid applications and smart energy meters.
Industrial motor drives are also expected to witness high demand due to the trend towards greater industrial automation using robots and other machinery.
PV inverter applications are also an important application. They accounted for over 25 percent of market share in 2020 and are likely to grow at a 30 percent CAGR over the forecast time-frame boosted by growing demand for clean electricity.
Global Market Insights values the European GaN and SiC power semiconductor market at over $100 million in 2020 and forecasts growth of 25 percent CAGR during the forecast period.
Government initiatives to accelerate electric vehicle adoption are expected to increase regional growth. In March 2021, for example, the German government provided $6.5 billion funding for electric vehicle charging infrastructure.