The Wide Bandgap Semiconductor Market Size is valued at USD 807.5 million in 2023 and is predicted to reach USD 2,124.7 million by the year 2031 at a 13.1% CAGR during the forecast period for 2024-2031.
Wide bandgap semiconductors possess greater bandgaps than conventional semiconductors, allowing for operation at elevated voltages, temperatures, and frequencies. They are optimal for power electronics, high-temperature devices, and high-frequency applications, providing enhanced energy efficiency and superior performance.
The market is being stimulated by the increasing proliferation of wide bandgap semiconductors in a various industrial and consumer applications, as well as the increasing demand for energy-efficient electronic devices. Additionally, governments worldwide are implementing legislation and regulations to promote the adoption of energy-efficient technology and to facilitate the advancement of advanced semiconductor manufacturing. The industry is experiencing growth as a result of incentives, subsidies, and funding for research and development in wide bandgap semiconductors. The adoption of renewable energy options is also facilitated by stringent environmental regulations that are designed to reduce carbon emissions.
Nevertheless, wide bandgap semiconductors are not standardized in terms of device design, packaging, or performance measurements, in contrast to silicon-based semiconductors, which have well-established industry standards and pervasive compatibility. The development and integration of wide-bandgap semiconductor devices are impeded by the absence of standardized standards, which results in interoperability challenges and impedes market growth.
Competitive Landscape
Some Major Key Players In The Wide Bandgap Semiconductor Market:
- Wolfspeed, Inc.
- Coherent Corp.
- TankeBlue Semiconductor Co., Ltd.
- SICC Co., Ltd. (SICC Materials)
- Beijing Cengol Semiconductor Co., Ltd.
- Resonac Holdings Corporation
- Hebei Synlight Crystal Co., Ltd.
- Norstel AB
- ROHM Co., Ltd. (SiCrystal GmbH - ROHM Group)
- SK Siltron Co., Ltd.
- San'an Optoelectronics Co., Ltd. (CETC)
- Mitsubishi Chemical Corporation
- Sumitomo Electric Industries, Ltd.
- Kyma Technologies, Inc.
- Element Six (UK) Ltd.
- Akash Systems, Inc.
- Qorvo, Inc.
- RFHIC Corporation
- Maruwa Co., Ltd.
- Toshiba Materials Co., Ltd.
- CeramTec GmbH
- Denka Company Limited
- TD Power Materials Co., Ltd.
- Kyocera Corporation
- CoorsTek, Inc.
- LEATEC Fine Ceramics Co., Ltd.
- Fujian Huaqing Electronic Material Technology Co., Ltd.
- Wuxi Hygood New Technology Co., Ltd.
- Zhuzhou Ascendus New Material Technology Co., Ltd.
- Shengda Tech, Inc.
- Cissoid S.A.
- Diodes Incorporated
- Fuji Electric Co., Ltd.
- Fujitsu Limited
- GeneSiC Semiconductor Inc.
- Infineon Technologies AG
- Nexperia B.V.
- Panasonic Holdings Corporation
- Renesas Electronics Corporation
- Other Market Players
Market Segmentation:
The Wide Bandgap Semiconductor market is segmented on the basis of Type and application. Based on Type, the market is segmented as Silicon Carbide (SiC) Substrate, Gallium Nitride (GaN) Substrate, Aluminum Nitride (AIN) Substrate, and Others. By application, the market is segmented into Power Discrete Devices, RF Devices, and Optoelectronic Devices.
Based on Type, the Silicon Carbide (SiC) Substrate Segment Is Accounted As A Major Contributor In The Wide Bandgap Semiconductor Market.
The Silicon Carbide (SiC) Substrate category is expected to hold a major share in the global Wide Bandgap Semiconductor market in 2023, as a result of their expansive applications and exceptional qualities. Compared to conventional silicon, SiC substrates are highly regarded for their capacity to operate at higher voltages, temperatures, and frequencies, rendering them ideal for renewable energy systems, electric vehicles, and power electronics. The material's superior thermal conductivity and robustness are also factors in its popularity in high-temperature and high-power environments.
The RF Devices Segment Witnessed Rapid Growth.
The RF Devices segment is projected to grow at a rapid rate in the global Wide Bandgap Semiconductor market. This rapid expansion is because of the growing demand for high-frequency and high-power applications, particularly in the telecommunications sector, as a result of the deployment of 5G networks. Because of their potential to operate at higher frequencies and power levels, wide bandgap materials such as Gallium Nitride (GaN) are particularly well-suited for RF applications. These parameters are critical for the development of reliable and efficient 5G communication systems.
In The Region, The North American Wide Bandgap Semiconductor Market Holds A Significant Revenue Share.
The North America Wide Bandgap Semiconductor market is expected to register the major market share in terms of revenue in the near future as a result of its substantial investments in research and development and its robust technological infrastructure. The region is home to a plethora of significant semiconductor firms and research institutions that foster innovation and the development of advanced wide bandgap technologies, including Gallium Nitride (GaN) and Silicon Carbide (SiC). Moreover, the Asia Pacific region is expanding rapidly in this market as a result of the strong drive toward electrification and renewable energy, as well as the rapid industrialization and increased demand for consumer electronics. This expansion is being driven by countries such as China, Japan, as well as South Korea, which have made substantial investments in the development of sophisticated technology and semiconductor production.
Recent Developments:
- In Dec 2022, Wolfspeed, Inc. disclosed the extension of a current, multi-year, long-term Silicon Carbide wafer supply agreement with a prominent power device manufacturer, which is now valued at approximately $225 million. The company's vision for an industry-wide transition from silicon-to-Silicon Carbide semiconductor power devices is reinforced by the expanded agreement, which mandates that Wolfspeed provide the company with 150 mm Silicon Carbide bare and epitaxial wafers.
- In June 2023, Airbus and STMicroelectronics (ST) agreed to work on power electronics R&D to promote more efficient and lighter aircraft electrification power electronics. The partnership will create innovative power electronics devices and systems using wide-bandgap (WBG) semiconductor materials, including SiC and GaN.
Wide Bandgap Semiconductor Market Report Scope
Report Attribute |
Specifications |
Market Size Value In 2023 |
USD 807.5 Mn |
Revenue Forecast In 2031 |
USD 2,124.7 Mn |
Growth Rate CAGR |
CAGR of 13.1% from 2024 to 2031 |
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
Historic Year |
2019 to 2023 |
Forecast Year |
2024-2031 |
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered |
By Type, Application |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Competitive Landscape |
Wolfspeed, Coherent, TankeBlue Semiconductor, SICC Materials, Beijing Cengol Semiconductor, Resonac, Hebei Synlight Crystal, Norstel, ROHM Group (SiCrystal), SK Siltron, San'an Optoelectronics, CETC, Mitsubishi Chemical, SUMITOMO ELECTRIC, Kyma Technologies, Element Six, Akash Systems, Qorvo, RFHIC Corporation, Maruwa, Toshiba Materials, CeramTec, Denka, TD Power Materials, Kyocera, CoorsTek, LEATEC Fine Ceramics, Fujian Huaqing Electronic Material Technology, Wuxi Hygood New Technology, Zhuzhou Ascendus New Material Technology, Shengda Tech, Chaozhou Three-Circle (Group), Sinoceram Technology (zhengzhou) Co. |
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |