Wide Bandgap Semiconductor Market to Reach $5.4 Billion, Globally, by 2032 at 13.2% CAGR: Allied Market Research

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Prime Determinants of Growth

The wide bandgap semiconductor market is expanding at a robust rate, driven by the growing use of these advanced materials in wearable technology, the expanding semiconductor industry, and increased private spending on technical R&D for Internet of Things (IoT) applications. The pattern changes in consumer preferences from traditional batteries to wide bandgap semiconductors such as silicon carbide (SiC) and gallium nitride (GaN)—due to these materials' numerous benefits, is a major driver of market demand. One of the main factors propelling the worldwide market expansion is the growing awareness of the advantages of wide bandgap semiconductors, which are distinguished by their high energy density and enhanced working temperature range.

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Covid-19 Scenario

The silicon carbide segment to maintain its leadership status throughout the forecast period.

Based on material, the button batteries segment held the highest market share in 2022, accounting for nearly half of the global wide bandgap semiconductor industry revenue and is estimated to maintain its leadership status throughout the forecast period, SiC is frequently utilized in power electronics components such as junction field-effect transistors (JFETs), metal-oxide-semiconductor field-effect transistors (MOSFETs), and Schottky diodes. In addition, the same segment is projected to manifest the highest CAGR of 13.84% from 2023 to 2032.

The consumer electronics segment to maintain its leadership status throughout the forecast period.

Based on application, the consumer electronics segment held the highest market share in 2022, accounting for more than one-third of the global wide bandgap semiconductor market revenue and is estimated to maintain its leadership status throughout the forecast period, due to the growing need for small and portable electronics. In addition, the same segment is projected to manifest the highest CAGR of 14.02% from 2023 to 2032.

North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global wide bandgap semiconductor market revenue. This region is expected to witness the fastest CAGR of 13.96% from 2023 to 2032. The growth is primarily attributed to the high need for consumer electronics in the wide bandgap semiconductor market. As a centre of technology, the area has seen a rise in the use of small, effective power sources to sustain a wide range of portable electronics, such as wearables, smartphones, and other electronic devices.

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Leading Market Players: -

The report provides a detailed analysis of these key players of the global wide bandgap semiconductor market. These players have adopted different strategies such as product development and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Wide Bandgap Semiconductors Market Key Segments:

By Material

By Industry Vertical

By Region

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