Wilmington, Delaware, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Wide Band Gap (WBG) Power Device Market by Type (GaN, and SiC), and Application (Communication, Automotive, Consumer Electronics, Aerospace, Healthcare, and Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the wide band gap (WBG) power device market was valued at $0.9 billion in 2023, and is estimated to reach $2.5 billion by 2033, growing at a CAGR of 10.9% from 2024 to 2033.
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Prime determinants of growth
The global WBG power devices market growth is driven by rise in demand from automotive sector. The automotive industry is a major consumer of power devices, especially with rise in adoption of electric and hybrid vehicles. WBG devices enable EVs to achieve higher efficiency and longer driving ranges by minimizing power losses in traction inverters and onboard chargers. Moreover, regulatory initiatives aimed at reducing vehicle emissions and enhancing fuel efficiency foster automakers to integrate WBG-based power electronics into their vehicle designs, thereby bolstering market demand for WBG power devices. However, high costs of WBG power devices market are expected to restrain market growth during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.9 billion |
| Market Size in 2033 | $2.5 million |
| CAGR | 10.9% |
| No. of Pages in Report | 350 |
| Segments covered | Type, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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GaN-based power devices offer superior electrical properties compared to traditional silicon devices, including lower on-resistance and faster switching speeds. This results in higher efficiency and reduced power losses during operation. As energy efficiency becomes increasingly critical across various applications, from consumer electronics to industrial systems, the demand for GaN WBG power devices rises.
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Furthermore, GaN devices can operate at higher frequencies while maintaining efficiency, allowing for the design of smaller, lighter, and more compact power electronics systems. This is particularly advantageous in applications where space constraints are significant, such as in automotive electronics, aerospace systems, and portable consumer devices.
The demand for WBG power devices in consumer electronics is driven by their higher energy efficiency, faster charging capabilities, smaller form factor, improved thermal management, enhanced performance, integration with emerging technologies, sustainability benefits, and cost competitiveness. As consumer electronics continue to evolve and demand for more advanced features grows, WBG devices are poised to play an increasingly vital role in powering the next generation of electronic devices.
APAC countries are undergoing rapid industrialization and urbanization, driving the demand for energy-efficient and high-performance power electronics across various sectors such as manufacturing, automotive, and infrastructure development. WBG devices, with their superior efficiency and reliability, are well-suited to meeting the evolving energy needs of rapidly expanding industries in the region.
Furthermore, the Asia-Pacific region is home to some of the world's largest automotive markets, including China, Japan, and South Korea. With increasing concerns about air pollution and the need to reduce carbon emissions, automakers in the region are increasingly adopting electric and hybrid vehicles (EVs) , which rely heavily on WBG power devices for their traction inverters, onboard chargers, and DC-DC converters.
Additionally, governments across the Asia-Pacific region are implementing policies and initiatives to promote energy efficiency, reduce greenhouse gas emissions, and foster innovation in clean energy technologies. Incentives such as subsidies, tax breaks, and regulatory mandates for the adoption of energy-efficient technologies are driving the demand for WBG power devices in various applications, including renewable energy systems, smart grid infrastructure, and electric vehicles.
These factors altogether may lead the WBG power devices market to witness a significant growth in Asia-Pacific region.
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Leading Market Players: -
- Infineon Technologies AG
- ROHM CO., LTD.
- Mitsubishi Electric Corporation
- STMicroelectronics
- Fuji Electric Co., Ltd.
- TOSHIBA CORPORATION
- Microchip Technology Inc
- Cree LED
- GeneSiC
- GaN Systems
The report provides a detailed analysis of these key players in the global WBG power devices market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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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