The global wide band gap semiconductors market is prognosticated to expand at a CAGR of 24.6% during the forecast period 2022-2031, according to an assessment by Transparency Market Research (TMR). Furthermore, the market for wide band gap semiconductors is expected to reach a value of US$ 9.5 Bn by the end of 2031.
With the surge in the understanding of environmental concerns, people from around the world are increasing the adoption of electric vehicles. This factor is leading to revenue-generation avenues in the global wide band gap semiconductors market, note researchers of a TMR study. This aside, the government authorities of several developed and developing nations around the world are taking initiatives in order to promote the adoption of electric vehicles. This factor, in turn, is bolstering the wide band gap semiconductors market.
The wide band gap semiconductors market in the Asia Pacific is projected to attract sizable avenues for growth during the forecast period. The Asia Pacific market growth is ascribed to several important factors including an increase in the use of energy-efficient semiconductor devices in varied end-use industries such as IT & telecoms, consumer electronics, and the automotive industry. Moreover, the rise in the use of mobile internet services, energy and utility devices and smartphones in the region and the presence of favourable government policies in the region is fueling the expansion of the Asia Pacific-wide band gap semiconductors market, state analysts at TMR.
Wide Band Gap Semiconductors Market: Key Findings
- Wide band gap semiconductors are gaining traction owing to their increased use in PV inverters, power supply systems, chargers and adapters, motor drives, SMPS, EV chargers, and numerous other industrial applications. Hence, a rise in product use across varied end-use industries is anticipated to fuel the market expansion during the forecast period. Moreover, the increase in wide band gap semiconductor applications across large, high-efficiency data centres is leading to profitable prospects in the market, note analysts at TMR.
- Due to the rise in the awareness about wide band gap semiconductor advantages, which include their compact size and reliability, there has been increase in their use in the manufacturing of power electronics components, notes a TMR study on the global wide band gap semiconductors market. This aside, some of the important advantages of wide band gap semiconductors include their ability to offer a high level of efficiency and work at higher voltages, temperatures, and switching frequencies than Si semiconductors. These advantages are boosting product demand across different end-use industries. This factor, in turn, is expected to result in the growth of the global wide band gap semiconductors market share during the forecast period, as per the study by TMR.
Wide Band Gap Semiconductors Market: Growth Boosters
- An increase in the utilization of wide band gap semiconductor materials across commercial as well as industrial applications is expected to help in the expansion of the wide band gap semiconductors market size
- The surge in the demand for electric vehicles across many developed and developing nations around the world is propelling the wide band gap semiconductors market
