Wide Bandgap Semiconductor Market to Reach $5.4 Billion, Globally, by 2032 at 13.2% CAGR: Allied Market Research
Wilmington, Delaware, Dec. 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Wide Bandgap Semiconductor Market by Material (Silicon Carbide (SiC), Gallium Nitride (GaN), Diamond, and Others), by Industry Vertical (Consumer Electronics, Automotive, Aerospace and Defense, IT And Telecom, Energy and Utility, and Others)". According to the report, the global wide bandgap semiconductor market was valued at $1.6 billion in 2022 and is estimated to reach $5.4 billion by 2032, exhibiting a CAGR of 13.2% from 2023 to 2032.
- The positive pandemic impact for wide bandgap semiconductor was witnessed in the increased demand for power electronics components in consumer devices and research and development.
- In addition, the same segment is projected to manifest the highest CAGR of 13.84% from 2023 to 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.
- The growth is primarily attributed to the high need for consumer electronics in the wide bandgap semiconductor market.