LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global wide-bandgap power (WBG) semiconductor devices market to grow at a CAGR of almost 38% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global wide-bandgap power semiconductor devices market for 2017-2021. The market is segmented on the application (PFC, industrial motor drives, renewable energy, automotive, and UPS) and by type (SiC and GaN). The market is further segmented by geography, including APAC, EMEA, and the Americas.
The market will witness a high year-over-year (YoY) growth rate mainly due to the predicted mass production of silicon carbide (SiC) products by 2018. However, after 2018, the market will see an even greater growth rate due to the high adoption of gallium nitride (GaN) based power devices by a wider customer base. The demand in the market is due to the possible performance benefits in applications with the use of WBG power devices.
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Technavio hardware and semiconductors research analysts highlight the following three factors that are contributing to the growth of the global wide-bandgap power semiconductor devices market:
- Increased use of renewable energy sources
- Growing demand for high power density
- Rise in demand for energy-efficient electronic products
Increased use of renewable energy sources
The global demand for renewable energy sources will fuel the growth of the WBG power semiconductor devices market. Renewable energy is expected to produce more than one-fourth of the global gross power generation during 2016-2021. Governments across different countries are including renewable energy in their long-term strategies for development.
Sunil Kumar Singh, a lead semiconductors equipment research analyst at Technavio, says, “Renewable sources of energy, such as wind energy and solar power, will benefit from the use of WBG power devices. These resources require high-power devices with greater efficiency, which can be delivered by WBG power devices. The use of WBG devices in renewable sources will not only increase efficiency but also provide improved switching frequency by more than twice.”
Growing demand for high power density
The increase in demand for high production capacity using less equipment requires more functionalities to be added to the equipment. As a result, the equipment requires more power density to operate. Thus, the demand for high power solutions across the globe is increasing and driving the requirement for WBG power semiconductor devices. Since WBG power devices can operate in an environment of up to more than 400 degree Celsius, they have the potential to make high-power applications more optimum.
“WBG power devices, especially SiC, will be an ideal choice for high power applications due to its high thermal conductivity. WBG devices are expected to reduce power losses by 90% during the conversion of AC to DC current and vice versa. This technology will enable devices to operate at high temperatures and voltages with higher frequencies after a reduction in their size and weight,” adds Sunil.
Rise in demand for energy-efficient electronic products
Governments across different countries are deploying policies such as energy performance labels, general awareness programs, and energy performance standards to ensure environmental safety, reduce consumption of energy, and lower utility bills for consumers. These policies and the rise in the costs of energy has compelled manufacturers to take measures to develop energy-efficient products.
The efficient use of energy is a crucial approach to achieve sustainable growth in the society by minimizing carbon emissions that come with reducing electrical consumption in areas such as transportation, household appliances, and industrial equipment. The electrical efficiency of products is expected to cut down power bills by approximately one fifth. These factors will drive the demand for WBG power semiconductor devices during the forecast period.
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