- The GaN and SiC power semiconductor market is experiencing robust growth as industries prioritize energy efficiency, high power density, and thermal management in advanced electronic systems
- Growing demand from electric vehicle (EV) and renewable energy segments is encouraging manufacturers to innovate with high-efficiency, durable, and high-frequency semiconductor solutions
- North America dominates the GaN and SiC power semiconductor market with a revenue share of 33% in 2024, driven by a mature automotive industry, significant investments in renewable energy, and strong semiconductor manufacturing capabilities
- Asia-Pacific is expected to be the fastest-growing region during the forecast period, fueled by rapid urbanization, increasing EV adoption, and rising demand for power electronics in countries such as China, Japan, and South Korea
- The Sic power module segment held the largest market revenue share of 45% in 2024, driven by its superior efficiency in high-power-density applications such as electric vehicles (EVs), renewable energy systems, and industrial equipment
