According to IHS Markit report, the emerging market for silicon carbide (SiC) and gallium nitride (GaN) power semiconductors is expected to reach nearly $1 billion in 2021, energised by demand from hybrid and electric vehicles, power supplies and photovoltaic (PV) inverters.
- Adoption of SiC and GaN power semiconductors in the main powertrain inverter in hybrid and electric vehicles will lead to revenue rising at a compound annual growth rate (CAGR) of over 35 percent after 2017, reaching $10 billion in 2027.
- By 2020, GaN-on-silicon (Si) transistors are expected to achieve price parity with silicon metal-oxide-semiconductor field-effect transistors (MOSFETs) and insulated-gate bipolar transistors (IGBTs), while also providing the same superior performance. Once this benchmark is reached, the GaN power market is expected to reach $600 million in 2024, and climb to over $1.7 billion in 2027.