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GaN & SiC Power Semiconductor Market Trends, Share, Growth Drivers and Forecast

The global GaN & SiC power semiconductor market size is projected to increase considerably over 2022-2032, due to the growing emphasis on the maintenance of rolling stocks worldwide.

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GaN & SiC Power Semiconductor Market Trends, Share, Growth Drivers and Forecast

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  1. GaN & SiC Power Semiconductor Market Trends, Share, Growth Drivers and Forecast 2032 Fuel Cell Market size worth $25.5bn by 2024

  2. KeyInsights from GaN & SiC Power Semiconductor Market: • The global GaN & SiC power semiconductor market size is projected to increase considerably over 2022-2032, due to the growing emphasis on the maintenance of rolling stocks worldwide. • For example, in April 2022, Alstom obtained an eight-year contract from Alpha Trains Group for the maintenance of 70 locomotives on the European corridor. Since rolling stocks are integrated with air conditioning equipment, auxiliary power supply units, propulsion systems, and other power electronics, the strong focus on vehicle maintenance is expected to augment GaN and SiC power semiconductor demand. • The popularity of electric vehicles has also been rising over the years. Based on statistics from the IEA, sales of electric cars reached 6.6 million in 2021, indicating a 3 times increase in market share from two years earlier. Global trends such as these are likely to fuel the adoption of SiC and GaN semiconductors for EV applications.

  3. Continued... • Growth Drivers: • Increased capabilities of SiC and GaN over silicon • High penetration of hybrid and electric vehicles • Rising adoption of power devices in renewable energy applications • Growing investment in research and development for Wide Band Gap Semiconductors • Increasing funding for infrastructure development and proliferation of 5G technology • The GaN & SiC power semiconductor industry is categorized based on product, application, and region. • In terms of product, the market value from the GaN power module segment reached over USD 30 million in 2022. The need for radio frequency in the semiconductor industry and the escalating consumption of electronics is likely to stimulate product demand.

  4. Browse key industry insights spread across 170 pages with 191 market data tables & figures from the report, “GaN & SiC Power Semiconductor Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/gan-and-sic-power-semiconductor-market Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/3375

  5. Continued... • In terms of application, the conveyer segment is projected to proliferate substantially attributed to the rise in demand for increased process availability and the expansion of optimized drives that offer unique starting & operating characteristics for high-performance conveyor belts. Meanwhile, the extruder segment is speculated to advance considerably by the end of the review years credited to the rising investments in metals & mining, oil & gas, and precision speed & torque control systems to fulfill the actual needs that will support the industry landscape. • Based on end-use, the marine segment is estimated to attain sizeable growth over the analysis timeline fueled by the high adoption of efficient technologies, such as medium voltage drive units to improve energy efficiency & reliability, minimized costs systems, decreased maintenance downtime, high performance, and low exhaust emissions, among other requirements, positively propelling the business environment.

  6. Continued... • From the regional outlook, the Japan medium voltage drives market is set to capture considerable market share by the end of the research duration driven by the commercial and industrial sectors' ongoing retrofitting projects along with increased efforts to maximize energy security. • Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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