The abbreviation used for Wide Band Gap (Wbg) Semiconductors is WBGSs. The Wide Band Gap (Wbg) semiconductor materials have relatively large energy or band gap compared to conventional semiconductors. The Wide Band Gap (Wbg) Semiconductors have energy gaps between 2-4 electron Volts. Compared to conventional semiconductors, WBGSs can operate at high voltages, frequencies and temperatures. They are widely used in manufacturing lasers and radio frequency applications such as military radars.
The increasing demand for electric vehicles and inverters is expected to propel growth of the Wide Band Gap (Wbg) Semiconductors market during the forecast period
In recent years, demand for electric vehicles has increased significantly across the globe. This is majorly attributed to relatively low operating cost of electric vehicles than conventional internal combustion engine vehicles. Moreover, governments are offering subsidies to electric vehicle buyers with the aim of reducing air pollution level. These government subsidies are expected to shift the consumer preference from conventional Internal Combustion engine vehicles to electric vehicles. The pollution caused by the internal combustion engine vehicles is one of the major factors for air pollution in metro politician cities. For instance, in June 2020, the government of Germany increased the subsidy on electric vehicles from US$ 3,565 to US$ 7,130. Moreover, in India, the Delhi state government also announced a subsidy of about US$ 67 per Kwh of the vehicle battery capacity in December 2019. According to Coherent Market Insights’ analysis done in 2019, Delhi, a city in India, had the highest air pollution levels in the country.
Wide Band Gap (Wbg) Semiconductors are used in charging electric or hybrid vehicles. According to Coherent Market Insights’ analysis, in 2019, 3,350,561 units of electric vehicles were sold in 2019 across the globe and electric vehicle market is expected to show a significant growth during the forecast period. As a result of the rapidly increasing demand for electric vehicles, the Wide Band Gap (Wbg) Semiconductors market is expected to witness significant growth during forecast period.
Regional Analysis of the Wide Band Gap (Wbg) Semiconductor Market
On the basis of region, the global Wide Band Gap (Wbg) Semiconductor market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. In 2019, North America was the dominant region in the Wide Band Gap (Wbg) Semiconductor market with 34.7% market share and is expected to retain its dominance during the forecast period owing to product development by key vendors in region. For instance, in March 2019, Semiconductor Components Industries, LLC launched the SiC (silicon carbide) MOSFETs device. The wide band semiconductor material silicon carbide is used in MOSFET so that it can operate at high voltages. MOSFET can be used in electric vehicles for onboard charging.
Wide Band Gap (Wbg) Semiconductor Market - Impact of Coronavirus (Covid-19) Pandemic :
The COVID-19 pandemic has hampered growth of several economies of countries across the globe. According to data published by the International Monetary Fund Analysis, the global economy is expected to witness a 3% decline over the course of 2020 compared to 2019. Along with the GDP, the dispensing power of individuals across the globe is expected to decrease during 2020. As a result, demand for consumer electronics and electric vehicles is also expected decline during 2020.
High cost of Wide Band Gap (Wbg) Semiconductor is expected to hamper the market growth during the forecast period
Wide Band Gap (Wbg) Semiconductor materials are costly and therefore increase the overall cost of electronics. According to Coherent Market Insight’s study, factors such as cost and availability of raw materials required for the manufacturing Wide Band Gap (Wbg) Semiconductors is expected to restrain the Global Wide Band Gap (Wbg) Semiconductor Market growth during the forecast period.
Key players operating in the Wide Band Gap (Wbg) Semiconductor market include Mersen S.A., Everlight Electronics Co, Avogy, Inc., Toshiba Corporation, Fujitsu Limited, GaN Systems Inc., NXP Semiconductors N.V., Cree Inc, Semiconductor Components Industries, LLC, Efficient Power Conversion Corporation, and Renesas Electronics Corporation.
Global Wide Band Gap (WBG) Semiconductor Market: Taxonomy