Summary: The power semiconductor market is projected to reach $55 billion by 2028, driven by SiC and GaN adoption in EVs and renewable energy applications.
Power Semiconductor Market Overview
The global power semiconductor market is on track to reach US$55 billion by 2028, growing at a CAGR of 8.5% from current levels. Wide bandgap materials—silicon carbide (SiC) and gallium nitride (GaN)—are the primary growth drivers, with adoption accelerating in electric vehicles, renewable energy systems, and industrial power supplies.
SiC devices are gaining traction in EV inverters and onboard chargers, offering superior efficiency at high voltages. GaN is finding applications in fast chargers, data center power supplies, and 5G infrastructure. Together, SiC and GaN are expected to account for 35% of the power semiconductor market by 2028.
Asian manufacturers, particularly those in Japan, China, and Singapore, are investing heavily in wide bandgap semiconductor production capacity to capture this growing opportunity.
