News: Markets
6 November 2026
Wide-bandgap materials and devices market to grow at 10.5% CAGR from $11.24bn in 2026 to $16.75bn by 2030
The market for wide bandgap semiconductor materials and devices has grown at a compound annual growth rate (CAGR) of 10.9% from $10.14bn in 2025 to a projected $11.24bn by 2026, driven mainly by increasing demand for power electronics with enhanced efficiency, wider use of silicon carbide (SiC) materials, growing requirements for semiconductor devices capable of operating at high temperatures, the need for higher breakdown voltages, and the expansion of gallium nitride (GaN) device fabrication, according to The Business Research Company’s ‘Wide Bandgap Semiconductor Material And Devices Market Report 2026 – Market Size, Trends, And Global Forecast 2026–2035’.
“The wide-bandgap semiconductor material and devices market is gaining significant traction as technological advancements and growing demand for efficient power solutions drive its expansion,” says the report. “This sector is set to experience remarkable growth, shaped by innovations and rising adoption across various high-performance applications.”
Steady market expansion
The market is forecasted to grow at a 10.5% CAGR to $16.75bn by 2030, fueled by rising demand for next-generation power semiconductor devices and expanding use of wide-bandgap technologies in high-frequency applications. Additional factors include increasing needs for electronics with high power density, accelerated development of advanced GaN and SiC devices, and growing investments in manufacturing capacity. Key trends shaping the market landscape include wider adoption of GaN, increased deployment of SiC power devices, growing demand for semiconductor operation at higher temperatures, advancements in high-voltage wide-bandgap devices, and the integration of fast-switching semiconductor technologies.
Growing demand for EVs boosts market growth
One of the primary factors propelling the wide-bandgap semiconductor material and devices market is the increasing adoption of electric vehicles (EVs). Powered entirely or partly by electric motors and rechargeable batteries, EVs are becoming more popular due to government incentives and stricter emission regulations promoting cleaner transportation. Wide-bandgap semiconductor materials play a crucial role in EV powertrains and charging systems by enabling higher power efficiency, faster charging times, and better thermal management. For instance, in January 2024, Kelley Blue Book, a US-based Cox Automotive company, reported that in 2023 a record 1.2 million car buyers in the USA opted for EVs, rising to 7.6% of the overall US vehicle market, from 5.9% in 2022. This surge in EV adoption is a significant driver for the growth of the wide-bandgap semiconductor market.
Regional market dynamics
In 2025, North America held the largest share of the global wide-bandgap semiconductor material and devices market. However, the fastest growth is expected to occur in the Asia-Pacific region during the forecast period to 2035, concludes the report.
