By Li Panpan

(JW Insights) Jun 15 -- The fast-charging GaN power device market in China registered about RMB750 million ($104.80 million) in 2022 and will increase at an average annual compound growth rate of nearly 70% to reach more than RMB7 billion ($978.12 million) by 2026, said a JW Insights newly released report on key markets and development of the third generation semiconductor power devices.

The report analyzes the industry chain and market size of SiC and GaN and their applications in new energy vehicles, photovoltaics, industrial power supplies, and consumer electronics. And it elaborates on the global competition pattern of third-generation semiconductors, the latest developments in China, and investment trends.

SiC, which can improve efficiency and comfort and reduce device and car sizes, is seen as an important force in changing the market structure of new energy vehicles.

The global new energy vehicle power device market will reach RMB85 billion ($11.88 billion) by 2026, among which the SiC market will be close to RMB28 billion ($3.91 billion), with a penetration rate of over 30%, said the report.

SiC is also widely used in photovoltaics, industrial power supplies, and other fields.

Compared with SiC devices, GaN devices have a higher operating frequency. Driven by applications such as consumer electronics, communication/data center power supplies, and new energy vehicles, the GaN power device market is developing rapidly.

Chinese enterprises are strengthening their layout in Si-based GaN technology and applications.

As of the end of 2021, more than 190 Chinese companies have engaged in third-generation semiconductor power electronics and microwave radio frequency, covering materials, design, manufacturing, packaging, and testing to downstream applications, and forming a complete industry chain, said the report. The number of those companies in China was less than 100 in 2018.

JW Insights is the leading Chinese consulting service for the country's semiconductor and ICT industries. The detailed report is available on its official website and app in Chinese (https://laoyaoba.com/bookreport/nrp/61).