India, May 14 -- In 2024, the global market size of Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors was estimated to be worth USD 4,419 million, and is forecast to reach approximately USD 23,270 million by 2031, with a CAGR of 29.3% during the forecast period 2025-2031.

Gallium nitride (GaN) and silicon carbide (SiC) power semiconductors market is driven by rising demand for compact, efficient, and heat-resilient power conversion across electric mobility, renewable energy connection, industrial automation, rail traction, UPS systems, and consumer electronics.

End users are shifting toward devices that reduce energy loss, improve switching performance, support higher operating temperatures, and simplify system design...