The WBG market is projected to grow from $1.8 billion in 2024 to $4.66 billion by the end of 2032, according to Verified Market Research.
The global wide bandgap (WBG) semiconductor market is poised for strong growth as demand rises for energy-efficient power devices across electric vehicles, renewable energy systems, fast chargers, data centers, and 5G infrastructure.
According to a new report from Verified Market Research, the market is projected to grow at a compound annual growth rate (CAGR) of 12.6% from 2026 to 2032, expanding from $1.80 billion in 2024 to $4.66 billion by the end of the forecast period.
Silicon carbide (SiC) and gallium nitride (GaN) devices are increasingly adopted for their higher switching speeds, lower power losses, and superior performance in high-voltage and high-temperature environments. The rapid adoption of electric vehicles remains a key growth driver, with automakers and charging infrastructure providers integrating WBG devices to improve efficiency, power density, and driving range. Rising investments in renewable energy, industrial automation, and data center efficiency further support market momentum.
However, high manufacturing costs, complex fabrication processes, and limited wafer availability continue to restrain mass adoption. Supply chain constraints and design complexity also pose challenges, shaping strategic sourcing, investment, and capacity expansion decisions across the semiconductor value chain.