According to a report by Fact.MR, the global SiC (Silicon Carbide) and GaN (Gallium Nitride) power semiconductor market is projected to grow from $1.41 billion in 2024 to $11.08 billion by 2034, at a compound annual growth rate (CAGR) of 22.9%. These semiconductors are highly suitable for high-temperature and high-frequency applications, making them widely used in automotive, renewable energy, industrial, and consumer electronics sectors.