📊Executive Summary

The article discusses the significant growth projected for the power semiconductor market in the United States, driven by the adoption of silicon carbide (SiC) and gallium nitride (GaN) technologies. The market is expected to grow from $56.2 billion in 2022 to $171.7 billion by 2031, with a CAGR of 15%. Recent developments include U.S. chipmakers expanding fabrication capacity for next-gen power semiconductors to support electric vehicles (EVs) and renewable energy initiatives. Partnerships between semiconductor firms and automotive OEMs are forming to co-develop SiC and GaN devices, indicating a strategic shift towards advanced power electronics. Federal initiatives are also accelerating investments in domestic semiconductor manufacturing, reducing reliance on overseas supply chains....