Ray Yang, Consulting Director of ITRI/ISTI, was invited to share his recent research at 16th International Microsystems, Packaging, Assembly and Circuits Technology conference (IMPACT 2021), about market trends and industry dynamics of wide-bandgap compound semiconductors, i.e. SiC-based and GaN as well as ultra-wide-bandgap like diamond-based semiconductors. In this presentation, Ray started with Taiwan IC industry updates together with an introduction of two new Taiwan Semiconductor Initiative, one of which is compound semiconductor. Then Ray talked about SiC and GaN devices' growing potential, and industry dynamics based on analysis of patent application activity of major players all over the world. Lastly, Ray concluded what should be paid attention in terms of strategy planning for existing players and new entrants.