The Silicon Carbide (SiC) market size is expected to reach USD 7.79 Billion in 2030 and register revenue CAGR of 11.4% over the forecast period, according to the latest report by Reports and Data. Increasing demand for SiC Power Semiconductor devices in power electronics and reduction in the size of SiC Power Semiconductor-enabled devices are the key factors driving market revenue growth over the forecast period.
Increasing demand for a cleaner environment, reduction in global warming, and the reduction of dependency on fossil fuels increase demand for hybrid and electric vehicles offering superior fuel efficiency, less emission, and can be digitally well-connected than the traditional vehicles. Demand for SiC Power Semiconductor devices increases with the surge of demand for electric vehicles (EVs) as they are capable of increasing the efficiency and range of EVs and reducing the weight and size, thus increasing the overall power density of vehicle electronics. The SiC Power Semiconductor devices are increasingly used in high voltage power converters and their higher thermal conductivity makes them ideal for use in high temperatures with significantly lower on-state resistance and switching losses, thus allowing faster heat dissipation. Furthermore, the energy conversion requirement of EVs is optimally fulfilled by SiC Power Semiconductor devices which helps to reach maximum efficiency and drive the growth of the market.
SiC Power Semiconductor semiconductors, capable of operating at high temperatures are perfect for applications such as onboard charging and inverters used in the case of electric and hybrid vehicles for rapid charging solutions. They ensure that EVs can operate long distances and get charged within a reasonable timeframe with the highest efficiency. In addition, support and initiative from governments of various countries help in the development and improvement of this critical technology. For instance, in April 2019, the University of Arkansas received a USD 1.5 Million grant from the US Department of Energy, as an aid for the development of next-generation SiC Power Semiconductor-based power modules designed for hybrid and EVs. The benefit of SiC Power Semiconductor semiconductors is that it enhances the overall efficiency of EVs by increasing range and reducing the amount of time for getting recharged, which is expected to drive the growth of the market over the forecast period.
However, the high material and fabrication cost of SiC Power Semiconductor hampers the growth of the market as SiC Power Semiconductor is manufactured in elevated temperature conditions which makes it costlier than raw silicon material. In addition, the use of gallium nitride as an alternative compound bearing similar properties of bandwidth, energy efficiency, high-temperature sustainability, etc. further hampers the growth of the market during the forecast period.
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Competitive Landscape:
The report offers detailed information about recent activities by market players along with their financial status, market position, global standing, services, and product base along with license agreement. These key players are adopting various strategies such as partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market. These players are also investing in research and development activities to come up with advanced materials and products. the leading companies operating in the global SiC Power Semiconductor markets include STMicroelectronics N.V., Infineon Technologies AG, Rohm Co Ltd, Wolfspeed, , ON SemiconductorCorporation, Fuji Electric Co., Ltd., Renesas Electronics Corporation, Microchip Technology Inc., Toshiba Corporation, General Electric Company, GeneSiC Power Semiconductor Semiconductor Inc., ESD-SIC POWER SEMICONDUCTOR B.V., Entegris, Inc., Powerex Inc., and SEMI Co. Ltd.
SiC Power Semiconductor Market Segmentation:
Product Outlook (Revenue, USD Billion; 2019-2030)
- SiC Power Semiconductor
- Black SiC Power Semiconductor
- Others
Device Outlook (Revenue, USD Billion; 2019-2030)
- SiC Power Semiconductor Discrete Device
- SiC Power Semiconductor Bare Die
- SiC Power Semiconductor Module
Wafer Size Outlook (Revenue, USD Billion; 2019-2030)
- 2 Inch
- 4 Inch
- 6 Inches and above.
Application Outlook (Revenue, USD Billion; 2019-2030)
- Power Grid Devices
- High Voltage Direct Current System
- Power Supplies Invertor
- EV Charging Station
- RF Devices and Cellular Base Station
- Flexible AC Transmission System
- Industrial Motor Drives
- Lighting Control Systems
- Solar Power Systems
- Wind Energy
- Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Steel
- Automotive
- Energy and Power
- Electrical and Electronics
- Defense and Aerospace
- Others
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Some Key Highlights in the Report
- The black silicon carbide segment is expected to account for the largest market share over the forecast period owing to its applications such as grinding and polishing titanium alloys, stainless steel, jewelry, etc. for its high strength and low density. In addition, as an excellent deoxidizer, it helps in maintaining the composition and quality of steel during manufacturing and processing, which drives the growth of the segment.
- The automotive segment is expected to account for the largest market revenue share during the forecast period owing to the growing popularity and increase in demand for electrical vehicles worldwide and the application of SiC Power Semiconductor power electronics devices with high temperature bearing capacity, which significantly increases the range an EV can travel. Furthermore, demand for a clean environment with low emissions of carbon dioxide across the world is expected to drive the growth of the segment.
Key Points Illustrated in the Regional Analysis:
- Regional contribution to the overall market revenue
- Forecast revenue share of each regional market
- Vital information and data related to the production and consumption rates in all the regions
- Factors driving the regional market growth over the forecast period
- Leading products and application segments in each regional market
- Presence of key market competitors in each of these regions
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