Silicon Carbide Market

Increasing demand for power electronics in a variety of applications

The demand for silicon carbide (SiC) power electronics has continuously increased throughout the years. Power electronics are essential in many areas, including automotive, renewable energy, industrial, and consumer electronics. With its excellent qualities, silicon carbide has emerged as a popular material for power electronic devices, boosting demand for SiC-based power electronics. SiC is an excellent choice for efficient EV powertrains because of its exceptional features, such as high voltage handling, low power losses, and high-temperature operation. Similarly, the renewable energy sector has grown significantly, with solar and wind power installations expanding globally. Silicon carbide-based power electronics provide effective power conversion and management in renewable energy systems, resulting in increased energy efficiency and better grid integration.

Silicon Carbide Market Size

Report	Details
Market Size Value	USD 2.03 billion in 2024
Market Size Value	USD 10.3 billion by 2030
CAGR	31.7 %
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	The device, Wafer Size, End-use Application, and Region
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Middle East & Africa

The industrial sector is also adopting them for applications such as motor drives, UPS, and industrial automation because SiC-based power electronics provide improved efficiency and faster response times. Furthermore, the defense and aerospace industries require durable and high-performance power electronics, and SiC fits these criteria with its dependability, high-temperature resistance, and efficiency. The expansion of power infrastructure, such as smart grids and high-voltage transmission systems, boosts global demand for SiC-based power electronics even further. Governments all over the world are promoting energy-efficient technology, electric mobility, and renewable energy sources by offering incentives and subsidies for SiC-based power electronics. These factors contribute to rising global demand for SiC-based power electronics, resulting in increased SiC market size.

Major players in Silicon Carbide Market include STMicroelectronics N.V., Infineon Technologies AG, WOLFSPEED, INC., ON Semiconductor Corporation, ROHM Co., Ltd., Fuji Electric Co., Ltd., Toshiba Corporation, Hitachi Ltd., Microchip Technology Inc., TT Electronics, Vishay Intertechnology, Inc., WeEn Semiconductors, Coherent Corp. (II-VI Incorporated), and Semikron Danfoss.

Increasing demand for energy-efficient solutions

The growing demand for energy-efficient solutions has accelerated the usage of silicon carbide (SiC) across industries. SiC has emerged as a crucial actor in the development of energy-efficient devices and systems with an increasing emphasis on environmental sustainability and the need to reduce energy usage. Industries, governments, and consumers are all looking for ways to cut energy use and environmental effect. Silicon carbide is a great material for reaching energy efficiency goals due to its exceptional features such as high efficiency, high-temperature functioning, and good thermal conductivity.

SiC-based power electronics are transforming the electric vehicle (EV) business in the automotive sector. SiC devices have reduced power losses, faster switching rates, and higher thermal conductivity when compared to classic silicon-based devices. The implications lead to increased energy efficiency, longer driving ranges, and enhanced performance in EVs. Furthermore, SiC technology is significantly used in the integration of renewable energy systems such as solar and wind power. Power electronics based on SiC enable efficient power conversion and reduce energy losses during energy generation and distribution. Silicon carbide components' high thermal conductivity and temperature tolerance helps to improve system efficiency, dependability, and overall energy sustainability. As the global push for energy efficiency evolves, demand for SiC-based solutions is projected to rise across multiple industries.

Regional Insight

Asia Pacific is expected to register the highest CAGR during the forecast period. The growth of the market is attributed to the growing population and the increased emphasis of regional governments on the adoption of EVs. With a vast and quickly growing population, the region faces rising energy demands as well as a need for sustainable mobility options. As a result, governments have prioritized the promotion of electric mobility as a means of reducing traffic congestion and pollution. The Asia Pacific region's push for EV adoption has resulted in a boom in demand for SiC-based power electronics, which are critical for improving the performance and efficiency of electric vehicles. Regional governments have established advantageous policies including subsidies, tax breaks, and the creation of charging infrastructure to aid with this shift. Such efforts have been effective in pushing consumers to adopt EVs, hence increasing demand for SiC-based power electronics.

China, India, and Japan are significant participants in the Asia-Pacific region's growth and use of silicon carbide (SiC) technology. These countries have been aggressively investing in R&D and production capacity to capitalize on the advantages of SiC across a variety of industries. China has emerged as a major participant in the SiC market with large expenditures in SiC manufacturing skills. The Chinese government recognizes the strategic relevance of SiC technology and has put regulations in place to encourage its growth. China aspires to be the world leader in SiC production, meeting rising demand for SiC-based power devices, electric vehicles (EVs), and renewable energy systems.

India's demand for SiC technology is increasing due to a variety of factors, including ambitious ambitions to transition to electric vehicles and reduce reliance on fossil fuels. SiC technology is increasingly being used by Indian automakers to improve the performance and efficiency of electric vehicles. In addition, India is also working to expand its renewable energy production. Power electronics based on SiC play an important role in enhancing energy conversion efficiency and grid integration in solar and wind power systems.

Japan has a long history of SiC research and development, and it has consistently been at the forefront of SiC technology breakthroughs. Japan is a power electronics pioneer, and SiC technology aligns with its emphasis on energy efficiency and sustainability. SiC-based power devices are more efficient, smaller, and lighter than silicon-based devices. Japanese companies have been investing heavily in SiC technology for power electronics applications. 

The increasing emphasis on energy efficiency, government initiatives, and the use of SiC-based power electronics are propelling SiC growth in these countries. The SiC market in China, India, and Japan is likely to continue to expand further as demand for sustainable and energy-efficient solutions rises.

The Silicon Carbide Market research report provides an in-depth overview of the industry including market segmentation by Device, Wafer Size, End-use Application, and Region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players concerning each type of market, in-depth market share analysis with individual revenue, market shares, and top players’ rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, plans, and Silicon Carbide Market trends across the world. Also, it splits the market segmentation further to deep dive into research and reveals company profile and prospects.

Major Classifications are as follows:

• Device:
  • SiC Discrete Device
    • SiC Diode
    • SIC MOSFET
  • SiC Module
• Wafer Size:
  • Up to 150 MM
  • >150 MM
• End-use Application:
  • Automotive
  • Energy & Power
  • Industrial
  • Transportation
  • Telecommunications
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
      • UAE
      • Saudi Arabia
      • Israel
      • Rest of the Middle East
    • Africa
      • South Africa
      • Rest of Middle East & Africa      

Reason to purchase this Silicon Carbide Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global Silicon Carbide Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different Silicon Carbide Market segments in the top spending countries across the world and identify the opportunities each offers.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global Silicon Carbide Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Silicon Carbide Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Silicon Carbide Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.