The Silicon Carbide (SiC) market size is expected to reach USD 10.91 Billion in 2030 and register a revenue CAGR of 16.2 % over the forecast period, according to the latest report by Reports and Data. Increasing demand for SiC devices in power electronics and reduction in the size of SiC-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 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 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 devices which helps to reach maximum efficiency and drive the growth of the market.
SiC 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-based power modules designed for hybrid and EVs. The benefit of SiC 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 silicon carbide hampers the growth of the market as SiC 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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The materials and chemical sector is significantly growing in terms of revenue and is expected to register rapid revenue growth during the forecast period. This can be attributed to the rising demand for raw materials and chemicals in various industrial sectors including biotechnology and pharmaceutical, paper and pulp, agriculture, medical and healthcare, and food and beverages among others. Other factors such as increasing awareness about energy efficiency and green energy, the rising need for reducing carbon emissions, and increasing research and development activities are expected to fuel the market growth during the forecast period. In addition, the high demand for organic products, the rapidly growing industrial sector, and building and construction activities around the globe are expected to drive global market growth going ahead.
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 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 Semiconductor Inc., ESD-SIC B.V., Entegris, Inc., Powerex Inc., and SEMI Co. Ltd.
SiC Market Segmentation:
Product Outlook (Revenue, USD Billion; 2019-2030)
- SiC
- Black Silicon Carbide
- Others
Device Outlook (Revenue, USD Billion; 2019-2030)
- SiC Discrete Device
- SiC Bare Die
- SiC 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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Key Regional Markets:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key questions addressed in the report:
- What was the market size of the global SiC markets in 2020?
- Which key factors are expected to drive global SiC markets during the forecast period?
- Which application segment is expected to register the fastest revenue CAGR over the forecast period?
- Which factors are expected to hamper global market growth between 2022 and 2030?
- Which regional market is expected to account for a significant revenue share in the global SiC markets over the forecast period?
- Which region is expected to register the fastest revenue CAGR over the forecast period?
- Which key players are operating in the global SiC markets?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
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