The Silicon Carbide (SiC) market size is expected to reach USD 10.91 Billion in 2030 and register 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 size of SiC-enabled devices are the key factors driving market revenue growth over the forecast period.
Increasing demand for 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 growth of the market.
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Some major companies operating in the global market 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 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 highest efficiency. In addition, support and initiative from governments of various countries help in 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 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, is expected to drive growth of the market over the forecast period.
However, the high material and fabrication cost of silicon carbide hampers 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 growth of the market during the forecast period.
Some Key Highlights in the Report
- Black silicon carbide segment is expected to account for 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 composition and quality of steel during manufacturing and processing, which drives growth of the segment.
- Automotive segment is expected to account for largest market revenue share during the forecast period owing to growing popularity and increase in demand for electrical vehicles worldwide and the application of SiC 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 emission of carbon dioxide across the world is expected to drive growth of the segment.
- Asia Pacific is expected to account for largest market share during the forecast period owing to increase in demand for SiC devices for advanced and latest technologies across various sectors such as power, electronics, automotive, defense, renewable energy, and others in the region. In addition, rise in infrastructural development leads to increase in demand for steel, which consequently increases demand for SiC, which is a raw material for the refractories and acts as a deoxidizing agent in the manufacture of steel. Furthermore, the region is the world's largest market for semiconductors, which further drives growth of the market in the region.
- In February 2022, Infineon Technologies AG announced the launch of power semiconductors with CoolSiC MOSFET and XT technology in XHP 2 package for rail services with an increase in energy efficiency and focus on green mobility. This will help to maintain the trend of reduction of dependency on fossil fuels, with eco-friendly electric solutions.
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For this report, Reports and Data has segmented silicon carbide market based on product, device, wafer size, application, end-use, and region.
Product Outlook (Revenue, USD Billion; 2019-2030)
- Green Silicon Carbide
- Black Silicon Carbide
- Others
Device Outlook (Revenue, USD Billion; 2019-2030)
- SiC Discrete Device
- SiC Diode
- Sic MOSFET
- SiC Bare Die
- SiC Module
Wafer Size Outlook (Revenue, USD Billion; 2019-2030)
- 2 Inch
- 4 Inch
- 6 Inch 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
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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