Silicon Carbide Market worth $11.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 25, 2023 /PRNewswire/ -- The global silicon carbide market was valued at USD 1.8 billion in 2022 and is projected to reach USD 11.1 billion by 2028; registering a CAGR of 36.4% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for silicon carbide devices is attributed to benefits of silicon carbide over silicon, increasing use of SiC devices in power electronics, and higher mechanical, electrical, and thermal properties of SiC than regular silicon.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=439

Browse in-depth TOC on "Silicon Carbide Market" 

175 – Tables
62 – Figures
223 – Pages

Silicon Carbide Market Report Scope:

By Device: SiC module segment to propel market growth in the forecasted year.

The SiC module segment held the major market share of ~105% of the silicon carbide market in 2028.  SiC modules contain SiC MOSFETs and SiC diodes having voltage ratings of 1,200 V. These modules are used in DC–DC solar inverters. SiC modules improve the efficiency of the device, facilitating high-frequency operations above 100 kHz. Furthermore, its features such as reduced size and cost, increased switching frequency, and high switching speed are widely used in power supplies for photovoltaic (PV) power conditioners, industrial equipment, traction drives, and others. Additionally, in automotive applications, SiC modules ranging from 600 to 1,200 V are helpful, whereas for charging stations, 1,200 V SiC modules are considered, and for rails, 3,200 V SiC modules are used.

By Wafer size: up to 150 mm segment accounted for the largest share of the silicon carbide market in 2028

The up to 150 mm segment accounted for the largest market share of ~82% in 2028. Up to 150 mm SiC wafers are primarily used in optoelectronic devices, high-power devices, high-temperature devices, and high-frequency power devices. The small size of these wafers also results in high manufacturing costs; as a result, 2-inch wafers are costlier than other wafers in different size ranges and are almost eight times as costly as 6-inch wafers.

Various players in the ecosystem are adopting inorganic growth strategies to sustain their market position. For instance, in August 2022, Coherent Corp., a leader in wide-bandgap compound semiconductors, closed a contract worth USD 100 million to supply Dongguan Tianyu Semiconductor Technology Co., Ltd. (China) with 150 mm wafer substrates for power electronics.   

By End-use Application: In 2028, automotive segment accounted for the largest share of the silicon carbide market

Automotive segment accounted for the largest share of ~79% of the silicon carbide market, by end-use application, in 2028. SiC devices have significant applications in the automotive sector. Global emission regulation, governmental investments, and technological development are focusing on the transition to vehicle electrification. As heavy-duty vehicles used for mining, construction, and cargo supplies face electrification-related issues such as battery oriented and limited driving range. Here, silicon carbide devices provide the necessary level of power-conversion efficiency.

The electrification of vehicles is creating a huge potential for SiC devices in EVs. For level 3 charging performance from automotive, SiC infused digital controls provides the ideal solution.  This combination offers durability, reliability, and balances efficient, economic, and safe control methodology. Also, it ensures the stability of level 3 charging stations. Also, the electrification of the road transport is an necessary step towards achieving global carbon neutrality.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=439

Asia Pacific likely to hold the largest share of silicon carbide market during forecast period.

Asia Pacific accounted for the largest share of ~59% in the silicon carbide market in 2028. For power semiconductor devices, the growing number of SiC power applications creates huge revenue potential in this region. This attracts several industry players to mass-commercialize SiC power semiconductor devices for several power applications, which, in turn, is increasing the revenue of SiC market players within the region. Moreover, key players offering silicon carbide devices, such as ROHM Co., Ltd., Fuji Electric Co., Ltd., Renesas Electronics Corporation (Japan), Toshiba Corporation, and TanKeBlue Semiconductor Co. Ltd. (China), are based in this region. The market in this region is expected to grow at a significant pace, mainly led by the growing economies and an increasing number of small- and medium-scale businesses, along with mandatory regulations pertaining to digital transformation imposed by governments.

The silicon carbide market is dominated by a few globally established players such as STMicroelectronics N.V. (Switzerland); Infineon Technologies AG (Germany); WOLFSPEED, INC. (North Carolina); ON Semiconductor Corporation (Arizona); ROHM Co., Ltd. (Kyoto).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=439

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports:

Horticulture Lighting Market by Technology (Fluorescent, HID and LED), Application (Greenhouses, Vertical Farms, Indoor Farms), Cultivation, Lighting Type, Offering, Installation and Region (2022-2027)

Power Electronics Market by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace), and Geography - Global Forecast to 2026

Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025

Plasma Lighting Market by Component (Lightron, Waveguide, and Cavity Resonator), Application (Roadways, Streets, and Tunnels Industrial, and Horticulture), Wattage (300W, 700W, and 1,000W), and Geography - Global Forecast to 2024

Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based vertical farm and Shipping container-based vertical farm), Crop Type, Offering, & Region - Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/silicon-carbide-electronics-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/silicon-carbide.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg