SiC Power Semiconductor Market Summary
As per Market Research Future Analysis, the Global SiC Power Semiconductor Market was valued at USD 0.2 Billion in 2023 and is projected to reach USD 1.6 Billion by 2032, growing at a CAGR of 23.4% from 2024 to 2032. The market is driven by increased R&D activities, the rising penetration of electric vehicles (EVs), and advancements in SiC technology that enhance efficiency and reduce costs. The demand for SiC power semiconductors is particularly strong in the EV sector, where they are used in motors and charging systems due to their high efficiency and durability. The Asia-Pacific region is expected to dominate the market, supported by significant investments in manufacturing and development.
Key Market Trends & Highlights
Key trends driving the SiC power semiconductor market include the following:
- Market Size in 2023: USD 0.2 Billion; Projected Size by 2032: USD 1.6 Billion.
- CAGR from 2024 to 2032: 23.4%; driven by the rising adoption of electric vehicles.
- EV motor application segment generated the most income due to increased SiC adoption.
- Asia-Pacific region expected to dominate market growth due to leading market players and investments.
Market Size & Forecast
2023 Market Size | USD 0.2 Billion |
2024 Market Size | USD 0.3 Billion |
2032 Market Size | USD 1.6 Billion |
Major Players
WOLFSPEED, INC.; STMicroelectronics; ROHM CO., LTD.; Fuji Electric Co., Ltd.; Mitsubishi Electric Corporation; Texas Instruments Incorporated; Infineon Technologies AG.