Silicon Carbide Semiconductor Market Trends

Global Silicon Carbide Semiconductor Market Overview

The silicon carbide semiconductor market Size was valued at USD 686.5 Million in 2022. The Silicon Carbide Semiconductor industry is projected to grow USD 4,701.1 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 21.35% during the forecast period (2023 - 2032). The silicon carbide semiconductor market is driven by several factors that contributes towards its rising demand from several industries.

Silicon carbide semiconductor possess superior power handling capabilities which makes it suitable for high power applications such as renewable energy systems, electric vehicle, and various industrial equipment. Moreover, the silicon carbide semiconductors can efficiently handle high temperatures and voltage and thus it is widely used un Medical Devices, Energy & Power, devices. The growing market of consumer Medical Devices, Energy & Power, is making the Medical Devices, Energy & Power, manufacturers to use high performance components such as silicon carbide semiconductor, in order to meet the changing needs of the markets.

Silicon carbide semiconductors are also crucial in renewable energy systems such as wind and solar power inverters. The growing emphasis on technological advancements will create high demand for this type of semiconductor as its excellent thermal performance and unique attributes will help in creating innovative electronic devices.

Silicon Carbide Semiconductor Market Trends

GROWING DEMAND OF SILICON CARBIDE SEMICONDUCTOR FROM SEMICONDUCTOR INDUSTRIES

Semiconductors have significant impact on the emerging technologies in a wide range of industrial sectors such as artificial intelligence, autonomous systems, and robotics, among others. The innovations in semiconductor can help unlock new technologies and thus the growth opportunity for silicon carbide semiconductors is very high. The increasing demand of silicon carbide in semiconductor is attributed to several factors. The silicon carbide semiconductors offer unique properties and advantages that helps in addressing various challenges faced by the traditional semiconductor.

Silicon carbide semiconductors exhibits wide bandgap which enables them to operate at high temperatures and voltages. This characteristic results in lower switching losses and improved power efficiency. In applications such as electric vehicles and aerospace where weight and size considerations are critical, the silicon carbide semiconductors offer substantial advantages, further enabling the development of energy efficient and high-performance systems.

In automotive power Medical Devices, Energy & Power,, industrial applications, and aerospace systems, where components may experience high temperatures, the silicon carbide semiconductor provides a reliable solution for maintaining efficiency. Moreover, the increasing focus of the industries on energy efficiency is propelling the demand for semiconductors that can deliver higher performance with reduced energy consumption.

Semiconductors are one of the crucial components used in various technologies. In electronic devices, semiconductors act as a building block and offer precise control over the electrical signals. Semiconductors provide energy efficient solutions for electronic devices. Their ability to switch between on and off states with the minimal power consumption is very important for enhancing the energy efficiency in numerous applications. The escalating demand for semiconductors for fulfilling the purposes of various industries is creating significant growth opportunities and need for highly efficient semiconductors and this factor is boosting the demand for silicon carbide semiconductors.

EXCELLENT PROPERTIES ASSOCIATED WITH SILICON CARBIDE SEMICONDUCTOR

Silicon carbide semiconductors possess exceptional properties that contributes to their widespread applications across several industries. These properties make silicon carbide semiconductors an excellent choice from various electronic devices and systems by offering numerous advantages. Silicon carbide has wide bandgap as compared to silicon, thereby making it suitable for high temperature, high power and high frequency applications. Silicon carbide semiconductors exhibits excellent thermal conductivity, and this property enables efficient heat dissipation, further reducing the risk of overheating in electronic components. The high mobility of electrons in silicon carbide semiconductors enables the electrons to move through the material more easily which results in faster electron speeds and improved device performance. The boosting market of silicon carbide semiconductors from Medical Devices, Energy & Power, sector is driven by its superior performance in terms of high frequency operation, power efficiency, and compact design.

The Medical Devices, Energy & Power, industry is witnessing substantial growth due to factors such as technological advancements, increasing demand for consumer Medical Devices, Energy & Power,, and the increased incorporation of electronic devices in various other industrial sectors. Rapid technological advancements are driving innovation in Medical Devices, Energy & Power, industry and the increasing focus on developing smaller, and more efficient components is leading to the creation of innovative products. Furthermore, the market of consumer Medical Devices, Energy & Power, is growing rapidly as consumers are looking for devices with advanced features and high efficiency, further encouraging the manufacturers to introduce new and upgraded electronic devices to meet the changing requirements of the consumers. According to India Brand Equity Foundation, the Medical Devices, Energy & Power, manufacturing saw an exponential growth in India to reach USD 67.3 billion in 2020-21 from USD 37.1 billion in 2015-16. Such surge in the Medical Devices, Energy & Power, industry is creating substantial opportunities for the growth of silicon carbide semiconductors market.

Silicon Carbide Semiconductor Market Segment Insights

Silicon Carbide Semiconductor Market By Application Insights

The Silicon Carbide Semiconductor Market has been segmented into Telecommunication (UPS), Solar Energy System, EV Charging, Industrial Drives, and others. In 2022, the EV Charging segment drove the silicon carbide semiconductor market by holding a substantial market share of 61.8% with a market value of USD 424.2 million. It is projected to register a CAGR of 21.78% during the projected timeframe.

Silicon Carbide Semiconductor Market by Component Insights

Based on Component, the Silicon carbide semiconductor market has been segmented into Schottky Diodes, FET/MOSFET Transistors, Integrated Circuits, Rectifiers/Diodes, Power Modules, and Others. In 2022, the FET/MOSFET Transistors drove the Silicon Carbide Semiconductor Market by holding a substantial market share of 35.8% with a market value of USD 245.6 million. It is projected to register a CAGR of 22.59% during the projected timeframe.

Silicon Carbide Semiconductor Market by End-Use Industry Insights

Based on End-Use industry, the Silicon carbide semiconductor market has been segmented into Automotives, Consumer Electronics, Aerospace & Defense, Medical Devices, Energy & Power, and Others. In 2022, the Consumer Electronics segment drove the Silicon Carbide Semiconductor Market by holding a substantial market share of 35.86% with a market value of USD 322.5 million. It is projected to register a CAGR of 22.14% during the projected timeframe.

Silicon Carbide Semiconductor Market Regional Insights

By region, the global market is segmented into North America, Europe, Rest of Latin America, Asia Pacific, Brazil & Argentina. Among these, the Asia Pacific emerged as the leading segment with a share of 53.5%. The segment is projected to reach a value of USD 365.2 million by the end of the forecast period. The Asia Pacific region witnessed the fastest segment with a healthy CAGR of 22.13%.

Silicon Carbide Semiconductor Key Market Players & Competitive Insights

The silicon carbide semiconductor market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. Intense competition, frequent changes in government policies, and regulations are key factors that impact market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. The vendors must provide cost-efficient and high-quality silicon carbide semiconductor to sustain their presence in an intensely competitive market environment. Rapid industrialization and economic growth globally are driving the demand for products made from silicon carbide semiconductor to meet specific industrial requirements. SiC semiconductors, with their high-frequency operation capability, are employed in radar and communication systems for signal processing and amplification.

Key Companies in the Silicon Carbide Semiconductor Market includes:

• ALLEGRO MICROSYSTEMS, INC


• Infineon Technologies AG


• ROHM Co., Ltd.


• STMicroelectronics N.V.


• ON SEMICONDUCTOR CORPORATION


• WOLFSPEED, INC.


• Gene Sic Semiconductor


• TT Electronics plc.


• Mitsubishi Electric Corporation


• Powerex Inc.


• Toshiba Corporation


• FUJI ELECTRIC CO., LTD.

Silicon Carbide Semiconductor Industry Developments

August 2023: Infineon to build the world’s largest 200-millimeter SiC Power Fab in Kulim, Malaysia, leading to total revenue potential of about seven billion euros by the end of the decade. Infineon will additionally invest up to five billion euros in Kulim during a second construction phase for Module Three. The investment will lead to an annual SiC revenue potential of about seven billion euros by the end of the decade, together with the planned 200-millimeter SiC conversion of Villach and Kulim.

May 2023: Infineon further diversifies its silicon carbide supplier base; new supplier agreement with SICC on wafers and boules. Under the agreement, SICC will supply the Germany-based semiconductor manufacturer with competitive and high-quality 150-millimeter wafers and boules for the manufacturing of SiC semiconductors, covering a double-digit share of the forecasted demand in the long term.

September 2022: Allegro MicroSystems Completes Acquisition of Heyday Integrated Circuits Heyday is a privately held company specializing in compact, fully integrated isolated gate drivers that enable energy conversion in high-voltage gallium nitride (GaN) and silicon carbide (SiC) wide-bandgap (WBG) semiconductor designs. This acquisition brings together Heyday’s isolated gate drivers and Allegro’s market leading isolated current sensors to enable some of the smallest high-voltage and high-efficiency power systems available on the market today. 

Silicon Carbide Semiconductor Segmentation

Silicon Carbide Semiconductor Type Outlook

• UPS


• Solar Energy System


• EV Charging


• Industrial Drives


• Others

Silicon Carbide Semiconductor Paints & Coatings Component Outlook

• Schottky Diodes


• FET/MOSFET Transistors


• Integrated Circuits


• Rectifiers/Diodes


• Power Modules


• Others

Silicon Carbide Semiconductor End-Use Industry Outlook

• Automotives


• Consumer Electronics


• Aerospace & Defense


• Medical Devices


• Energy & Power


• Others

Silicon Carbide Semiconductor Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • Italy
  
  
  • France
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  
  


• Latin America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of Latin America
  
  
  
  


• Middle East & Africa
  
  
  
  • GCC Countries
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa