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The silicon carbide market size is estimated to grow by USD 7.17 billion, at a CAGR of 32.14% between 2023 and 2028. The market is experiencing robust growth driven by several key factors. SiC, a semiconductor formed by combining silicon and carbon, is pivotal in the aerospace sector due to its lightweight properties and high temperature resistance, meeting stringent industry demands. Furthermore, the escalating demand for power electronics, where SiC enhances efficiency and performance, contributes significantly to market expansion. Moreover, the burgeoning electric vehicle (EV) automotive industry relies on SiC for advanced power management systems, accelerating its adoption. This convergence of increasing aerospace demands, expanding power electronics applications, and the thriving EV market underscores SiC's pivotal role in shaping technological advancements globally. As innovation continues, SiC fibers are poised to play an increasingly crucial role in enhancing efficiency and sustainability across diverse industrial applications.
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The market is witnessing significant growth due to its increasing adoption in power electronics applications. SiC is a refractory material with excellent thermal and electrical properties, making it an ideal choice for power electronics, electrical infrastructure, and electronic devices. The SiC substrate, produced through epitaxy, is a key component in the manufacturing of SiC power devices, including IGBTs (Insulated Gate Bipolar Transistors) and MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors). SiC's ability to operate at high voltages and temperatures, combined with its low electrical loss, makes it a preferred material in power supplies, motor control circuits, inverters, and other power conversion applications. The automotive industry is a significant end-user of SiC in vehicles for motor drives and power supplies. The semiconductor sector also utilizes SiC substrates in consumer electronics and industrial applications. The steel industry, aluminum industry, and metal industry are also exploring SiC's potential in kilns, furnaces, and reactors for energy-efficient processes. Overall, the SiC market is expected to grow significantly due to its applications in power electronics, electrical infrastructure, and various industries.
The increase in demand for SiC fibers in the aerospace sector is a growing driver in the market for the semiconductor application market. SiC fibers possess advantageous properties of high heat resistance, chemical stability, high modulus, lightweight, and durability, among others. It is thus suitable for use in a number of applications related to the aeronautics industry, such as insulation against heat engines, nanotubes on turbines, ceramics matrix composite materials, CMCs, and substitute metal alloys. The use of SiC fibers in the aeronautics sector, with a steep drop in weight and an increase in fuel efficiency for aircraft engines, further benefits both the environment and the economic health of aviation manufacturers.
Moreover, composites like SiC fibers are frequently used in the aircraft manufacturing industry due to their advantageous properties like high strength. As a number of nations attempt to upgrade their defense fleets, there has also been an increase in the demand for aircraft materials over the past decade. Advanced materials like SiC fibers have benefited from increased defense spending. During the forecast period, these factors will contribute to the expansion of the market.
Power inverters for electric vehicles are a primary trend in the market. In order to effectively manage energy in electric vehicles, power inverters are crucial. Low energy losses can be saved and electric vehicle performance can be improved by the new generation of SiC-based automotive inverters and advanced semiconductor devices. Compared to conventional auto inverters, SiC Based Industrial Inverters benefit from superior temperature resistance, increased efficiency, and reduced size as well as a reduction in weight.
Moreover, the growing environmental concerns about petroleum-based air pollution from automobiles and increasing technological developments for alternate energy sources will drive the demand for SiC-based automotive inverters from the automobile industry for the development of electric vehicles and hybrid electric vehicles. This is expected to lead to growth in the global market growth and trends over the forecast period.
The high manufacturing and processing cost of SiC semiconductors is a major challenge faced by the market. When compared to conventional silicon-based semiconductors, the production costs of SiC semiconductors typically exceed those of the former. The focus market's overall cost is higher due to the high cost of SiC materials, processing technologies, and limited economies of scale.
As a result, SiC semiconductors are primarily utilized in EVs, where their distinctive properties justify their higher price. However, the global market's expansion during the forecast period may be hampered by this costly challenger.
The market share growth by the power electronics segment will be significant during the forecast period. Silicon carbide (SiC) is a material that is becoming increasingly popular in power electronics devices due to its superior performance in comparison to silicon-based devices. SiCs are the best energy sources for use in electrical vehicles, renewable energy systems, and high-power industrial equipment due to their higher efficiency, high power density, and temperature capability.
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The power electronics segment shows a gradual increase in the market share of USD 413.50 million in 2018. The market for SiC-driven power devices is forecast to grow quickly, as demand for higher performance and more energy-effective electronics remains strong. SiC-based devices are currently more expensive than silicon-based devices, but future cost reductions are anticipated as production techniques advance.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Due to the rapid growth of the electronics sector in developing countries (India and China) and the growing use of electric vehicles in China and India, APAC is anticipated to expand strongly over the forecast period. Japan intends to reach between 20% and 30% electric vehicle ownership by 2030. All of these factors contributed to an increase in the demand for electric vehicles, which is expected to drive growth in the regional market over the forecast period.
The market trends and analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BAE Systems Plc - The company offers silicon carbide for semiconductor applications such as SiC Trench MOSFETs, SiC SBDs
Fuji Electric Co. Ltd. - The company offers silicon carbide for semiconductor applications such as SiC Trench MOSFETs, and SiC SBDs.
II VI Inc. - The company offers silicon carbide for semiconductor applications such as Coherent SiC Substrates.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The Silicon Carbide (SiC) market is primarily driven by the increasing demand for power electronics in various applications, including electrical infrastructure, electronic devices, and transportation sectors. SiC substrates, produced through epitaxy, play a crucial role in the manufacturing of SiC power semiconductors, such as MOSFETs, which are known for their ability to handle high voltages, frequencies, and temperatures. SiC power devices, including converters, are essential for reducing energy dissipation and improving system efficiency in both Alternating Current (AC) and Direct Current (DC) applications. The SiC manufacturing process involves the growth of boules through the sublimation process, followed by device fabrication, which can be affected by defects such as scratches, micro pipes, crystalline stacking faults, stains, and surface particles.
Further, SiC device manufacturing is crucial for various industries, including automotive, robotics, and manufacturing facilities, where high power densities and efficiency are required. SiC power modules are increasingly used in electric vehicles, charging infrastructures, and renewable energy sources due to their ability to handle high voltages and elevated temperatures. In conclusion, the market is expected to grow significantly due to the increasing demand for power electronics in various industries and the advantages offered by SiC power semiconductors material in terms of system efficiency and power handling capabilities. However, challenges such as yield issues and the high cost of SiC wafers need to be addressed to fully realize the potential of this market.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 32.14% |
Market growth 2024-2028 |
USD 7.17 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
24.42 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, Taiwan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Allegro MicroSystems Inc., Asahi Kasei Corp., BAE Systems Plc, Fuji Electric Co. Ltd., II VI Inc., Infineon Technologies AG, Littelfuse Inc., Microchip Technology Inc., Mitsubishi Electric Corp., Navitas Semiconductor Inc., NXP Semiconductors NV, ON Semiconductor Corp., Qorvo Inc., Renesas Electronics Corp., ROHM Co. Ltd., STMicroelectronics International N.V., Toshiba Corp., TT Electronics Plc, and Wolfspeed Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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