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The silicon carbide market for semiconductor application market size is forecast to increase by USD 3.33 billion between 2022 and 2027, accelerating at a CAGR of 22.1%. In 2017, the US held the largest market share, projecting an annual revenue of USD 162.1 Billion. The report includes a comprehensive outlook on the Silicon Carbide Market for Semiconductor Application Market, offering forecasts for the industry segmented by Product which comprises Power electronics, Optoelectronic devices, and Frequency devices. Additionally, it categorizes Applications into (Automotive, Energy and power, Aerospace and defense, Data and communication devices, and Others and covers Geography regions, including APAC, North America, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2017 to 2021, and future projections, all presented in terms of value in (USD Billion) for each of the mentioned segments.
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The increase in demand for SiC fibers in the aerospace sector is a growing driver in the silicon carbide 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.
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 Silicon carbide market for applications in semiconductors.
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.
APAC is estimated to contribute 40% 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.
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The Silicon Carbide Market for Semiconductor Application Market is fragmented in nature. Some significant players include ABB Ltd. and Allegro MicroSystems Inc.,
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 NV, Toshiba Corp., TT Electronics Plc, and Wolfspeed Inc.
The silicon carbide market for semiconductor application market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
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Silicon Carbide Market For Semiconductor Application Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.1% |
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Market growth 2023-2027 |
USD 3.33 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
21.56 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
US, China, Japan, Taiwan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 NV, Toshiba Corp., TT Electronics Plc, and Wolfspeed Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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