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The silicon carbide market for semiconductor application market size is estimated to grow by USD 3,336.31 million at a Compound annual growth rate (CAGR) of 22.1% between 2022 and 2027. The growth of the market depends on several factors, including the increase in demand for SiC fibers in the aerospace sector, the increasing demand for power electronics, and the growing EV automotive industry. A semiconductor created by combining Silicon and carbon is called silicon carbide (SiC).
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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.
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 silicon carbide market for 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 343.46 million in 2017 and continued to grow by 2021. 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 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.
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 growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth 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 for semiconductor applications is witnessing exponential growth driven by the demand for Silicon Carbide (SiC) semiconductor devices with enhanced ON resistance, high temperature, high frequency, and high voltage performance. These devices find extensive use in electric vehicle charging infrastructure, converters, power supplies, battery chargers, and motor control systems, contributing to sustainability and electrification efforts.
Key components like Schottky Barrier Diodes, Metal–oxide–semiconductor field-effect transistors (MOSFETs), and Insulated Gate Bipolar Transistors (IGBTs), both N-type and P-type, utilize silicon carbide's exceptional properties such as thermal conductivity, wide band gap, and critical breakdown field. Moreover, the automotive segment, particularly IC automobiles, benefits from silicon carbide's energy efficiency in converters and chargers, further propelling market growth.
The market forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Silicon Carbide Market For Semiconductor Application Market Scope |
|
Market Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.1% |
Market growth 2023-2027 |
USD 3,336.31 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
21.56 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 40% |
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 NV, Toshiba Corp., TT Electronics Plc, and Wolfspeed Inc. |
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, and Market condition analysis for the forecast period. |
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
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