(MENAFN- GetNews) Global Silicon Carbide Market Size, Trends & Growth Opportunity, By Wafer Size (2 inches, 4 inches and 6 inches and above), By Application, By Vertical, By Devices (SIC Discrete Device, and SIC Bare Die), By Region and Forecast till 2027
Global Silicon Carbide Market was valued at US$ 850.60 Mn in 2020 which expected to reach US$ 2,670.25 Mn by 2027, with a CAGR of 16.80 % from 2021-2027. Silicon carbide is a dark crystalline compound of silicon & carbon. Its chemical formula is SiC. Silicon Carbide is used as an abrasive & as a refractory and in electric resistors.
Market's growth is driven by the increase in demand for Silicon Carbide in steel industry. Silicon carbide (SiC) is used as a deoxidizing agent in the steel industry and it is essential raw material in refractories production. The refractories made of Silicon Carbide (SiC) exhibit high thermal conductivity which is ten times higher than fireclay refractories.
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The increase in demand from semiconductor industry is likely to remain key driving factor as the product improves efficiency, reduces form factor, and operates at high temperatures. The aforementioned properties of SiC semiconductors along with its advantages over silicon make it suitable in applications including, automotive & aerospace and defense industries. High temperature resistant materials are used in these industries, thus, there is increasing adoption of silicon carbide semiconductors in power electronics, which in turn is likely to fuel the global silicon carbide market growth throughout the forecast period.
The strategic initiatives adopted by the key players in the semiconductor industry are expected to play vital role in the growth of the silicon carbide market. For instance, in July 2021, Renesas' new R-Car Gen3e series upgrades the popular R-Car Gen3 for automotive infotainment, cockpit, and digital cluster. R-Car Gen3e in combination with a Renesas PMIC as“Winning Combo” enable to eliminate an external vehicle controller by activating the on-chip real-time CPU.
Qualiket Research has segmented the global Global Silicon Carbide Market based on Wafer Size, Application, Vertical, device and region
By Wafer Size
- 2 Inch
- 4 Inch
- 6 Inch and Above
- Power Grid Devices
- Flexible AC Transmission Systems (FACTs)
- High-Voltage, Direct Current Systems (HVCDs)
- Power Supplies and Inverters
- RF Devices & Cellular Base Stations
- Lighting Control Systems
- Industrial Motor Drives
- Flame Detectors
- EV Motor Drives
- EV Charging Stations
- Electronic Combat Systems
- Wind Turbine
- Solar Power Systems
- Energy & Power
- Renewable Power Generation
- Power Electronics
- SIC Discrete Device
- SIC Diode
- SIC MOSFET
- SIC Module
- SIC Bare Die
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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List of Key Players Global Silicon Carbide Market
- Infineon Technologies AG
- CREE, INC.
- ROHM Co., Ltd.
- STMicroelectronics N.V.
- Fuji Electric Co., Ltd.
- ON Semiconductor
- General Electric Company
- Toshiba Corporation
- Renesas Electronics Corporation
- Microchip Technology Incorporated
Key Insights & Findings:
- In the Application segment Power Supplies and Inverters is expected to dominate the Silicon Carbide Market throughout the forecast period.
- Power Supplies and Inverters held the largest share of silicon carbide market in 2020.
- The dominance of the Power Supplies and Inverters segment is attributed to the increase in demand for highly efficient and stable power supplies.
- The North America region is expected to grow at significant growth rate, due to the increase in the electronics and electrical manufacturing in the region.
- Growing penetration of electric vehicles is expected to create various opportunities for the growth of the silicon carbide market.
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