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Silicon Carbide Global market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Silicon Carbide Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, September 12, 2024 /EINPresswire / -- The silicon carbide market has experienced robust growth in recent years, expanding from $2.29 billion in 2023 to $2.7 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to growth in the electronics and semiconductor industry, high-temperature and high-power applications, silicon carbide's superior material properties, adoption in automotive power electronics, renewable energy conversion and storage, military and aerospace applications.
Strong Future Growth Anticipated
The silicon carbide market is projected to continue its strong growth, reaching $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to expansion of electric vehicle production, wide bandgap semiconductors for energy efficiency, 5g communication and rf devices, solar inverters and power management, quantum technologies and superconductors, sic power devices for industrial applications.
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Growth Driver Of The Silicon Carbide Market
The increasing demand for consumer electronics is expected to propel the growth of the silicon carbide market going forward. Consumer electronics refers to electronic devices and gadgets designed for personal use, such as smartphones, laptops, televisions, and home appliances. Silicon carbide is employed in consumer electronics for its high-temperature resistance and efficient power management, enhancing device performance and durability.
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Major Players And Market Trends
Key players in the silicon carbide market include Infineon Technologies AG, Cree Inc., ROHM Co. Ltd., ESK-SIC GmbH, ESD-SIC BV, Grindwell Norton Limited, Entegris Inc., Saint-Gobain Ceramic Materials GmbH.
Major companies operating in the silicon carbide market are focused on developing advanced silicon carbide transistors to gain a competitive edge in the market. Advanced silicon carbide transistors enhance power electronics for efficient energy conversion in electric vehicles and renewable energy systems.
Segments:
1) By Product: Black Silicon Carbide, Green Silicon Carbide
2) By Device Type: SiC Discrete Device, SiC Bare Die
3) By Application: Steel, Automotive, Aerospace, Military And Defense, Electrical And Electronics, Healthcare, Other Applications
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the silicon carbide market in 2023. The regions covered in the silicon carbide market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Silicon Carbide Market Definition
The silicon carbide are hard and insoluble substances used as an abrasive and electrical resistor in high-temperature devices. Silicon carbide is a crystalline chemical compound of silicon and carbon produced synthetically in the form of SiC powder. It is suitable for high-power applications as it offers extreme chemical inertness, hardness, relatively low thermal expansion, high thermal conductivity, resistance to corrosion, and a high force-to-weight radius.
Silicon Carbide Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Silicon Carbide Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on silicon carbide market size, silicon carbide market drivers and trends, silicon carbide market major players, silicon carbide competitors' revenues, silicon carbide market positioning, and silicon carbide market growth across geographies. The silicon carbide market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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