Chemicals

5 Major Insights On The Silicon Carbide Market 2024

January 25, 2024January 29, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The silicon carbide market has experienced remarkable growth in recent years, and the trend is set to continue. In 2023, the market size reached $2.29 billion, and by 2024, it is projected to surge to $2.7 billion, showcasing a compound annual growth rate (CAGR) of 17.7%. This expansion is attributed to various factors, including the thriving electronics and semiconductor industry, applications in high-temperature and high-power scenarios, superior material properties of silicon carbide, and its adoption in automotive power electronics, renewable energy, military, and aerospace applications.

Rapid Growth on the Horizon: A Look at the Forecast

The future appears even more promising for the silicon carbide market. Forecasts predict a substantial leap in market size, reaching $5.05 billion by 2028, with a CAGR of 17.0%. This growth is anticipated due to the increasing production of electric vehicles, the utilization of wide bandgap semiconductors for energy efficiency, advancements in 5G communication and RF devices, and the expanding applications in solar inverters, power management, quantum technologies, superconductors, and industrial uses of SiC power devices.

Major Trends Shaping the Forecast Period

Several noteworthy trends are expected to shape the silicon carbide market in the forecast period. These include the emergence of SiC-on-insulator (SiCOI) technology for integrated circuits, the use of SiC substrates for high-power density applications, SiC-based optical devices and sensors, composite materials in aerospace, components for quantum computing, and SiC power modules for grid integration.

Consumer Electronics Driving Growth

One significant driver of this growth is the escalating demand for consumer electronics. Silicon carbide plays a crucial role in this sector due to its high-temperature resistance and efficient power management, enhancing the performance and durability of devices. The statistics speak volumes – in May 2023, electronic equipment production in Japan surpassed $52 billion, with consumer electronics contributing over $2 billion to this total. This surge in consumer electronics is undeniably fueling the expansion of the silicon carbide market.

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Companies at the Helm: Key Players in the Silicon Carbide Landscape

The silicon carbide market is populated by major players, including Infineon Technologies AG, Cree Inc., ROHM Co. Ltd., and many others. These companies are crucial contributors to the market’s growth, continually innovating to stay ahead. Notably, Infineon Technologies AG, a key player, has been focusing on developing advanced silicon carbide transistors, leveraging their potential in power electronics for efficient energy conversion in electric vehicles and renewable energy systems.

Innovations in Silicon Carbide Transistors: Gaining a Competitive Edge

In the pursuit of a competitive edge, major companies are investing in the development of advanced silicon carbide transistors. Toshiba Electronics Europe GmbH, for instance, introduced its third generation of silicon carbide (SiC) MOSFETs, tailored for high-power industrial applications such as power supplies, solar inverters, and UPS systems. These transistors bring improvements in reliability, high-temperature performance, rapid switching capabilities, and low on-resistance, surpassing traditional silicon power semiconductors.

Strategic Acquisitions: Shaping the Industry Landscape

Strategic acquisitions also play a role in shaping the silicon carbide market. In 2021, ON Semiconductor acquired GT Advanced Technologies Inc. for $415 million, bolstering ON Semiconductor’s presence in the sustainable ecosystem. This move aimed to enhance power switching devices for electric vehicles, EV charging, and energy infrastructure, meeting the rising consumer demand for SiC-based solutions.

Market Segmentation: Understanding the Dynamics

The silicon carbide market is diverse, segmented by product, device type, and application. Products include Black Silicon Carbide and Green Silicon Carbide, while device types comprise SiC Discrete Device and SiC Bare Die. Applications range from steel and automotive to aerospace, military and defense, electrical and electronics, healthcare, and other specialized uses.

Dominance in Asia-Pacific

Asia-Pacific emerged as the largest region in the silicon carbide market in 2023. The region’s dominance is attributed to various factors, including the thriving electronics industry, the surge in electric vehicle production, and the widespread adoption of silicon carbide in diverse applications.

View More On The Silicon Carbide Market Report 2024 – https://www.thebusinessresearchcompany.com/sample_request?id=5560&type=smp

The Silicon Carbide Global Market Report 2024 provides an in-depth analysis on the silicon carbide market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the silicon carbide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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