The Silicon Carbide Global Market Report 2023 by The Business Research Company, provides silicon carbide market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Silicon Carbide Global Market Report 2023, the market size is expected to grow from $1.95 billion in 2022 to $2.31 billion in 2023 at a compound annual growth rate (CAGR) of 18.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global silicon carbide is expected to grow to $4.14 billion in 2027 at a CAGR of 15.6%.
Emerging demand for electric vehicles is significantly driving the growth of the silicon carbide market. Electric vehicles (EVs) use rechargeable batteries that produce very little noise and no exhaust, making them environmentally friendly. SiC is a semiconductor material used in electric vehicles because it has a higher thermal conductivity, can handle high voltages up to 1200 volts, and increases efficiency while lowering the vehicle’s weight and cost.
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The silicon carbide market is segmented:
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
Strategic partnerships and collaboration are shaping the silicon carbide market. Key players operating in the silicon carbide market are focusing on partnerships and collaborations to improve efficiency and cost savings, expand value propositions, and extend their growth in new areas to be a leader in the industry. For instance, in June 2020, Vitesco Technologies, a Germany-based company offering electric vehicles, signed a development partnership with ROHM Semiconductor, a Japan-based company that manufactures and designs semiconductors, integrated circuits (ICs), and other electronic components. Through this partnership, Vitesco Technologies increases the energy efficiency of electric vehicles using silicon carbide components from ROHM Semiconductor.
The silicon carbide market report table of contents includes:
1. Executive Summary
2. Silicon Carbide Market Characteristics
3. Silicon Carbide Market Trends And Strategies
4. Silicon Carbide Market – Macro Economic Scenario
4.1 COVID-19 Impact On Silicon Carbide Market
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26. Africa Silicon Carbide Market
27. Silicon Carbide Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Silicon Carbide Market
29. Silicon Carbide Market Future Outlook and Potential Analysis
30. Appendix
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