Silicon Carbide Market was valued at US$ 2.33 Bn. in 2022 and it is expected to reach US$ 10.4 Bn. by 2029 is at a CAGR of 23.9% throughout the forecast period (2023-2029).
Silicon Carbide Market Overview:
The purpose of this study is to provide a thorough examination of the Silicon Carbide market by component, application, industry, and geography. The study goes into great detail on the primary factors influencing the Silicon Carbide market’s growth. The study also offers a comprehensive analysis of the market’s value chain.
Market Scope:
The research method used to assess and anticipate the Silicon Carbide market begins with secondary research using sources that collect revenue data from key suppliers. When calculating market segmentation, the vendor offerings are also considered. Using the bottom-up method, the whole size of the Silicon Carbide market was calculated using the revenue of significant enterprises.
Drivers:
Several important aspects are the main drivers of the silicon carbide market. First and foremost, one of the main drivers is the expanding demand for silicon carbide in the power electronics sector. Compared to conventional silicon-based semiconductors, silicon carbide-based semiconductors perform better, allowing for increased efficiency and power density in electronic devices. For instance, in April 2022, UnitedSiC, a producer of SiC power semiconductors, unveiled a new line of 650V SiC FETs that offer higher efficiency and power density for use in the powertrain of electric vehicles.
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Segmentation:
By Product Type
According to product type, the silicon carbide (SiC) market is divided into two distinct segments: Green SiC and Black SiC. Due to its extraordinary hardness and abrasive qualities, green SiC, which is made from silica sand and petroleum coke, has several uses in abrasive tools, grinding wheels, and refractory materials. However, due to its superior thermal conductivity and low thermal expansion, Black SiC, which is produced by smelting silica sand and petroleum coke, is frequently used in abrasive applications, refractories, and the metallurgical industry.
By Application
Based on application, the silicon carbide (SiC) market is divided into numerous important industries, including Power Electronics, Steel and Energy, Automotive, Aerospace and Defence, and others. Power Electronics is one of the most common application areas, and SiC-based power devices are becoming increasingly popular in this area. These technological wonders outperform conventional silicon-based semiconductors in terms of efficiency, thermal management, and power density. SiC-based power electronics are widely used in grid applications, renewable energy systems, industrial power supplies, and electric vehicles (EVs).
By Product Type
The power devices, RF devices, optoelectronic devices, power modules, and other market segments make up the silicon carbide (SiC) market. Among these, Power devices, which provide better performance than conventional silicon-based devices, have the biggest market share (at 40%). These SiC power components, such as diodes, MOSFETs, and IGBTs, are frequently utilised in power electronics applications for better system performance, more effective power conversion, and higher power densities. With a 15% market share, RF devices offer high power density and frequency operation for uses in satellite communication, wireless communication, and radar systems.
By Crystal size
The 4H-SiC and 6H-SiC crystal sizes are used to segment the silicon carbide (SiC) market based on how they affect the material’s characteristics and uses. For power electronic devices, RF devices, and LED lights, 4H-SiC, which has an excellent electrical profile and a hexagonal crystal structure, is a commonly utilised crystal size segment. Due to its excellent thermal conductivity, outstanding mechanical strength, and capacity to tolerate high temperatures, 4H-SiC is widely used in a variety of industries. The 6H-SiC crystal size segment, however, has a substantial amount of room for expansion. Due to its strong thermal conductivity, its hexagonal crystal structure is perfect for uses that call for superior heat dissipation. In the upcoming years, 6H-SiC is anticipated to experience significant growth as the demand for effective heat management and power electronics rises.
1. Silicon Carbide Market Size and Forecast, by Type (2022-2029)
1. Green SiC
2. Black SiC
3. Others
2. Silicon Carbide Market Size and Forecast, by Application (2022-2029)
1. Power Electronics
2. Steel and Energy
3. Automotive
4. Aerospace and Defense
5. Others
3. Silicon Carbide Market Size and Forecast, by Product Type (2022-2029)
1. Power Devices
2. RF Devices
3. Optoelectronic Devices
4. Power Modules
5. Other
4. Silicon Carbide Market Size and Forecast, by Crystal Type (2022-2029)
1. 4H-SiC
2. 6H-SiC
5. Silicon Carbide Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Key Players:
The major players covered in the Silicon Carbide market report are
1. Cree Inc.
2. Infineon Technologies AG
3. ROHM Semiconductor
4. STMicroelectronics N.V.
5. Toshiba Corporation
6. Renesas Electronics Corporation
7. ON Semiconductor Corporation
8. United Silicon Carbide Inc.
9. Mitsubishi Electric Corporation
10. GeneSiC Semiconductor Inc.
11. Monolith Semiconductor Inc.
12. WeEn Semiconductors
13. Norstel AB
14. Alpha and Omega Semiconductor
15. Littelfuse Inc.
16. Microsemi Corporation (Microchip Technology)
17. Ascatron AB
18. Powerex Inc.
19. Sumitomo Electric Industries Ltd.
20. Danfoss Group
21. General Electric Company
22. Rohm Co., Ltd.
23. AGSCO Corporation
24. Tianjin Tianzhi International Co., Ltd.
25. ESD-SIC BV
Regional Analysis:
Global, North America, Europe, Asia-Pacific, the Middle East, and Africa, and South America market share statistics are accessible individually. Analysts at Maximize evaluate competitive strengths and conduct competitive analysis for each competitor individually.
COVID-19 Impact Analysis on Market:
Aerospace and defence, agriculture, automobiles, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among other industries, have all been affected by the COVID-19 epidemic. COVID-19 has had an impact on the Silicon Carbide market in general, as well as the growth rate in 2019-2020, as the impact of COVID-19 spreads. Our most recent inquiry, opinions, and bits of knowledge on administration are critical to the businesses and associations in the Silicon Carbide industry, which is driving through the COVID-19 emergency to handle risk digitising jobs in order to convey trusted data and experiences to the CEOs.
Key Questions Answered in the Market Report are:
- Which segment grabbed the largest share in the market?
- How was the competitive scenario of the market in 2020?
- Which are the key factors responsible for the market growth?
- Which region held the maximum share in the market in 2020?
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