SiC Power Market Expected to Witness a Sustainable Growth Over 2030

  • SiC (Silicon Carbide) is a semiconductor material made up of a combination of silicon and carbon.
  • SiC has several characteristics such as higher breakdown electric field strength, lower thermal expansion, wider band gap, and high resistance to a chemical reaction.
  • SiC power finds extensive application in power grid devices, flexible AC transmission systems, high-voltage, direct current systems, power supplies and inverters, RF devices & cellular base stations, lighting control systems, electronic combat systems, EV motors, wind turbines, solar power systems, and others

Rise in Demand for 4 Inch Wafer Size

  • The 4 inch wafer size segment is likely to be the fastest growing segment and hold dominant share of the global SiC power market during the forecast period.
  • 4 inch silicon carbide wafers are used in various devices such as optoelectronics devices, high power devices, high-temperature devices, and high-frequency power devices, which boosts the demand for 4 inch wafer size in the market.
  • The EV motors application segment holds second largest share of the global SiC power market due to the increasing use of silicon carbide-based semiconductor device implementation in industrial and commercial motor drives, electro-mechanical computing systems, and high-temperature sensors.
  • In February 2024, Infineon Technologies AG launched CoolSiC MOSFETs with 650 V. The company aims to meet the growing demand for energy efficiency, power density, and robustness in a wide range of applications.
  • In January 2024, STMicroelectronics signed a contract with SiCrystal, a ROHM Group company. Under this contract, the company has to supply SiC wafers to SiCrystal.

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  • Some of the restraints of the SiC power market are a decrease in demand from end-users, shortage of raw materials, and disruptions in the supply chain due to COVID-19.

Asia Pacific to Lead the SiC Power Market

  • In terms of region, the global SiC power market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • Asia Pacific is expected to witness the fastest growth in the SiC power market during the forecast period due to increasing demand from countries such as Japan, China, Taiwan, Indonesia, South Korea, and India.
  • Asia Pacific is the largest producer and consumer of consumer electronics due to which demand for SiC power is rapidly increasing in the APAC region.
  • Furthermore, the region is one of the significant automotive and EV markets around the world. China has the largest market of electric vehicles, which also propels the growth of the SiC power market.
  • North America holds the second largest share of the SiC power market due to initiatives taken by several governments in the North America region to promote the use of electric vehicles.
  • The SiC power market in Europe is expected to expand at a substantial rate during the forecast period due to the rising demand for SiC power. On the other hand, the market in Middle East & Africa, and South America is estimated to expand at a moderate pace during the forecast period.

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Key Players Operating in the Global SiC Power Market

The global SiC power market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancements and expansions to meet the rising demand for SiC power. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.