Silicon Carbide Market Poised To Grow At An Impressive Cagr Of 11% Till 2031

Silicon Carbide

 

The global silicon carbide market is estimated to be valued at US$ 10.51 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period from 2024 to 2031. Silicon carbide, also known as carborundum, is a semiconductor material composed of silicon and carbon. It has high thermal conductivity, high electric field breakdown strength, high maximum current density and saturated electron drift velocity. These properties enable silicon carbide devices and components to operate at higher temperatures, voltages, frequencies and power levels than their silicon counterparts. With rising need for power electronic components that can withstand high temperatures, voltages and currents, silicon carbide has emerged as a superior material compared to silicon for applications such as power transistors, switches and diodes. The growing markets for electric vehicles, fast chargers and renewable energy are driving the demand for advanced silicon carbide power semiconductors.

Key Takeaways

Key players operating in the Silicon Carbide Market Share are Cree, Infineon Technologies, Rohm, STMicroelectronics, Toshiba, GaN Systems, Microsemi, GeneSiC Semiconductor, Monolith Semiconductor and United Silicon Carbide.

Silicon carbide devices offer better performance characteristics compared to silicon or gallium nitride. They enable minimizing power loss during energy conversion which provides opportunities for designing more energy-efficient power electronic systems. Rapid expansion of electric vehicles, fast charging infrastructure and renewable energy generation is creating a massive market for power devices based on silicon carbide.

Major players in the silicon carbide market are focusing on capacity expansion plans and strategic partnerships to strengthen their presence across global markets. They are also investing significantly in R&D to develop more advanced products tailored for applications in automotive, solar photovoltaic, telecommunications and industrial sectors. The growing global demand for electric vehicles and renewable energy is encouraging silicon carbide manufacturers to ramp up production and supply worldwide.

Market Drivers

Increased energy efficiency requirements from industrial and automotive sectors are propelling the adoption of silicon carbide semiconductors. Their ability to minimize heat generation and conduction losses enables developing more compact and highly efficient power electronics equipment. Stringent government regulations regarding fuel economy and green-house gas emissions are further augmenting the silicon carbide market.

Market Restrains

High production costs of silicon carbide wafers and devices compared to silicon or gallium nitride limit their widespread adoption. Maintaining consistent wafer quality also poses challenges during mass production. Requirements for special heat sinks for thermal management also increases overall costs. These factors could hamper the silicon carbide market growth to some extent during the forecast period.

Segment Analysis

The silicon carbide market can be segmented into green SiC and black SiC based on type. Green SiC dominates the silicon carbide market as it has better physical and chemical properties than black SiC. Green SiC has high purity levels and is ideal for semiconductor applications. Its wide bandgap property makes it suitable for high-power, high-frequency, and high-temperature applications.

The silicon carbide market can also be divided into silicon carbide bare dies, silicon carbide discrete devices, silicon carbide module devices sub-segments based on product form. The silicon carbide module devices sub-segment holds the largest share as module devices offer significant advantages over discrete devices including ease of use and improved efficiency. Their compact size and ability to withstand high voltages and currents have increased their use in power modules for electric vehicles, fast chargers, and industrial motor drives.

Global Analysis

The Asia Pacific region dominates the global silicon carbide market with a significant share and is expected to witness the fastest growth during the forecast period. This is attributed to the massive production of electric vehicles and increased investment in the energy infrastructure industry in countries such as China and India. China has been at the forefront to reduce carbon emissions by increasing the use of renewable energy sources as well as electric vehicles. This is likely to positively influence the demand for silicon carbide-based devices in the coming years.

North America is another major region for the silicon carbide market, driven by the presence of leading silicon carbide device manufacturers and government initiatives to develop electric vehicles and fast chargers. Countries such as the US and Canada have recently announced plans and incentives to promote electric mobility, which is expected to propel the regional silicon carbide market.

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