Rockville , May 18, 2023 (GLOBE NEWSWIRE) -- The global silicon carbide market is expected to witness a CAGR of 16% and is forecasted to reach a value of US $ 19 Bn by the end of 2033.
Silicon Carbide is used in EV power electronics due to its high thermal conductivity and ability to handle high voltages. As the demand for electric vehicles continues to rise, the need for SiC-based components like power modules and inverters increases, driving the market for Silicon Carbide. Silicon Carbide is utilized in renewable energy applications such as solar inverters, wind power systems, and energy storage systems. Due to the increase in reliability of electric vehicles, the demand for SiC-based power electronics and semiconductors for efficient energy conversion and control is expected to grow.
Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=4581
Silicon Carbide has excellent mechanical properties, high thermal conductivity, and resistance to extreme temperatures, making it suitable for various industrial applications. It is used in manufacturing processes such as metalworking, ceramics production, abrasives, refractories, and cutting tools, driving the demand for Silicon Carbide.
SiC-based power electronics offer advantages over traditional silicon-based devices, including higher efficiency, faster switching speeds, and better thermal management. This makes them desirable for applications such as power supplies, industrial drives, and electric grids. The demand for high-performance power electronics drives the growth of the Silicon Carbide market.
The modernization and expansion of electric grids require advanced power transmission and distribution systems. Silicon Carbide plays a crucial role in grid infrastructure, offering improved efficiency and reduced power losses in high-voltage applications.
Silicon Carbide semiconductors enable improved energy efficiency across various sectors, including automotive, industrial, and consumer electronics. They help reduce power losses and enable higher operating temperatures, leading to enhanced overall system efficiency.
Market Restraints
- Silicon Carbide-based products, such as power electronics and semiconductors, often require significant upfront investment due to the complex manufacturing processes and specialized equipment involved. This high initial investment can act as a barrier to entry for some manufacturers and limit market growth.
- While Silicon Carbide offers numerous benefits, including higher efficiency and better performance, it is generally more expensive than traditional silicon-based materials. The higher cost of SiC-based products can restrict their adoption, particularly in cost-sensitive applications or industries with limited budgets.
- The production capacity of Silicon Carbide is currently limited compared to silicon-based materials. As a result, meeting the growing demand for SiC-based products, especially in high-volume applications like electric vehicles, can be challenging.
Key Companies Profiled in This Report
- Saint Gobain Ceramics Materials GmbH
- Pacific Rundum
- Norstel AB
- Grindwell Norton Ltd
- Gaddis Engineered Materials
- Imerys
- Tokai Carbon Co., Ltd.
- Morgan Advanced Materials
- Navarro SIC
Get Customization on this Report for Specific Research Solution-
https://www.factmr.com/connectus/sample?flag=RC&rep_id=4581
Key Trends:
- The rising demand for electric vehicles is a major trend driving the Silicon Carbide market. SiC-based power electronics and semiconductors are widely used in EVs for their ability to handle high voltages, high-temperature capabilities, and high-efficiency characteristics. As the EV market continues to expand globally, the demand for Silicon Carbide components in EV powertrains is expected to grow significantly.
- The renewable energy sector is witnessing significant growth, and Silicon Carbide plays a crucial role in enhancing the efficiency and performance of renewable energy systems. SiC-based power electronics are utilized in solar inverters, wind power systems, energy storage systems, and other renewable energy applications to improve energy conversion efficiency and reduce power losses. The increasing focus on clean energy sources is driving the adoption of Silicon Carbide solutions in the renewable energy sector.
- The Silicon Carbide power electronics market is experiencing continuous advancements. Researchers and manufacturers are constantly working to improve the performance, reliability, and cost-effectiveness of SiC-based power devices. This includes developing higher voltage and higher current SiC devices, improving switching speeds, and optimizing packaging technologies.
Competitive Landscape
Several companies announced plans to expand their Silicon Carbide production capacities in 2021. For example, Cree Inc. announced the expansion of its SiC materials production capacity to meet the growing demand for SiC power devices. Other manufacturers also invested in capacity expansions to cater to the increasing market requirements.
Companies in the Silicon Carbide market formed strategic partnerships and collaborations to enhance their product offerings and expand their market reach. For example, STMicroelectronics and Renault Group announced a strategic cooperation to develop SiC-based power electronics solutions for next-generation electric and hybrid vehicles. Such collaborations aimed to combine expertise and accelerate the development of innovative SiC technologies.
For instance:
- In June 2020, Vitesco Technologies, a German company that deals with electric cars, and ROHM Semiconductor, a Japanese company that fabricates and develops semiconductor products, integrated circuits (ICs), and other electronic components, collaborated. Through this partnership, Vitesco Technologies increases the energy efficiency of electric vehicles by using silicon carbide parts from the ROHM Semiconductor.
- UnitedSiC, a U.S. manufacturer of silicon carbide power semiconductors, was bought by Qorvo, a U.S. semiconductor business, in November 2021. With this agreement, Qorvo will have a bigger presence in markets that are rapidly expanding, such as circuit protection, electric vehicles (EVs), renewable energy, industrial power, and data center power.
Key Segments of Silicon Dioxide Industry Research Report
- By Type:
- Black SiC
- Green SiC
- Others (Coated, Metallurgical Briquettes, Micro Grit)
- By End-use Industry:
- Electronics & Semiconductors
- Steel & Energy
- Aerospace & Aviation
- Automotive
- Others (Medical & Healthcare, Military & Defence, IT & Telecommunication)
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
Get Full Access of This Premium Report: https://www.factmr.com/checkout/4581
Check out more related studies published by Fact.MR Research:
Metallurgical Grade Silicon Market: The global metallurgical grade silicon market is valued at US$ 6.7 billion in 2022 and is expected to progress at a CAGR of 4.1% to reach US$ 10.1 billion by the end of 2032.
Titanium Carbide Market: The global titanium carbide market is expected to register a high single-digit CAGR by 2029. Various structural applications are amplifying the market demand.
Electronic Grade Silicon Market: The electronic grade silicon market is predicted to expand at a CAGR of 5.8% to reach US$ 6.8 bn by 2032. Microelectronics dominates with 74.6% share.
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Connect to Author: Mr. Yash Pathak
Email: yash@factmr.com
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
