Chicago, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Silicon Carbide Market by Device (SiC Discrete, SiC Bare Die, and SiC Module), Wafer Size, Application, Vertical (Power Electronics, Automotive, Telecommunications, and Energy & Power), and Geography (2021-2026)", Key factors fueling this markets growth include growing demand for SiC Devices in power electronics; higher mechanical, electrical and thermal properties than regular Silicon; and growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production.
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Scope of the Report
| Report Metric | Details |
| Market Growth Rate | CAGR 18.7% |
| Expected to Reach | USD 2,113 million by 2026 |
| Projected Value | USD 899 million in 2021 |
| Largest Share Region | APAC |
| Market size available for years | 2018-2026 |
| Segments covered | Device Type, Wafer Size, Application, Vertical, and Region |
| Geographic Regions Covered | North America, Asia Pacific, Europe, and RoW |
| Companies Covered |
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“Browse in-depth TOC on "Silicon Carbide Industry"
144 – Tables
53 – Figures
243 – Pages
Top 2 players in silicon carbide market:
Infineon Technologies (Germany) is the leading manufacturer of semiconductor and microelectronics solutions in the global silicon carbide market. The company primarily focuses on organic growth strategies, including product launches and expansions. In addition, it also focuses on inorganic growth strategies, such as acquisitions and partnerships, to increase its product offerings and penetrate new application areas.
For instance, in April 2020, Infineon Technologies AG acquired Cypress Semiconductor Corporation (US) to strengthen its power semiconductors, automotive microcontrollers, sensors, and security solutions offerings by focusing on high-growth applications such as advanced driver-assistance systems (ADAS), IoT, and 5G mobile infrastructures. With this, the company has become one of the global top 10 semiconductor companies. Further, the company offers a variety of SiC products for major application areas such as photovoltaic systems, industrial power supplies, and charging infrastructure for electric vehicles.
Cree, Inc. (US) is one of the leading manufacturers of wide bandgap semiconductor products for power and radiofrequency (RF) applications and lighting-class light-emitting diode (LED) products. It is involved in designing, developing, and providing semiconductor products based on SiC and GaN technologies. The company mainly focuses on adopting inorganic growth strategies such as partnerships and agreements to strengthen its position in the SiC market.
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Major Market Developments in Silicon Carbide Industry
- In July 2021, Microchip Technology (US) introduced the expansion of its silicon carbide portfolio with a family of high-efficiency, high-reliability 1700 V silicon carbide MOSFET die, discrete, and power modules. Microchip’s 1700 V silicon carbide technology is an alternative to silicon IGBTs.
- In June 2021, Cree, Inc. (US) signed a contract with Shenzhen Gospower Digital Technology Co., Ltd. (Gospower) (China), a national high-tech enterprise and leader in power electronics converters. Under this contract, CREE offers Cree’s Wolfspeed®650 V silicon carbide MOSFETs for next-generation Common Redundant Power Supply (CRPS) solutions.
Which region is expected to witness significant demand for silicon carbide market in the coming years?
APAC is the highest growing region for this market. Most of the industrial manufacturing players present across the world have their headquarters in the APAC region. Similarly, end-user industries, such as automotive, defence, and power electronics, are expected to create enormous opportunities for silicon carbide providers.
“APAC is expected to hold a significant share of silicon carbide market by 2026.”
The market in APAC held the largest size in 2020 and is estimated to continue to do so during the forecast period. China, Japan, South Korea, and India are the major markets for EVs/HEVs in APAC.
According to IEA outlook 2020 report, China alone accounted for a share of 47% of the global sales of electric buses in 2019, which contributed significantly to the dominance of APAC. Initiatives taken by several governments of countries in APAC to promote the use of these vehicles are expected to further drive the market in the near future.
- The Power Electronics Market is estimated to be USD 37.4 billion in 2021 and expected to reach USD 46.3 billion by 2026, at a CAGR of 4.4% from 2021 to 2026.
- The Optoelectronic Components Market is projected to grow from USD 41.4 billion in 2020 to USD 52.7 billion by 2025, recording a CAGR of 5.0%.
