New York, United States , Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global SiC Based Power Electronics and Inverter Market Size is to grow from USD 660 million in 2021 to USD 5800 million by 2030, at a Compound Annual Growth Rate (CAGR) of 35% during the forecast period. The increasing adoption of SiC based devices by different industries such as automotive, consumer electronics, industrial, IT & telecommunication, healthcare, aerospace & defence, and others is the key driving factor.
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SiC based power electronics and inverter converters can convert DC electricity from the battery side into AC required from the motor side and are smaller, lighter, and more efficient than their Si IGBT–based devices. SiC based devices are majorly used in high-voltage power converters with stringent requirements regarding size, weight, and efficiency because they offer many attractive characteristics when compared with commonly used silicon-based devices. The on-state resistance and switching losses are significantly lower, and SiC provides about 3 times more thermal conductivity than silicon, allowing faster heat dissipation from components. The demand for SiC based power electronics and inverters is expected to grow exponentially for its semiconductor-based products and applications to flourish in the automotive and industrial sectors.
In addition, the increasing adoption of SiC solutions for IT & telecommunication throughout the world is expected to propel the demand for SiC diverse devices. Among the IT & telecommunication applications for SiC, 5G mobile technologies are the most challenging, as it capable of reaching speeds 20× higher than the previous 4G LTE technology. To have higher network connectivity SiC solutions devices are exceptionally capable of handling higher power density, have better thermal efficiency, and are optimized for achieving high efficiency.
Browse key industry insights spread across 210 pages with 120 market data tables and figures & charts from the report “Global SiC Based Power Electronics and Inverter Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Power Electronics, Inverter), By End-User (Automotive, Consumer Electronics, Industrial, Telecom, Healthcare, Aerospace & Defence, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents.
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The power electronics segment is expected to witness a higher growth rate over the forecast period.
Based on product type, the global SiC based power electronics and inverter market is segmented into power electronics, and inverters. Among these, the power electronics segment is anticipated to witness a higher growth rate over the forecast period. As SiC based switches are mostly used in high-voltage devices or systems mostly above< 600V. SiC devices have a smaller die size for a given breakdown voltage than silicon-based devices. SiC components are small and space-efficient, which makes them ideal for use in higher-power circuits.
The automotive segment is anticipated to witness significant CAGR growth over the forecast period.
On the basis of application type, the global SiC based power electronics and inverter market is segmented into the automotive, consumer electronics, industrial, telecom, healthcare, aerospace & defence, and others. Among these, the automotive segment is expected to witness significant CAGR growth over the forecast period. Owing to the standard silicon-based devices, SiC offers requisite utility in automotive applications such as increased power density, higher system efficiency, range extension, lower system cost, and long-term reliability.
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Asia Pacific is dominating the market with the largest market share of 35%.
Asia Pacific is dominating the market with the largest market share of 35%. The region’s growth is majorly attributed to the developing economic growth of countries such as China, India, Japan, and South Korea. Owing to large number of manufacturers in China & Japan are witnessing ever-increasing demand. The Indian government is actively negotiating with businesses about establishing operations in the nation in the areas of silicon semiconductor fabs, display fabs, compound semiconductors, silicon photonics, sensors fabs, semiconductor packaging, and semiconductor design. North America is expected to be the major provider for SiC based power electronics and inverter market and is anticipated to have substantial growth in the projected time-period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: ON Semiconductor, Intel Corporation, ON Semiconductor, Panasonic Corporation, Methode Electronics Inc., Fuji Electric Co. Ltd., ELAN Electronics, TE Connectivity Ltd., Samsung Semiconductors, Seiko Epson Corporation, Cree, Texas Instruments Incorporated, Semikron Electronics GmbH and Co. Inc., Zhengzhou Yutong Group Co., Ltd., Renesas Electronics Corporation, ROHM Co., Ltd., ABB Group, Infineon Technologies AG, STMicroelectronics, Nuvoton Technology Corporation, Maxim Integrated Products Inc., StarPower Semiconductor and Others.
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Recent Development
In April 2021, ROHM Co., Ltd. announced its new establishment at the chikugo plant, to enhance the production capacity of SiC based power devices.
In June 2020, STMicroelectronics and ROHM Group Company SiCrystal signed an agreement to expand the use of SiC semiconductors in automotive and other industrial applications. To meet the need for silicon carbide power in electronic devices, a USD 130 million agreement was made to supply 150mm silicon carbide wafers.
In October 2021, The STMicroelectronics & Renault Group announced a joint venture for designing, manufacturing, developing, and supply of products, for the battery-operated and hybrid vehicle's power electronics system.
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