Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Silicon Carbide Semiconductor Device Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Silicon Carbide Semiconductor Device Market Exhibits Strong Growth as Electric Vehicle and Industrial Automation Sectors Fuel Demand
The global silicon carbide semiconductor device market is poised for robust growth, with projections estimating a surge to $4.52 billion in 2028, according to a new research publication. This remarkable expansion, growing at a compound annual growth rate (CAGR) of 22.7%, is anchored in the burgeoning adoption of electric vehicles (EVs) and the wave of industrial automation sweeping across various industry sectors.
End-users in the automotive, consumer electronics, and aerospace industries are rapidly embracing silicon carbide (SiC) semiconductor devices for their exceptional efficiency, high-speed switching, and ability to withstand high temperatures. These features make SiC semiconductors integral to applications where performance and reliability are critical.
Highlighted within the report are several key trends influencing the market's trajectory:
- b>Electric Vehicles: The EV market's exponential growth, partly fueled by an increasing social consciousness regarding environmental sustainability, is a primary driver. SiC semiconductor devices significantly enhance the performance of EV powertrains.
- b>Manufacturing Innovations: Technological advancements spearheaded by industry leaders such as AIXTRON and Toshiba Electronic Devices & Storage Corporation are setting the bar high, with new silicon carbide MOSFETs and epitaxy technologies that redefine efficiency and performance standards.
- b>Increased Implementation in Industrial Automation: As industries seek efficiency and precision, automated systems require the reliable and efficient power management that SiC semiconductors provide.
The Asia-Pacific region leads the market, showcasing the highest rate of adoption and innovation, yet North America, Western Europe, and other regions continue to contribute significantly to the market's development.
Market Composition Indicates a Diverse Application Portfolio
With a range of product types such as SiC diodes, SiC transistors, and other related modules and thyristors, the SiC semiconductor device market caters to an expansive array of applications. The varying wafer sizes from 1 inch to above 10 inches accommodate different industry requirements, and this level of customization is reflected in the wide-ranging end-user industries that include automotive, aerospace and defense, consumer electronics, medical devices, and more.
The valuable insights and data compiled in this market research report are fundamental for stakeholders, investors, and participants within the silicon carbide semiconductor device sector. It offers an in-depth analysis, industry statistics, market size, regional shares, competitor landscape, and market segmentation to support informed strategic decision-making.
This comprehensive market research report provides a meticulous perspective on the silicon carbide semiconductor device industry's current situation and potential future developments, equipping industry professionals with the analysis required to navigate the evolving marketplace effectively.
For organizations and enterprises aiming to secure a vantage point in this high-growth market, the publication of this research report is invaluable, offering data-driven insights and market forecasts to shape strategic planning and identify emerging opportunities in the increasingly competitive silicon carbide semiconductor device landscape.
A selection of companies mentioned in this report includes
- Infineon Technologies India Private Ltd.
- ROHM Co. Ltd.
- STMicroelectronics
- Semiconductor Components Industries LLC
- Wolfspeed Inc.
- Toshiba Corporation
- TT Electronics PLC
- Mitsubishi Electric Corporation
- Microsemi Corporation
- Allergo Microsystems Inc.
- Powerex Inc.
- Microchip Technology Corporation
- Hitachi Power Semiconductor Device Ltd.
- Semikron
- Global Power Technologies Group
- Texas instruments Inc.
- NXP Semiconductors N.V.
- ON Semiconductor Corporation
- United Silicon Carbide Inc.
- GeneSiC Semiconductor Inc.
- Danfoss A/S
- Fuji Electric Co. Ltd.
- II-VI Incorporated
- Xiamen Sanan Integrated Circuit Co.Ltd.
- Shanghai Hanxin Technology
- Century Jinguang
- BYD Semiconductor Co. Ltd.
- InventChip Technology Co. Ltd.
- CRRC Corporation Limited
- Renesas Electronics Vietnam Co.Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/8toy0t
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