Dublin, April 30, 2024 (GLOBE NEWSWIRE) -- The "Global Silicon Carbide Market by Device (SiC Discrete Device, SiC Module), Wafer Size (Up to 150mm, >150mm), End-use Application (Automotive, Energy & Power, Industrial, Transportation), Material, Crystal Structure and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global silicon carbide market is projected to reach USD 17.2 billion by 2029 from USD 4.2 billion in 2024, at a CAGR of 32.6% from 2024 to 2029. The major factors driving the growth of silicon carbide market includes the increasing demand for power electronics, surging demand for renewable energy systems and growing number of initiatives and investments to encourage the adoption of SiC devices which is expected to provide several growth opportunities for market players in the silicon carbide market.
The major players of silicon carbide market are STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Semiconductor Components Industries, LLC (US), WOLFSPEED, INC. (US), and ROHM Co., Ltd. (Japan) among others.
>150 mm segment is expected to witness the highest CAGR in the silicon carbide market during the forecast period
The >150 mm wafer size market is poised to exhibit the highest CAGR during the forecast period. These wafers are used across a spectrum of devices such as SiC MOSFETs and SiC modules, due to their 50% thinner profile as compared to standard silicon wafers. As these SiC wafers are engineered for high-volume production and applications that require elevated temperatures, they boast remarkable attributes such as high thermal conductivity, superior carrier mobility, and exceptional chemical stability. Therefore, >150 mm segment is expected to witness the highest CAGR during the forecast period.
Asia Pacific is expected to register the highest CAGR in the silicon carbide market during the forecast period
The presence of regional expanding scope of high-power applications presents significant revenue opportunities for power semiconductor devices in Asia Pacific, attracting numerous companies to commercialize silicon carbide semiconductor devices for various power applications. This expansion boosts the revenues of regional market players. Leading companies in the silicon carbide sector, such as ROHM Co., Ltd., Fuji Electric Co., Ltd., Renesas Electronics Corporation, Toshiba Corporation, and TanKeBlue Semiconductor Co. Ltd., are headquartered in Asia Pacific. Therefore, Asia Pacific is expected to register the highest CAGR in the silicon carbide market during the forecast period.
Research Coverage
The report segments the silicon carbide market and forecasts its size based on device, wafer size, end-use application and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 233 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $4.2 Billion |
| Forecasted Market Value (USD) by 2029 | $17.2 Billion |
| Compound Annual Growth Rate | 32.6% |
| Regions Covered | Global |
Premium Insights
- Growing Demand for EVs and Renewable Energy Systems to Drive Market
- Automotive Segment to Account for Largest Market Share During in 2024
- SiC Modules Segment to Hold Largest Market Share in 2029
- Up to 150 mm Segment to Secure Larger Market Share in 2029
- Automotive Segment and China to Account for Largest Asia-Pacific Market Shares
Market Dynamics
- Drivers
- Growing Deployment of SiC Devices in EVs
- Increasing Demand for Power Electronics
- Rising Demand for Renewable Energy Systems
- Increasing Initiatives and Investments in SiC Devices
- Restraints
- High Efficacy of Alternative Technologies for Power Electronics
- High Cost of SiC Devices
- Opportunities
- Growing Adoption of SiC Devices in Telecommunications Industry
- Ongoing Quality Enhancements of SiC Substrates and Epitaxy Processes
- Challenges
- Material Defects and Designing and Packaging Issues in SiC Devices
Technology Analysis
- Key Technologies
- Gen SiC
- SiC Wafer
- Complementary Technologies
- SiC-On-Insulator (SICOI)
- SiC-On-Gan
- Adjacent Technologies
- Gallium Nitride (GaN)
- Indium Gallium Nitride (InGaN)
Case Study Analysis
- Jaguar Land Rover Integrated Wolfspeed's SiC Devices into EVs to Enhance Powertrain Efficiency and Extend Driving Range
- Borgwarner Inc. Delivered Innovative and Sustainable Mobility Solutions Through Integration of Stmicroelectronics' SiC Mosfets
- Ampt's DC String Enhanced Optimizers by Integrating Onsemi's SiC Mosfet
- Driving Performance and Cost Efficiency of Mersen's SiC Power Stack Reference Design
Companies Featured
- Stmicroelectronics
- Infineon Technologies AG
- Semiconductor Components Industries, LLC
- Wolfspeed, Inc.
- Rohm Co. Ltd.
- Fuji Electric Co. Ltd.
- Toshiba Electronic Devices & Storage Corporation
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- Coherent Corp.
- Hitachi Power Semiconductor Device, Ltd.
- Semikron Danfoss
- Qorvo, Inc
- Genesic Semiconductor Inc.
- Tt Electronics
- Vishay Intertechnology, Inc.
- Ween Semiconductors
- Solitron Devices, Inc.
- Sanan Ic
- Byd Semiconductor.
- Littelfuse, Inc.
- Tyco Tianrun, Inc.
- Nexperia
- Inventchip Technology Co. Ltd.
- Diodes Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/p4db7l
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