Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "Global SiC Power Device Market (2024 Edition): Analysis By Voltage (300-900 V, 901-1700 V and Above 1700 V), By Type, By Application, By Region, By Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
The Global SiC Power Device market showcased growth at a CAGR of 19.33% during 2020-2023. The market was valued at USD 1.40 billion in 2023 which is expected to reachUSD 7.11 billion in 2030.
The research report provides a complete analysis for the historical period of 2020-2023, the estimates of 2023 and the forecast period of 2025-2030. The report analyses the SiC Power Device Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Brazil, Germany, United Kingdom, France, China, Japan, India and South Korea).
The companies analysed in the report include of are Wolfspeed Inc., Infineon Technologies AG, STMicroelectronics NV, ROHM Semiconductor Co. Ltd., ON Semiconductor, Microchip Technology Inc., Mitsubishi Electric Corporation, Texas Instruments Incorporated, Renesas Electronics Corp and Fuji Electric Co. Ltd.
One of the primary drivers of the increased demand for SiC power devices is their unmatched energy efficiency and performance. SiC devices exhibit lower energy losses during power conversion processes, which is critical in applications such as inverters and power supplies. The material properties of SiC allow these devices to operate at higher temperatures and voltages, significantly exceeding the performance of traditional silicon-based devices. This high-temperature and high-voltage tolerance not only enhances the efficiency of power electronics but also reduces the necessity for extensive cooling systems, leading to more compact and cost-effective solutions.
Technological advancements have played a crucial role in driving the adoption of SiC power devices. Improvements in SiC wafer production and device fabrication processes have not only reduced the costs associated with SiC technology but have also enhanced the quality and yield of these devices. Continuous research and development efforts are expanding the application scope of SiC devices, leading to innovations that further enhance their performance and reliability. These advancements are making SiC technology more accessible and attractive to a broader range of industries, contributing to its growing demand.
Moreover, renewable energy systems, particularly solar and wind power, also heavily rely on SiC power devices to maximize efficiency and effectiveness. In solar power systems, SiC inverters convert DC electricity generated by solar panels into AC electricity with minimal energy loss, enhancing the overall energy yield. Similarly, in wind power systems, SiC devices improve the efficiency of power converters, which are essential for converting the variable frequency output of wind turbines into stable and usable power. Additionally, the integration of renewable energy sources into the power grid is facilitated by SiC technology, which offers reliable and efficient power conversion, thereby supporting the stability and resilience of modern power grids.
Additionally, The Telecommunications industry, particularly with the advent of 5G technology, is another major domain driving the demand for SiC power devices. The deployment of 5G networks requires highly efficient and reliable power amplifiers and base stations. SiC devices, with their superior performance characteristics, meet these stringent requirements, enabling faster data transmission and enhanced network reliability. As 5G technology continues to expand globally, the reliance on SiC power devices is expected to grow, further fuelling demand.
Electric car sales neared 14 million in 2023, 95% of which were in China, Europe and the United States. Almost 14 million new electric cars were registered globally in 2023, bringing their total number on the roads to 40 million. EVs require power electronic components that can handle high power levels with maximum efficiency. SiC power devices are preferred in EVs because they offer lower energy losses and higher efficiency compared to traditional silicon-based power devices. This demand boosts the SiC power device market as more EV manufacturers integrate these components to enhance vehicle performance.
Additionally, as the EV market grows, there is a parallel need for efficient and fast charging infrastructure. SiC power devices enable faster switching speeds and can handle higher voltages, which are crucial for high-power and ultra-fast EV charging stations. This drives the demand for SiC devices in the charging infrastructure segment, further expanding the market. SiC power devices contribute to reducing the weight and size of power electronic systems in EVs, such as inverters and onboard chargers. This reduction leads to better vehicle performance and longer driving ranges, which are key selling points for EVs. As a result, the automotive industry's push for improved EV performance directly stimulates the demand for SiC power devices.
Scope of the Report
- The report analyses the SiC Power Device Market by Value (USD Million).
- The report analyses the SiC Power Device Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Brazil, Germany, United Kingdom, France, China, Japan, India and South Korea).
- The report presents the analysis of SiC Power Device Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030.
- The report analyses the SiC Power Device Market By Voltage (300-900 V, 901-1700 V and Above 1700 V)
- The report analyses the SiC Power Device Market By Type (MOSFETS, Hybrid Modules, Schotty Barrier Diodes (SBDS), Bipolar Junction Transistor and Other Types).
- The report analyses the SiC Power Device Market By Application (Automotive, Energy, Industrial, Transportation and Other Applications).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Products, by mode of operation & by end users.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Integration of Advance Packaging Technology in SiC Power Device Manufacturing
- Development of Larger SiC Wafers
Industry Ecosystem Analysis
- Value Chain Analysis of Global SiC Power Device Market
- Porter Analysis of Global SiC Power Device Market
Competitive Positioning
- Companies' Voltage Positioning
- Market Position Matrix
- Market Share Analysis of SiC Power Device Market
Company Profiles
- Wolfspeed Inc.
- Infineon Technologies AG
- STMicroelectronics NV
- ROHM Semiconductor Co. Ltd.
- ON Semiconductor
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- Texas Instruments Incorporated
- Renesas Electronics Corp
- Fuji Electric Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/pm87q0
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