Dublin, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The "Global Silicon Carbide Market Size, Trends & Growth Opportunity, by Wafer Size, by Application, by Vertical, by Devices, by Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global Silicon Carbide Market was valued at US$ 850.60 Mn in 2020, estimated to reach US$ 2,670.25 Mn in 2027, with a CAGR of 16.80% from 2021-2027.
Market Drivers: The growing steel industry is expected to drive the growth
Silicon carbide is used as a deoxidizing agent in the steel industry & it is a major raw material in refractories production. The refractories made of silicon carbide (SiC) exhibit high thermal conductivity that is 10 times higher than fireclay refractories.
Thus, the rise in steel production is likely to propel the demand for refractories, which in turn is expected to augment the growth of the market in near future.
Furthermore, growing use of silicon carbide in electric and hybrid electric vehicles (EV/HEV), as well as in automobile charging infrastructure, rail, motor drives, power supplies, and uninterruptible power supplies (UPS) which expected to accelerate the market growth over the forecast period.
Market Challenges: High Cost of Silicon Carbide
The cost of silicon carbide range approximately from USD 800- USD 2,000 per ton which is very high as compared to other alternatives available in the market. Gallium nitride is one of the alternatives which is used in power modules as transistors.
Therefore, the high cost as well as availability of cost-effective alternatives of SiC (Silicon carbide) are the major factors restraining the growth of the global silicon carbide market during the forecast period. Moreover, defects in material as well as issue related to the package is the other challenge faced by vendors associated with silicon carbide market.
Market Opportunities: Growing demand from Semiconductor and electronics Industry
Silicon carbide is widely used in the manufacturing of semiconductors, due to its properties such as the ability to work at high voltage or high temperature or both and reduced form factor.
Also, the increase in demand for Silicon carbide devices in power electronics industry is likely to propel the global silicon carbide market growth during the forecast period.
Growing investments by research institutes, government, private organizations, and industry players for rising silicon carbide production for meeting the high demand from various end-use industries accelerate the global silicon carbide market growth.
Impact of COVID-19 on Silicon Carbide Market
Due to the COVID-19 pandemic, global automotive industry witnessed a decline in sales in 2020 as well as reduced demand from other industries such as electronics industry, aerospace & defense, etc., owing to work stoppages, labor shortages, and supply chain disruptions has impacted the demand for silicon carbide, across the globe.
However, the condition is expected to recover in the year 2021, which will restore the growth trajectory of the global silicon carbide market studied during the forecast period.
Report Scope
Global Silicon Carbide Market, By Wafer Size
By Wafer Segment the market is segmented into 2 inches, 4 inches and 6 inches and above. The 6 inches above segment is expected to dominate the market owing to its growing demand in the application segment of power supplies and inverters industry.
Global Silicon Carbide Market, By Application
In the Application segment Power Supplies and Inverters is expected to dominate the Silicon Carbide Market throughout the forecast period, and is estimated to account for 16.43% of the market share in 2020.
Global Silicon Carbide Market, By Device
By device the market is segmented into SIC Discrete Device, and SIC Bare Die. SIC Discrete Device is further segmented into SIC Diode, SIC MOSFET and SIC Module. SIC Discrete Device is expected to dominate the market, during the analysis period.
Global Silicon Carbide Market, By Region
The market in Asia-Pacific is projected to dominate the Silicon Carbide market due to presence of major markets EVs/HEVs in APAC, in countries like China, Japan, South Korea, and India.
APAC region is dominating the semiconductor market, which is supported by government policies due to which the demand for silicon carbide is projected to increase further.
Recent Development:
In July 2021: ON Semiconductor introduced the latest addition to the XGS series of CMOS image sensors.
The XGS 16000 is a 16 Megapixel (Mp) sensor that provides high quality, global shutter imaging for factory automation applications including robotics and inspection systems. program will enable company to offer more capabilities by providing integrated solutions through alignment with other companies in the AV industry.
Key Players
- Infineon Technologies AG
- CREE
- INC.
- ROHM Co. Ltd.
- STMicroelectronics N.V.
- Fuji Electric Co. Ltd.
- ON Semiconductor
- General Electric Company
- Toshiba Corporation
- Renesas Electronics Corporation
- Microchip Technology Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/xhk3hj
Attachment
