Selbyville, Delaware , Jan. 08, 2024 (GLOBE NEWSWIRE) -- Silicon Carbide Market is poised to be worth over USD 4.5 billion in revenue by 2032, as per a recent study by Global Market Insights Inc.
The widespread use of silicon carbide (SiC)-based components in the automotive manufacturing sector is expected to propel the industry growth. With the increasing shift to EVs, the superior electrical conductivity and thermal performance of SiC is enabling the development of high-efficiency power modules and inverters. Furthermore, several market participants are seizing opportunities and expanding their presence to address the growing product demand, further accelerating the overall market growth. For instance, in September 2023, CDIL received incentive support from SPECS to begin the production of silicon carbide semiconductors in India.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/6019
Green silicon carbide to gain significant traction
Green silicon carbide market is projected to generate more than USD 1.5 billion in revenue by the end of 2032. Green silicon carbide is extensively used in abrasive materials, cutting tools, and high-performance ceramics owing to its exceptional hardness and purity. It also caters to the essential needs of industries such as electronics, semiconductors, and photovoltaic cells to offer unique properties. Moreover, the growing emphasis on sustainability and eco-friendly manufacturing processes will propel the product adoption.
High demand from automotive applications
The automotive application segment in the silicon carbide market accounted for over USD 100 million in 2022 and is estimated to depict notable growth between 2023 and 2032 attributed to the rising demand for EVs. SiC-based electronics have lower losses, higher capacity, and improved thermal management, making them ideal for EV applications. Additionally, several governments globally are implementing stricter emission standards and regulations to reduce carbon emissions and promote sustainable transportation. To that end, the growing investments led by automakers on technologies for improved performance may boost the market growth.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/6019
North America to emerge as a pivotal market destination
North America silicon carbide market is poised to exhibit over 18.5% CAGR from 2023-2032. The significant growth in renewable energy, particularly solar and wind power in the region is prompting the deployment of SiC in renewable energy applications. SiC-based power electronics are essential in solar inverters and wind turbines for enabling energy conversion and integration. Furthermore, the massive investments for the development of aerospace and defense industries have increased the demand for SiCs, further accelerating the regional market expansion.
Silicon Carbide Market Participants
Some of the leading firms operating in the silicon carbide industry are Entegris, Inc., CoorsTek, Inc., AGSCO Corporation, Grindwell Norton Ltd, Carborundum Universal Ltd, Gaddis Engineered Materials, ESD-SIC b.v., Morgan Advanced Materials, SK Siltron Co., Ltd., Snam Abrasives Pvt. Ltd, and Washington Mills. These market players are making massive R&D investments, forging strategic partnerships, and expanding production capacities to augment their revenue sales. For instance, in October 2023, Mitsubishi Electric Corporation agreed to invest USD 500 million in a new silicon carbide firm to be spun out from Coherent to strengthen its SiC power device business.
Browse Our Reports Store - GMIPulse @ https://www.gminsights.com/gmipulse
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
