Austin, July 31, 2024 (GLOBE NEWSWIRE) -- The SiC Device Market Size was valued at USD 2.35 billion in 2023. It is expected to reach USD 15.82 billion by 2032 and grow at a CAGR of 23.6% over the forecast period 2024-2032.
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SiC device is a semiconductor that has an outstanding function in high-power, high-temperature, and high-frequency in contrast to silicon-based devices. The growth in the SiC Device market is a result of the upsurge of the requisite energy-efficient solutions. Governments and organizations internationally are emphasizing the decrease of the footprints of carbon, thus the promotion of SiC Device in power electronics. The U.S. Department of Energy’s Office of Electricity recently released the American-Made Silicon Carbide Packaging Prize. It will be providing $2.25 million by selecting a winner in February 2024. This is a contest where the participants are encouraged to nominate, plan, develop, and evaluate SiC Device or silicon carbide semiconductor packaging models to make them perform more efficiently in high-voltage applications.
There is a massive inflow of R&D into technologies that are capable in greater degrees of operation regarding temperature and voltage. For instance, SiC MOSFETs and diodes are used in gauging energy losses in EV inverters thus efficient use of energy and range of vehicle is heightened.
SiC Device Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.35 billion |
| Market Size in 2032 | USD 15.82 billion |
| CAGR (2024-2032) | 23.6% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Key Players
The Major Players are Infineon Technologies AG, Coherent Corp., Mitsubishi Electric Corporation, Fuji Electric Co., Ltd, ROHM Co. Ltd, Microchip Technology Inc., ON Semiconductor Corp, Renesas Electronics Corporation, Toshiba Electronic Devices & Storage Corporation, WOLFSPEED, INC.,and Others
Segment Analysis:
By Product:
- Optoelectronic Devices
- Power Semiconductors
- Frequency Devices
The power semiconductors segment led the market with a market share of 60% in 2023. The SiC power semiconductors enjoy high demand owing to their inherent wide band gap which makes them the only solution for high-voltage operation. Additionally, other benefits associated with SiC-based power semiconductors include low power loss and compact system design. A combination of the benefits is beneficial for electric vehicles and renewable systems.
The Optoelectronic Devices segment is to grow at the fastest CAGR during the forecast period. SiC is being increasingly adopted in energy-efficient lighting, laser devices, and other optoelectronic applications owing to its higher thermal stability and efficiency.
By Component:
- Schottky Diodes
- FET/MOSFET Transistors
- Integrated Circuits
- Rectifiers/Diodes
- Power Modules
- Others
The power modules segment accounted for over 30% share in 2023. SiC power modules are essential in high-power applications, such as EVs and renewable energy systems, due to their high efficiency and smaller form factor.
The FET/MOSFET Transistors segment is to witness substantial growth rate during 2024-2032, as SiC offers several benefits in terms of thermal conductivity and higher breakdown fields, which enhance the performance of the devices in diverse applications.
By Wafer Size:
- 1 inch to 4 inches
- 6 inches
- 8 inches
- 10 inches & above
The 1 inch to 4 inches segment held above 44% market share in 2023. The lower prices and substantial scalability of these wafers make them heavily demanded in wide industrial applications.
The 10-inch & above segment will grow at the fastest CAGR due to the high scale of commercial manufacturing of these wafers. They are extensively used in the production of power devices as well as LED lights, which are expected to be developed at a drastic level in the forthcoming years.
By End User
- Automotive
- Consumer Electronics
- Aerospace & Defense
- Medical Devices
- Data & Communication Devices
- Energy & Power
- Others
Regional Developments:
Asia Pacific held a major market share of 44.23% in 2023. The APAC market is primarily being driven by the massive adoption of SiC Device in consumer electronics, automotive, and medical sectors. The continuous dominance is credited to the existence of a large number of power device manufacturers in the region and a high import percentage of discrete devices.
The North American market is to grow at the fastest CAGR during the forecast period. The regional market’s growth is mainly supplemented by the significant presence of players such as Wolfspeed and GeneSiC Semiconductor and their focus on utilizing advanced SiC Device in power electronics.
Recent Developments:
- In February 2023, Wolfspeed and ZF Partnership announced a joint innovation lab and a major investment in a new 200mm SiC device fab in Germany aimed at advancing SiC technology for mobility, industrial, and energy applications.
- In July 2023, Renesas and Wolfspeed Agreement signed a 10-year wafer supply agreement worth $2 billion, which assures the supply of high-quality SiC wafers for power semiconductor production from 2025. Key Highlights
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Key Takeaways
- Thorough understanding of market dynamics, including size and growth trends, for the SiC Device Market.
- In-depth examination of market segments including the leading and most rapidly growing product categories.
- Recent launches and innovations by top companies demonstrate market trends and innovative advancements.
- The report offers strategic advice to the client on how to take advantage of different market opportunities and address challenges.
- This detailed market report offers valuable information on the SiC Device market, helping businesses make informed choices and take advantage of growth prospects.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. SiC Device Market Segmentation, By Product
8. SiC Device Market Segmentation, By Component
9. SiC Device Market Segmentation, By Wafer Size
10. SiC Device Market Segmentation, By End-Use
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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