USD 2.30 Billion
Silicon Carbide (SiC) Power Devices Market Size, Share, Growth Analysis, By Type(SiC Power Module and SiC Power Diode), By Application(Power Supplies, and Inverters), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2014 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
60
|Figures:
75
Silicon Carbide (SiC) Power Devices Market Insights
Global Silicon Carbide (SiC) Power Devices Market size was valued at USD 2.30 Billion in 2022 and is poised to grow from USD 2.83 Billion in 2023 to USD 14.93 Billion by 2031, growing at a CAGR of 23.10% during the forecast period (2024-2031).
Global Silicon Carbide (SiC) Power Devices market is witnessing substantial growth due to factors such as increasing demand for energy-efficient solutions, the growing adoption of electric vehicles, the deployment of renewable energy sources, advantages over traditional silicon-based devices, expanding industrial applications, and technological advancements. With the rising global focus on energy conservation and the need for reducing carbon emissions, there is a growing demand for power devices that offer higher efficiency. SiC power devices have lower conduction and switching losses, enabling them to operate at higher frequencies and temperatures, thereby offering improved energy efficiency. Also, the automotive industry is experiencing a shift towards electric vehicles, driven by environmental concerns and government regulations.
SiC power devices are well-suited for EV applications due to their ability to handle higher voltages and temperatures, leading to improved power conversion efficiency and longer driving ranges. Moreover, SiC power devices offer several advantages over traditional silicon-based devices, including higher breakdown voltage, faster switching speeds, and improved thermal conductivity. These factors contribute to higher power density, reduced system size, and improved overall performance in various applications. Furthermore, ongoing technological advancements in SiC power device manufacturing processes, such as improved crystal growth techniques and wafer-scale production, have led to a decrease in manufacturing costs. This trend has made SiC power devices more commercially viable, contributing to their wider adoption across different industries.
US Silicon Carbide (SiC) Power Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
SiC Power Module
Fastest Growth
SiC Power Module
Growth Rate
23.10% CAGR
Global Silicon Carbide (SiC) Power Devices Market 2021-2030 ($ Bn)
Country Share for APAC Region- 2021 (%)
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Silicon Carbide (SiC) Power Devices Market Segmental Analysis
Global Silicon Carbide (SiC) Power Devices market is segmented by type, application, and region. Based on type, the market can be segmented into SiC Power Module, and SiC Power Diode. Based on application, the market is segmented into power supplies, and inverters. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Silicon Carbide (SiC) Power Devices Market Analysis by Type
By type, the market can be segmented into SiC Power Module and SiC Power Diode. SiC Power Module segment dominated the market, with the largest share in terms of revenue. This is primarily due to the increasing demand for SiC Power Modules in various applications such as electric vehicles, power supplies, and inverters, among others. SiC Power Modules offer advantages such as high efficiency, faster switching speeds, and increased power density, which make them ideal for use in power electronics.
The SiC Power Diode segment is expected to grow at the fastest rate during the forecast period. This is attributed to the increasing adoption of SiC Power Diodes in various applications such as solar inverters, industrial drives, and power factor correction (PFC) circuits, among others. SiC Power Diodes offer advantages such as low power losses, high-temperature tolerance, and reduced switching losses, which make them ideal for use in high-power and high-frequency applications.
Silicon Carbide (SiC) Power Devices Market Analysis by Application
By application, the market can be segmented into power supplies and inverters. Power Supplies segment dominated the market, with the largest share in terms of revenue. This is mainly due to the increasing demand for SiC Power Devices in various power supply applications such as servers, telecom, and industrial power supplies, among others. SiC Power Devices offer advantages such as high-power efficiency, high-frequency operation, and low switching losses, which make them ideal for use in power supply applications.
The Inverters segment is expected to grow at the fastest rate during the forecast period. This is attributed to the increasing adoption of SiC Power Devices in various inverter applications such as electric vehicles, solar inverters, and motor drives, among others. SiC Power Devices offer advantages such as high-power density, high-temperature tolerance, and fast switching speeds, which make them ideal for use in inverter applications.
Global Silicon Carbide (SiC) Power Devices Market Size By Type, 2021 (%)
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Silicon Carbide (SiC) Power Devices Market Regional Insights
Asia-Pacific dominated the global Silicon Carbide (SiC) Power Devices market, with several countries driving the growth of the market. The key factors driving the growth of the APAC SiC power devices market include the increasing demand for energy-efficient power electronics, the adoption of electric vehicles, and government initiatives to reduce carbon emissions. China is the largest market for SiC power devices in the APAC region, driven by the presence of several key players and the growing adoption of electric vehicles in the country. Japan and South Korea are also significant markets for SiC power devices in the region, driven by the high demand for energy-efficient power electronics in the industrial sector.
North America is expected to be the fastest-growing region in the global Silicon Carbide (SiC) Power Devices market. The region is witnessing significant growth, driven by the increasing demand for renewable energy sources and the adoption of electric vehicles. The United States is the largest market for SiC power devices in North America, and the country is expected to witness substantial growth in the coming years due to the increasing adoption of electric vehicles and the government's initiatives to reduce carbon emissions. The growing demand for renewable energy sources in the country is also expected to drive the growth of the SiC power devices market.
Global Silicon Carbide (SiC) Power Devices Market By Geography, 2021-2030
- Largest
- Fastest
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Silicon Carbide (SiC) Power Devices Market Dynamics
Silicon Carbide (SiC) Power Devices Market Drivers
Increasing demand for energy-efficient power electronics
- One key driver for the growth of the global Silicon Carbide (SiC) Power Devices market is the increasing demand for energy-efficient power electronics. SiC power devices offer several advantages over traditional silicon-based power devices, including higher efficiency, faster switching speeds, and higher operating temperatures. The growing demand for energy-efficient power electronics in various industries, including automotive, aerospace, and industrial, is driving the adoption of SiC power devices. Furthermore, government initiatives to reduce carbon emissions and promote the use of renewable energy sources are also fueling the growth of the SiC power devices market.
Silicon Carbide (SiC) Power Devices Market Restraints
High cost of SiC power devices
- One key restraint for the growth of the global Silicon Carbide (SiC) Power Devices market is the high cost of SiC power devices compared to traditional silicon-based power devices. The high cost of SiC power devices is primarily due to the complex manufacturing process involved in producing SiC materials and the limited number of SiC wafer suppliers. As a result, the adoption of SiC power devices is limited to high-end applications, which require high efficiency and fast switching speeds. The high cost of SiC power devices is expected to hamper the market growth in the short term, although the cost is expected to decline as the market matures.
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Silicon Carbide (SiC) Power Devices Market Competitive Landscape
The global Silicon Carbide (SiC) Power Devices market is highly competitive, with several leading players operating in the market. These players are focusing on expanding their product portfolios, improving their production capabilities, and increasing their geographical presence to strengthen their position in the market. Additionally, these players are also investing in research and development activities to develop innovative and cost-effective SiC power devices. Other strategies employed by market players include partnerships, collaborations, and mergers and acquisitions, which help to expand their market share and enhance their product offerings.
Silicon Carbide (SiC) Power Devices Market Top Player’s Company Profiles
- STMicroelectronics N.V. (Switzerland)
- ON Semiconductor Corporation (US)
- Toshiba Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Renesas Electronics Corporation (Japan)
- NXP Semiconductors N.V. (Netherlands)
- Fuji Electric Co., Ltd. (Japan)
- General Electric (US)
- Wolfspeed, Inc. (US)
- Littelfuse, Inc. (US)
- United Silicon Carbide Inc. (US)
- Microchip Technology Inc. (US)
- Danfoss A/S (Denmark)
- Analog Devices, Inc. (US)
- Semikron International GmbH (Germany)
- GeneSiC Semiconductor Inc. (US)
- Monolith Semiconductor Inc. (US)
Silicon Carbide (SiC) Power Devices Market Recent Developments
- In April 2023, Infineon Technologies announced the acquisition of SiC device manufacturer, SemiSouth Laboratories.
- In February 2023, NXP Semiconductors announced an investment of $1 billion in a new SiC manufacturing facility in Texas, USA.
- In January 2023, STMicroelectronics announced the launch of new SiC-based MOSFETs for industrial applications.
- In September 2022, Infineon Technologies announced the acquisition of Transphorm, a producer of GaN and SiC power devices.
- In July 2022, Mitsubishi Electric Corporation announced a collaboration with ABB to develop SiC-based power electronics solutions for industrial and railway applications.
Silicon Carbide (SiC) Power Devices Key Market Trends
- The key trend in the global Silicon Carbide (SiC) Power Devices market is the increasing adoption of SiC-based power electronics in electric vehicles (EVs). SiC power devices offer several advantages over traditional silicon-based power devices, including higher efficiency and faster switching speeds, making them an ideal choice for EV power electronics. As the adoption of EVs increases globally, the demand for SiC-based power electronics in the automotive industry is expected to witness significant growth. This trend is expected to drive the growth of the SiC power devices market in the coming years.
Silicon Carbide (SiC) Power Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Silicon Carbide (SiC) Power Devices market analysis, the market growth is driven by the increasing demand for energy-efficient power electronics and the growing adoption of SiC-based power electronics in electric vehicles. The market is highly competitive, with several leading players operating in the market. The key drivers for the market include the increasing demand for energy-efficient power electronics in various industries, including automotive, aerospace, and industrial, and government initiatives to reduce carbon emissions. However, the high cost of SiC power devices compared to traditional silicon-based power devices is a key restraint for the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.30 Billion |
| Market size value in 2031 | USD 14.93 Billion |
| Growth Rate | 23.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Silicon Carbide (SiC) Power Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Silicon Carbide (SiC) Power Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Silicon Carbide (SiC) Power Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Silicon Carbide (SiC) Power Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Silicon Carbide (SiC) Power Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Silicon Carbide (SiC) Power Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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