Power SiC Market (Device - SiC Discrete Devices, and SiC Bare Die Devices; Application - RF Devices & Cellular Base Station, Power Supply & Inverter, Power Grids, EV Motor, Industrial Motor Drives, Railway Traction, and Others; Wafer Size - 2-Inch, 4-Inch, and 6-Inch and Above; End User - Telecommunication, Energy & Power, Automotive, Industrial, Electronics, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2032

A recent report published by Infinium Global Research on power SiC market provides in-depth analysis of segments and sub-segments in the global as well as regional power SiC market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional power SiC market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global power SiC market.

Market Insight:

The global power SiC market was valued at USD 1189.54 million in 2023 and is expected to reach USD 5680.43 million in 2032, with a CAGR of 19.98% during the forecast period 2024-2032.

Silicon carbide (SiC) is a compound semiconductor composed of silicon and carbon, offering superior properties such as a wider bandgap, higher thermal conductivity, higher breakdown voltage, and faster switching speed compared to pure silicon. The increase in electric vehicle (EV) usage, investments in renewable energy, and progress in power electronics are essential factors that are contributing to the surging growth of the power SiC market. Top manufacturers are proactively enhancing their production capabilities and establishing strategic alliances to take advantage of the rising need for energy-efficient, high-performance power devices in various sectors. Silicon carbide (SiC) power semiconductors have gained considerable attention in high-power uses because of their excellent thermal conductivity, increased breakdown voltage, and energy efficiency when compared to conventional silicon-based devices. These semiconductors are extensively used in electric vehicles (EVs), renewable energy systems, industrial power electronics, aerospace, and telecom. As worldwide initiatives aim to shift toward clean energy and electrification, the SiC power semiconductor market is experiencing a surge in demand, promoting innovation and investment. The top key industry players are WOLFSPEED, INC., STMicroelectronics, ROHM CO., LTD., Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, and others. Key industry players are investing in research and development to broaden their product offerings, with the goal of enhancing the growth of the SiC power semiconductor market. They are also engaging in strategic efforts such as launching new products and forming mergers. However, power sic companies are facing challenges such as high material & manufacturing costs, complex design & integration, and thermal management, which can impact market growth. The company can overcome these challenges by implementing such automation & process optimization, integrated sic power modules that simplify design for end-users, and advanced thermal interface materials (TIMs) strategies, which foster its demand.

The rise in electric vehicles is driving the growth of the power SiC semiconductor market, requiring compact, efficient, and high-voltage power electronics. Silicon carbide (SiC) power semiconductors are being used in traction inverters, rapid charging stations, and steering systems to improve motor management, reduce charging times, and enhance efficiency in powertrain and battery management systems. Moreover, the increasing use of consumer electronics globally is benefiting the growth of the market. In recent years, numerous consumer products, such as communication gadgets (including smartphones, tablets, smartwatches, and other devices), computers (both personal and business PCs have PCBs), entertainment systems, and household appliances, rely on semiconductors. Silicon carbide power semiconductors are essential because of the significant energy usage of electronic devices such as laptops. Worldwide energy usage increases as the quantity of consumer electronic devices grows, driving the demand for SiC power semiconductor devices. However, the market’s expansion can be hampered due to the limited availability of high-quality SiC wafers. SiC wafer production is still relatively low in volume when compared to traditional silicon wafers, which affects scalability. SiC wafers often suffer from defects such as micropipes and dislocations, particularly in larger wafer sizes like 6-inch and 8-inch, which reduces yield and reliability. Global supplier base for high-purity SiC wafers is limited, with only a few major players dominating the market. This restricted supply chain can lead to production delays, higher prices, and difficulties for manufacturers in securing a stable supply of quality wafers. Furthermore, the escalating demand for portable battery devices will create market growth opportunities in the future. Power SiC is becoming increasingly valuable in portable battery-powered applications that demand high efficiency, compactness, and thermal performance, especially in fast charging, electric mobility, and rugged field applications. Lithium-ion technology is the primary power source for consumer electronics, but it faces limitations in battery longevity. High-tech, energy-intensive sensors are being integrated into products. Component suppliers are launching new CPUs and chipsets to meet customer expectations. These improvements aim to improve battery longevity and functionality in various situations. Market expansion is expected to be supported by the growing demand for energy-efficient battery technologies, ensuring reliable and consistent performance for mobile devices.

The power SiC in North America holds the largest share, as the existence of major companies in the region encourages power electronics producers to adopt cutting-edge SiC semiconductor devices for improved efficiency. Moreover, leading local firms are adopting strategic initiatives, driving the region's growth. Moreover, the U.S. SiC power semiconductor market held the largest market share, whereas the Canadian SiC power semiconductor market experienced the most rapid growth in the region. In the meantime, the Asia-Pacific is the fastest-growing area among all regions due to various factors driving industrial growth. The Asia Pacific dominates the worldwide SiC power semiconductor sector, with China, Taiwan, Japan, and South Korea accounting for an increasing portion of the market. Thailand, Vietnam, Singapore, and Malaysia bolster the market leadership of the region. The area serves as an electronics center, producing millions of devices every year for both export and domestic consumption. The expansion of China's automotive industry and its increasing influence in the global automotive market enhance its market supremacy.

Report Scope of the Power SiC Market:

Segment wise revenue contribution in the global power SiC market

The report on global power SiC market provides a detailed analysis of segments in the market based on Device, Application, Wafer Size, and End User.

Segmentation Based on Device

·       SiC Discrete Devices

o     MOSFET

o     Diode

o     Module

·       SiC Bare Die Devices

Segmentation Based on Application

·       RF Devices & Cellular Base Station

·       Power Supply & Inverter

·       Power Grids

·       EV Motor

·       Industrial Motor Drives

·       Railway Traction

·       Others

Segmentation Based on Wafer Size

·       2-Inch

·       4-Inch

·       6-Inch and Above

Segmentation Based on End User

·       Telecommunication

·       Energy & Power

·       Automotive

·       Industrial

·       Electronics

·       Others

Company Profiled:

·       WOLFSPEED, INC.

·       STMicroelectronics

·       ROHM CO., LTD.

·       Fuji Electric Co., Ltd.

·       Mitsubishi Electric Corporation

·       Infineon Technologies AG

·       Semikron Danfoss

·       Xiamen Powerway Advanced Material Co., Ltd.

·       Renesas Electronics Corporation

·       Toshiba Corporation

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the power SiC market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.