Silicon Carbide Market Size to grow by USD 7168.3 million between 2024-2028
According to a research report “ Silicon Carbide Market” by Product (Power electronics, Optoelectronic devices, Frequency devices) Application (Automotive, Energy and power, Aerospace and defense, Data and communication devices, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 7168.3 million, at a CAGR of 32.14% during the forecast period. In the aerospace industry, SiC fibers are renowned for their exceptional properties, including high heat resistance, chemical stability, and superior mechanical strength. These attributes make SiC fibers a preferred choice for various applications, such as insulation for heat engines, nanotube integration in turbines, ceramic matrix composites (CMCs), and metal alloy substitutes. The adoption of SiC fibers in aerospace engineering leads to significant weight reduction and enhanced fuel efficiency in aircraft engines. Consequently, this technological advancement contributes positively to both the environment and the economic bottom line of aircraft manufacturers.
Browse market data tables, figures, and in-depth TOC on “Silicon Carbide Market” by Product (Power electronics, Optoelectronic devices, Frequency devices) Application (Automotive, Energy and power, Aerospace and defense, Data and communication devices, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the Power electronics segment is projected to dominate the market size in 2024
In the semiconductor market, silicon carbide (SiC) variants have emerged as a prominent trend in 2023, capturing significant attention. SiC semiconductors exhibit superior capabilities, including the ability to withstand greater voltage levels and temperatures than traditional silicon semiconductors. These attributes make them highly desirable for the automotive sector. Automotive manufacturers and consumers alike value the benefits of SiC semiconductors, such as reduced heat dissipation and increased switching frequencies, resulting in faster battery charging, lower power consumption, and larger miniaturization. Furthermore, these semiconductors enable faster download speeds and reduced tension. The aforementioned advantages of SiC semiconductors present lucrative opportunities for automotive manufacturers, enabling them to produce more attractive, energy-efficient car models for discerning consumers.
By Application, Automotive segment is expected to hold the largest market size for the year 2024
In the realm of power electronics, silicon carbide (SiC) based power semiconductors serve as essential components, functioning as switches or rectifiers. These devices, also referred to as power ICs when integrated into circuits, offer enhanced capabilities compared to their traditional counterparts. SiC power semiconductors can endure higher temperatures, voltages, and switching frequencies, resulting in lower switching losses, increased efficiency, and decreased on-resistance. This performance improvement leads to more compact and efficient power electronic systems. The ongoing advancements and cost reduction efforts in SiC-based power semiconductors significantly contribute to the expansion of high-efficiency power electronics across industries, including automotive, aerospace, renewable energy, and manufacturing sectors.
APAC is forecasted to hold the largest market size by region in 2024
The Silicon Carbide (SiC) market is experiencing significant growth due to its increasing adoption in various industries, particularly in power electronics and automotive sectors. SiC's superior electrical conductivity, high temperature resistance, and durability make it an ideal choice for manufacturing high-performance components. Companies are investing heavily in SiC research and development to expand their product offerings and cater to the surging demand. This trend is expected to continue, driving the global SiC market growth in the coming years.
The Silicon Carbide Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The global Silicon Carbide (SiC) market is experiencing significant growth due to the increasing demand for SiC-based power devices in various industries. SiC is a semiconductor material known for its exceptional properties, including high temperature resistance, high electrical conductivity, and high breakdown voltage. This makes it an ideal choice for power devices such as MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors) and IGBTs (Insulated Gate Bipolar Transistors), which are widely used in motor control circuits, inverters, power supplies, and other electrical infrastructure applications. SiC is also finding increasing use in vehicles, consumer electronics, and industrial sectors such as the metal industry (Aluminum, Steel), refractories, reactors, furnaces, and kilns. SiC substrates are used in epitaxy processes to produce high-performance SiC power devices. The semiconductor sector and electrical infrastructure industries are major consumers of SiC, with switching losses being a significant concern due to the increasing use of direct current (DC) and alternating current (AC) power. The market for SiC-based power devices is expected to grow significantly in the coming years due to the increasing demand for energy-efficient and high-performance electrical systems.
Market Research Overview
Silicon Carbide (SiC), a versatile ceramic material, finds extensive applications in various industries including ceramics, industrial ceramics, super refractories, abrasives, electro minerals, medical and healthcare, electronics and semiconductors, military and defense, aerospace and aviation, steel and energy, and vehicles. In the form of ceramic fibers, SiC is used in refractories, furnaces, kilns, and reactors. In the semiconductor industry, SiC is used as a semiconductor material in MOSFETs, IGBTs, inverters, motor control circuits, power supplies, and SiC power modules. SiC is also used in the automotive sector for making SiC power modules, motor drives, and electromobility components. The automotive segment, steel application segment, aerospace segment, and semiconductor sector are the major consumers of SiC. The SiC manufacturing process involves the growth of boules through the sublimation process, followed by device fabrication. Defects such as surface particles, stains, crystalline stacking faults, micro pipes, and scratches can affect the yield. SiC is used in various applications due to its high voltage and temperature resistance, ability to withstand high frequencies, and excellent power handling capabilities. SiC is also used in renewable energy sources, charging infrastructures, electric vehicles, manufacturing facilities, robotics, and electrical infrastructure. SiC is available in various forms including black silicon carbide and green silicon carbide. SiC is a bandgap material and is used in the production of SiC wafers, converters, and power semiconductors, which are essential for improving system efficiency and reducing energy dissipation in direct current and alternating current power devices.
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