Silicon Carbide Market anticipating USD 3.33 Bn revenue expansion worldwide through 2023-2027
It is anticipated that between 2022 and 2027, the Silicon Carbide Market would grow by USD 3.33 billion, at a compound annual growth rate of 22.1%.Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking during the forecast period.
" Exploring through the growth drivers of the market it has been observed that an expanding factor in the silicon carbide market for the semiconductor application market is the aerospace industry's growing need for SiC fibres."
Silicon Carbide Market Analysis
SiC fibres have many beneficial qualities, including high modulus, durability, high heat resistance, and chemical stability and it makes it appropriate for usage in several aeronautical sector applications, including CMCs, insulation against heat engines, nanotubes on turbines, ceramic matrix composite materials, and substitute metal alloys.
Over the past ten years, there has been a rise in the demand for aviation materials as several countries try to modernise their defence fleets. Increasing defence investment has benefited advanced materials such as SiC fibres thus propelling the market advancements.
ABB Ltd., Allegro MicroSystems Inc., Asahi Kasei Corp., BAE Systems Plc, Fuji Electric Co. Ltd., II VI Inc., Infineon Technologies AG, Littelfuse Inc., Microchip Technology Inc., Mitsubishi Electric Corp., Navitas Semiconductor Inc., NXP Semiconductors NV, ON Semiconductor Corp., Qorvo Inc., Renesas Electronics Corp., ROHM Co. Ltd., STMicroelectronics NV, Toshiba Corp., are some of the major market participants that are contributing significantly to this market expansion across APAC,North America,Europe,South America,Middle East and Africa - US,China,Japan,Taiwan,UK.These market participants are thoroughly profiled in our research, along with a data-supported analysis.
Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.Learn more about the market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.