Latest News- Silicon Carbide (SiC) Market: Power electronics is expected to lead the Product segment during 2025-2029

The Silicon Carbide (SiC) Market is being driven by Increase in demand for SiC fibers in aerospace sector

The Silicon Carbide (SiC) Market is expected to grow at a CAGR of 37.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 11330.5 million. In the realm of electric vehicles (EVs) and hybrid electric vehicles (HEVs), power inverters play a pivotal role in effective energy management. The emergence of next-generation SiC-based automotive inverters and advanced SiC field effect transistors (FETs) in semiconductor devices signifies significant energy savings and enhanced vehicle performance. SiC-based automotive inverters offer distinct advantages, including higher temperature resistance, improved efficiency, reduced size, and lighter weight, surpassing those of conventional inverters. The escalating concerns over petroleum-based air pollution from automobiles and the burgeoning technological advancements in alternate energy sources are expected to fuel the demand for SiC-based automotive inverters within the automobile industry. For instance, Marelli, a leading automotive supplier, unveiled an 800-volt SiC inverter platform for EVs in July 2022. This development underscores the growing importance of SiC-based automotive inverters in the electric vehicle market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Power electronics
  • Optoelectronic devices
  • Frequency devices
• Application
  • Automotive
  • Energy and power
  • Aerospace and defense
  • Data and communication devices
  • Others
• Device
  • SiC discrete device
  • SiC module
• Measurement
  • Up to 150mm
  • Greater than 150mm
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in demand for SiC fibers in aerospace sector
• Increasing demand for power electronics
• Growing EV automotive industry

However, the market also witnesses some limitations, which are as follows:

• High manufacturing and processing cost of SiC semiconductors
• Lack of design expertise and tools for Sic semiconductors
• Supply-demand gap of SiC semiconductors due to its less production capacity

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Market Scope in Silicon Carbide (SiC) Market Research Report

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Research Analysis Overview

The SiC market encompasses power electronics that utilize SiC substrates, which undergo epitaxy for producing high-performance power devices. These devices find extensive applications in electrical infrastructure, including power supplies, motor control circuits, inverters, IGBTs, and MOSFETs, in alternating current (AC) and direct current (DC) systems. SiC, as a refractory material, is also used in the steel, kilns, furnaces, and reactors industries. In the semiconductor sector, SiC substrates are essential for consumer electronics, vehicles, and the energy sector, reducing switching losses and energy dissipation. SiC's unique properties make it a valuable material in various industries, from the semiconductor sector to the metal industry.

Market Research Overview

The Silicon Carbide (SiC) market is a significant segment of the global specialty chemicals industry, focusing on the production and supply of high-value-added chemicals used in power electronics, electrical infrastructure, and electronic devices. Key players in this market include manufacturers of SiC substrates, epitaxy services, and power devices. The market's expansion will be fueled by the increasing demand for SiC-based power electronics to minimize switching losses in alternating current (AC) and direct current (DC) power systems. The global SiC market size is determined by the combined revenue generated by these key players. A primary growth driver is the rising adoption of SiC-based power devices to enhance energy efficiency and reliability in various industries, including automotive, renewable energy, and industrial automation.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/