During the anticipated period, the silicon carbide market is anticipated to grow at a CAGR of 7.5%. The silicon carbide market share is predicted to grow from its current valuation of US$ 2.8 Billion in 2022 to a net worth of US$ 5.8 Billion by 2032 during this projection period.
Due to silicon carbide’s ability to reduce power system loss by 50%, it is increasingly being used in a variety of applications, including industrial motor drives, power supplies and inverters, lighting control, and others.
Numerous factors are anticipated to be driving the market, including the rise in demand for motor drives, the need for compact systems, and the increased use of silicon carbide in cellular base stations and radio frequency devices.
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Silicon Carbide Market: Drivers and Restraints
Various factors such as the surge in demand for motor drives, compact system size and the increase in utility of silicon carbide in the cellular base station and radio frequency devices are some factor, which is driving the growth of the silicon carbide market during the forecast period.
Silicon carbide reduces the power system loss by 50%, owing to which the adoption of compact size semiconductors is increasing in various application such as Industrial Motor Drive, Power Supply and Inverter, Lighting Control and others.
On the other hand, the price of silicon carbide range approximately from $800 to $2,000 per ton that is very high as compared to other alternatives available in the market. Therefore, the high cost of Silicon carbide is the major factor restraining the growth of the market. Also, defects in material and issue related to the package is the other challenge faced by vendors associated with silicon carbide market.
Recent Developments in the Global Silicon Carbide Market
- A multinational manufacturer of semiconductor wafers named SK Siltron said in March 2020 that it had successfully acquired DuPont’s Silicon Carbide Wafer division for which the deal was finalised on February 29, 2020.
- A memorandum of understanding (MOU) was inked in January 2020 between SK Siltron and Daegu Gyeongbuk Institute of Science and Technology to provide parallel computing support for the research and development of “single crystal growth technology.”
Among the start-up and key players, the latter has a stronghold on the silicon carbide market, which makes the market consolidated in nature.
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- Pilegrowth Tech S.R.L
- Ascatron AB
- United Silicon Carbide, Inc.
- Basic 3C, Inc.
- Toshiba Corporation
- Bruckewell Technology Corporation
- Tankeblue Semiconductor Co. Ltd.
- Central Semiconductor Corporation
- Stmicroelectronics N.V.
- Cree Inc. (Wolfspeed)
- DOW Corning Corporation
Global Silicon Carbide Market: Regional Trend
Asia Pacific holds the major market for cellular base station and radio frequency devices, due to which, Asia Pacific region captures largest market share regarding revenue for silicon carbide market. And also, expected to continue its dominance during the forecast period. Further, owing to support government FDI on investment in countries such as India and China are the becoming key attraction for the investor to invest in Asia Pacific region.
In addition to above, in China, continuous development in electric vehicles and EV charging are anticipated to cater new avenues for opportunistic growth of silicon carbide market in forth coming years.
Key Segments in the Silicon Carbide Market
By Product Type:
- Silicon Carbide bare die
- Silicon Carbide discrete devices
- Silicon Carbide module
- Silicon Carbide diode
- Silicon Carbide MOSFET
By Wafer Size:
- 2 Inches
- 4 Inches
- More than 6-inches
- Electronic Combat System
- RF Device and Cellular Base Station
- Solar and Wind Energy
- Power Grid Device
- Flame Detector
- Flexible AC Transmission Systems (FACTS)
- EV Charging
- EV Motor Drive
- High-Voltage, Direct Current (HVDC)
- Industrial Motor Drive
- Power Supply and Inverter
- Lighting Control
By End User:
- Power Electronics
- Energy & Power
- Renewable Power Generation
- North America
- Latin America
- Asia Pacific
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