Silicon Carbide Power Device in Semiconductor Market was valued at USD 2.12 Billion in 2022 and is projected to reach USD 8.66 Billion by 2030, growing at a CAGR of 19.1% from 2024 to 2030.
Silicon Carbide (SiC) power devices have gained significant traction in the semiconductor market over the last several years. From 2018 to 2022, the growth of SiC technology has been driven by its superior properties, which include high voltage tolerance, better efficiency, and high thermal conductivity. As industries demand more sustainable and energy-efficient solutions, SiC power devices have become a popular choice, especially in sectors like electric vehicles (EVs), renewable energy, and industrial applications.
The period between 2018 and 2022 witnessed a steady rise in demand for SiC devices. A combination of global trends, such as the expansion of electric vehicles, the growth of renewable energy installations, and the increasing demand for energy-efficient solutions, led to a surge in the adoption of SiC power devices. This demand can be attributed to the material's ability to operate at higher temperatures and voltages, making it ideal for power conversion systems in modern technology. Furthermore, the increasing need for energy-efficient devices and growing environmental concerns about carbon emissions have reinforced the shift toward SiC-based power solutions.
Throughout this period, several advancements in SiC technology were made, with manufacturers enhancing their production processes to reduce costs and improve reliability. The cost of SiC devices decreased as new manufacturing techniques were developed, and their availability in the market expanded. This allowed SiC to become more accessible, particularly for mid-range applications. In 2022, the adoption of SiC devices reached a critical tipping point, with major OEMs adopting these devices for use in everything from power electronics to motor drives.
As we look toward 2023 and beyond, the demand for SiC devices is expected to accelerate even further. With continued advancements in the automotive, renewable energy, and industrial sectors, demand for high-efficiency power devices is set to skyrocket. In the electric vehicle market, for example, the adoption of SiC devices is poised to increase exponentially, as automakers shift towards faster charging, better range, and improved performance. Furthermore, the growing push for carbon neutrality and sustainable technologies will drive the need for more energy-efficient systems that SiC devices are capable of providing.
Looking further into the decade, from 2023 to 2033, the market for SiC power devices is projected to see a massive surge in demand, driven by the continued growth of electric vehicles, smart grids, and renewable energy systems. Research indicates that the market for SiC power devices will continue to grow at a robust rate, with a compound annual growth rate (CAGR) expected to exceed 20% during this period. As industries look for better-performing, eco-friendly solutions, SiC technology will become a key enabler of the next generation of energy-efficient systems.
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Cree
Fairchild Semiconductor
General Electric
Infineon
Microsemi
NXP Semiconductors
Power Integrations
Renesas Electronics
ROHM
STMicroelectronics
Tokyo Electron
Toshiba
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Silicon Carbide Power Device in Semiconductor Market
Network and Telecommunication
Energy and Power
Automotive and Transportation
Based on Types the Market is categorized into Below types that held the largest Silicon Carbide Power Device in Semiconductor market share In 2023.
2 Inch Wafer
4 Inch Wafer
6 and Above Inch Wafer
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Silicon Carbide Power Device in Semiconductor Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Silicon Carbide Power Device in Semiconductor Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Silicon Carbide Power Device in Semiconductor Market, By Type
6. Global Silicon Carbide Power Device in Semiconductor Market, By Application
7. Global Silicon Carbide Power Device in Semiconductor Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Silicon Carbide Power Device in Semiconductor Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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