Silicon Carbide Market worth $11.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 25, 2023 /PRNewswire/ -- The global silicon carbide market was valued at USD 1.8 billion in 2022 and is projected to reach USD 11.1 billion by 2028; registering a CAGR of 36.4% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for silicon carbide devices is attributed to benefits of silicon carbide over silicon, increasing use of SiC devices in power electronics, and higher mechanical, electrical, and thermal properties of SiC than regular silicon.

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Browse in-depth TOC on "Silicon Carbide Market" 

175 – Tables
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Silicon Carbide Market Report Scope:

By Device: SiC module segment to propel market growth in the forecasted year.

The SiC module segment held the major market share of ~105% of the silicon carbide market in 2028.  SiC modules contain SiC MOSFETs and SiC diodes having voltage ratings of 1,200 V. These modules are used in DC–DC solar inverters. SiC modules improve the efficiency of the device, facilitating high-frequency operations above 100 kHz. Furthermore, its features such as reduced size and cost, increased switching frequency, and high switching speed are widely used in power supplies for photovoltaic (PV) power conditioners, industrial equipment, traction drives, and others. Additionally, in automotive applications, SiC modules ranging from 600 to 1,200 V are helpful, whereas for charging stations, 1,200 V SiC modules are considered, and for rails, 3,200 V SiC modules are used.

By Wafer size: up to 150 mm segment accounted for the largest share of the silicon carbide market in 2028

The up to 150 mm segment accounted for the largest market share of ~82% in 2028. Up to 150 mm SiC wafers are primarily used in optoelectronic devices, high-power devices, high-temperature devices, and high-frequency power devices. The small size of these wafers also results in high manufacturing costs; as a result, 2-inch wafers are costlier than other wafers in different size ranges and are almost eight times as costly as 6-inch wafers.

Various players in the ecosystem are adopting inorganic growth strategies to sustain their market position. For instance, in August 2022, Coherent Corp., a leader in wide-bandgap compound semiconductors, closed a contract worth USD 100 million to supply Dongguan Tianyu Semiconductor Technology Co., Ltd. (China) with 150 mm wafer substrates for power electronics.   

By End-use Application: In 2028, automotive segment accounted for the largest share of the silicon carbide market

Automotive segment accounted for the largest share of ~79% of the silicon carbide market, by end-use application, in 2028. SiC devices have significant applications in the automotive sector. Global emission regulation, governmental investments, and technological development are focusing on the transition to vehicle electrification. As heavy-duty vehicles used for mining, construction, and cargo supplies face electrification-related issues such as battery oriented and limited driving range. Here, silicon carbide devices provide the necessary level of power-conversion efficiency.

The electrification of vehicles is creating a huge potential for SiC devices in EVs. For level 3 charging performance from automotive, SiC infused digital controls provides the ideal solution.  This combination offers durability, reliability, and balances efficient, economic, and safe control methodology. Also, it ensures the stability of level 3 charging stations. Also, the electrification of the road transport is an necessary step towards achieving global carbon neutrality.

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Asia Pacific likely to hold the largest share of silicon carbide market during forecast period.

Asia Pacific accounted for the largest share of ~59% in the silicon carbide market in 2028. For power semiconductor devices, the growing number of SiC power applications creates huge revenue potential in this region. This attracts several industry players to mass-commercialize SiC power semiconductor devices for several power applications, which, in turn, is increasing the revenue of SiC market players within the region. Moreover, key players offering silicon carbide devices, such as ROHM Co., Ltd., Fuji Electric Co., Ltd., Renesas Electronics Corporation (Japan), Toshiba Corporation, and TanKeBlue Semiconductor Co. Ltd. (China), are based in this region. The market in this region is expected to grow at a significant pace, mainly led by the growing economies and an increasing number of small- and medium-scale businesses, along with mandatory regulations pertaining to digital transformation imposed by governments.

The silicon carbide market is dominated by a few globally established players such as STMicroelectronics N.V. (Switzerland); Infineon Technologies AG (Germany); WOLFSPEED, INC. (North Carolina); ON Semiconductor Corporation (Arizona); ROHM Co., Ltd. (Kyoto).

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