Silicon Carbide Market worth $17.2 billion by 2029 - Exclusive Report by MarketsandMarkets™
SiC module is expected to have the largest market size in the silicon carbide market during the forecast period.
CHICAGO, March 21, 2024 /PRNewswire/ -- The Silicon Carbide Market is expected to reach USD 17.2 billion by 2029 from USD 4.2 billion in 2024, at a CAGR of 32.6% during the 2024–2029 period according to a new report by MarketsandMarkets™. The major factors driving the growth of the silicon carbide market include the growing demand for renewable energy systems which leads to an increase in deployment of SiC devices and increasing number of initiatives and investments towards SiC devices.
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Browse in-depth TOC on "Silicon Carbide Market"
120 – Tables
65 – Figures
215 – Pages
Silicon Carbide Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 4.2 billion |
|
Estimated Value by 2029 |
$ 17.2 billion |
|
Growth Rate |
Poised to grow at a CAGR of 32.6% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Device, Wafer Size, End-use Application, Crystal Structure and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Defects in materials, designing and packaging processes in SiC devices |
|
Key Market Opportunities |
Continuous developments to improve the quality of SiC substrate and epitaxy |
|
Key Market Drivers |
Accelerating demand for power electronics |
SiC module is expected to have the largest market size in the silicon carbide market during the forecast period.
SiC module is expected to register the largest market size during the forecast period. This is attributed to the increasing need for faster switching, reduced need for passive components, smaller system footprint, suitability for high frequencies, high blocking voltage, elevated junction temperature tolerance, and increased current density for enhanced compactness and power density which thereby drives the market growth of SiC modules.
Automotive application is anticipated to register the highest CAGR in the silicon carbide market during the forecast period.
The ongoing demand for high-performance power and opto-semiconductor devices in the burgeoning automotive electronics market provides opportunities for SiC device providers to deliver the efficiency, reliability, and quality requisite for emerging automotive applications. Furthermore, the increasing utilization of SiC-powered wide bandgap semiconductors in car chips and charging stations for energy conservation and environmental protection is anticipated to propel market growth which thereby provides further growth opportunities in the silicon carbide industry. Therefore, automotive application is anticipated to register the highest CAGR in the silicon carbide market during the forecast period.
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The report profiles key players in silicon carbide companies such as STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Semiconductor Components Industries, LLC (US), WOLSPEED, INC. (US), ROHM Co., Ltd. (Japan), Fuji Electric Co., Ltd. (Japan), TOSHIBA CORPORATION (Japan), Microchip Technology Inc. (US), Mitsubishi Electric Corporation (Japan), and Coherent Corp. (US).
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