Silicon Carbide Power Semiconductor Market Size
What Are the Projected Growth and Market Size Trends for the Silicon Carbide Power Semiconductor Market?
The market size for silicon carbide power semiconductors has experienced massive expansion recently. The prediction for growth is from $1.24 billion in 2024 to $1.57 billion in 2025 with a compound annual growth rate (CAGR) of 26.6%. The spikes observed in the historical time frame are credited to the utilization of SiC power devices in charging systems for electric vehicles, the capability of these devices to operate at elevated temperatures, growth in the consumer electronics industry, the use of sophisticated electronic components in power, and the burgeoning automotive and renewable energy sector.
In the coming years, the market size for silicon carbide power semiconductors is anticipated to experience substantial growth, potentially reaching $3.99 billion in 2029 with a compound annual growth rate (CAGR) of 26.2%. This growth projection for the forecast period can be linked to factors such as the widespread usage of SiC discrete devices, heightened demand for consumer electronics and wireless communications, increased uptake of electronic vehicles, surging demand for energy-efficient battery-powered portable devices, and the introduction of SiC power semiconductors. Technological advancements, entry of new competitors seeking to acquire technology, a rise in innovative processes, product innovations, and technology introductions are some of the leading trends expected to define this forecast period.
What Is Driving the Growth Trajectory of the Silicon Carbide Power Semiconductor Market?
The increase in the prevalence of electric vehicles is predicted to propel the growth of the silicon carbide power semiconductor market. An electric vehicle (EV) utilizes one or more electric engines for propulsion. The rise in electric vehicles is due to technological advancements, regulatory backing, consumer demand, and industrial investment. Silicon carbide (SiC) power semiconductors significantly contribute to the enhancement of electric vehicles by increasing efficiency, reducing weight, and boosting overall performance in comparison to conventional silicon-based semiconductors. As EV manufacturers aim to enhance their vehicle’s performance and improve the consumer driving experience, the use of these semiconductors continues to rise. For example, in January 2024, the U.S. Energy information administration, a US-based entity, reported that in 2023, 16.3% of total new light-duty vehicle sales in the U.S were made up of hybrid vehicles, plug-in hybrid electric vehicles, and battery-electric vehicles combined. Therefore, the increased prevalence of electric vehicles is fostering growth in the silicon carbide power semiconductor market.
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Which Leading Companies Are Shaping the Growth of the Silicon Carbide Power Semiconductor Market?
Major companies operating in the silicon carbide power semiconductor market are Samsung Electronics Co. Ltd., Panasonic Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Eaton Corporation plc, Texas Instruments Inc., STMicroelectronics N.V., Infineon Technologies AG, BorgWarner Inc., NXP Semiconductors N.V., Renesas Electronics Corporation, Danfoss A/S, Microchip Technology Inc., ON Semiconductor Corporation, Fuji Electric Co. Ltd., ROHM Co. Ltd., Littelfuse Inc., Microsemi Corporation, Wolfspeed Inc., GeneSiC Semiconductor Inc.
What Are the Major Trends Shaping the Silicon Carbide Power Semiconductor Market?
Leading corporations in the silicon carbide power semiconductor domain are concentrating on creating unique products like silicon carbide MOSFETs. These products aim to deliver superior efficiency and dependability in industry-based applications. Silicon Carbide MOSFETs are power semiconductor devices made from silicon carbide (SiC). Notably, in November 2023, the Netherlands semiconductor firm, Nexperia B.V., introduced stand-alone 1200 V MOSFETs, identified as silicon carbide MOSFETs. These groundbreaking devices are set to dramatically transform high-voltage applications with their rare suite of attributes. Built to maximize efficiency and reliability, the silicon carbide MOSFETs of Nexperia possess markedly low switching losses, improved thermal performance, and can withstand high-stress operating conditions.
What Are the Key Segments of the Silicon Carbide Power Semiconductor Market?
The silicon carbide power semiconductor market covered in this report is segmented –
1) By Type: Metal-Oxide Semiconductor Field-Effect Transistors (MOSFETs), Hybrid Modules, Schottky Barrier Diodes (SBDS), Insulated Gate Bipolar Transistors (IGBT), Bipolar Junction Transistor (BJT), Pin Diode, Junction FET (JFET), Other Types
2) By Voltage Range: 301-900 V, 901-1700 V, Above 1701 V
3) By Wafer Type: SiC Epitaxial Wafers, Blank SiC Wafers
4) By Application: Electric Vehicles (EV), Photovoltaics, Power Supplies, Industrial Motor Drives, Electric Vehicles Charging Infrastructure, RF Devices, Other Applications
5) By End-User: Industrial, Automotive, Energy And Power, Information Technology And Telecom, Transportation, Aerospace And Defense, Other End-Users
Subsegments:
1) By Metal-Oxide Semiconductor Field-Effect Transistors (MOSFETs): Normally-OFF MOSFETs, Normally-ON MOSFETs
2) By Hybrid Modules: Integrated Power Modules (IPMs), Power Conversion Modules, Other Hybrid Power Modules
3) By Schottky Barrier Diodes (SBDs): Standard Schottky Diodes, High-Voltage Schottky Diodes
4) By Insulated Gate Bipolar Transistors (IGBT): Standard IGBT, Trench IGBT
5) By Bipolar Junction Transistor (BJT): Standard BJT, High Power BJT
6) By Pin Diode: High-Voltage Pin Diodes, Low-Voltage Pin Diodes
7) By Junction FET (JFET): SiC-Based JFETs
8) By Other Types: Power Rectifiers, Thyristors, Silicon Carbide-Based Capacitors
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Which Region Dominates the Silicon Carbide Power Semiconductor Market?
Asia-Pacific was the largest region in the silicon carbide power semiconductor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the silicon carbide power semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Silicon Carbide Power Semiconductor Global Market Report?
– Market Size Analysis: Analyze the Silicon Carbide Power Semiconductor Market size by key regions, countries, product types, and applications.
– Market Segmentation Analysis: Identify various subsegments within the Silicon Carbide Power Semiconductor Market for effective categorization.
– Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
– Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
– Market Contribution: Evaluate contributions of different segments to the overall Silicon Carbide Power Semiconductor Market growth.
– Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
– Industry Challenges: Analyze challenges and risks affecting the Silicon Carbide Power Semiconductor Market.
– Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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