New York, US, April 28, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “SiC Power Semiconductor Market Research Report Information By Devices, By Application, By Wafer Size, By End User And By Region –Market Forecast Till 2032, the market is anticipated to acquire a valuation of approximately USD 1.64 billion by the end of 2032. The reports further predict the market to flourish at a robust CAGR of over 26.30% during the assessment timeframe.
SiC Power Semiconductor Market Key Players
Eminent industry players profiled in the SiC power semiconductor market report include-
- Microsemi Corporation
- Power Integrations
- Infineon Technologies AG
- General Electric
- STMicroelectronics
- Fairchild Semiconductor
- Toshiba Corporation
- NXP Semiconductors
- Tokyo Electron
- Renesas Electronics Corporation
- ROHM
- Cree.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2032 | USD 1.64 billion |
| Growth Rate | CAGR of 26.30% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | Strategic partnership and acquisition by SiC manufacturers |
| Key Market Drivers | Advent of sic power semiconductors Rising penetration of electronic vehicles |
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SiC Power Semiconductor Market Drivers
Alluring Properties to Boost Market Growth
The market demand for silicon carbide (SiC) semiconductors is increased by appealing characteristics such as a wider band gap, a stronger breakdown electric field, superior chemical resistance, and decreased thermal expansion. Compared to their silicon counterparts, SiC power semiconductor electronic gadgets can withstand higher temperatures and voltages.
Opportunities
Growing Need for Consumer Electronics to offer Robust Opportunities
The market is growing favorably as a result of the increasing use of the consumer electronics devices around the world. Nowadays, semiconductors are necessary for a wide range of consumer goods, including communication devices (including smartphones, tablets, smartwatches, & other gadgets), computers (both household and business computers feature PCBs), entertainment systems, and home appliances. Due to consumer electronics like laptops' high energy consumption, silicon carbide power semiconductors in fact are necessary. The devices' energy consumption is aided by SiC power semiconductors. The need for SiC power semiconductor devices is fueled by an increase in global energy consumption and the number of the consumer electronics devices.
Restraints and Challenges
Lack of Skilled Workforce to act as Market Restraint
The lack of skilled workforce, limitation of infrastructure, and high price of wafer may act as market restraints over the forecast period.
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SiC Power Semiconductor Market Segmentation
The global SiC power semiconductor market is bifurcated based on device, wafer size, application and end user.
By devices, the market is segmented into SiC Discrete Devices, MOSFET, Diode, Module, SiC Bare Die Devices.
By wafer size, the market is segmented into 2-inch, 4-inch, 6-inch and above
By application, the market is segmented into RF Devices & Cellular Base Stations, Power Supply & Inverter, Power Grids, EV Motors, Industrial Motor Drives, and Railway Traction.
By end user, automotive will lead the market over the forecast period.
COVID-19 Analysis
Demand for SiC power semiconductors gradually decreased as a result of the lockdown and COVID-19 government rules, which forced the closure of production facilities and services. Even private and public development was put on hold. The supply chain disruption had an effect on the industry as well, especially for raw materials needed to produce SiC power semiconductors. The global market for SiC power semiconductors developed slowly in 2020 and the first two quarters of 2021, primarily as a result of stringent government regulations for different industries and restrictions on trade and transit.
Government restrictions caused a slowdown in SiC power semiconductor production, which meant that during the first three quarters of 2020, supply did not keep up with demand. Also, there is a significant need for the SiC power semiconductor goods in the automotive and defense industries, as well as in the medical field and hydraulics applications. The oil and gas industry's resumed production and the automotive sector's increased output both contributed to the global increase in demand for the SiC power semiconductors. In turn, this increased the price of the product in addition to driving up demand.
Regional Analysis
APAC to Lead SiC Power Semiconductor Market
The market in the APAC region holds the largest market share throughout the forecast period, at over 34.5%. Typically, Asia dominates the global semiconductor market. There is a good likelihood they will also control the SiC Power Semiconductor business on a global scale. Government regulations also align with the potential for growth in the market. Due to the existence of both producers and consumers, APAC also happens to be the largest market for consumer electronics. As a result, the region already benefits from a favorable ratio between supply and demand. The market will be primarily driven by the need for the wide bandgap IGBT semiconductors. In terms of the EV and automotive markets, Asia continues to hold the top spot. The need for the SiC semiconductors will eventually increase because China is already the place where the majority of the electric vehicles are produced. This will have an effect on the APAC region's overall market share. The entire production scope of the silicon carbide semiconductor within the APAC area will also be driven by suitable infrastructure and the continuously expanding production of electric vehicles supported by industry-friendly legislation and regulations in various nations like India, South Korea, and China.
North America to Have Favorable Growth in SiC Power Semiconductor Market
Due to the vast number of renowned silicon carbide manufacturers & the enormous amount of money spent on R&D operations, North America has taken a share of 25% of the global market. The Advanced Research Projects Agency-Energy in the United States plans to spend USD 30 million in at least 21 projects as part of the CIRCUITS initiative due to the rise in high power SiC applications.
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Industry Updates
December 2022- In order to design and produce cutting-edge semiconductor materials, STMicroelectronics and Soitec (Euronext Paris) have announced the next phase of their collaboration on Silicon Carbide substrates, along with the Soitec's SiC substrate technology’s qualification via ST planned in the following 18 months. The objective of this collaboration is for ST to utilize Soitec's SmartSiC expertise for its upcoming 200mm substrate production, feeding its business of producing devices and modules. Volume production is anticipated in the medium term. The company's finances will improve as a result of this partnership, and the worldwide SiC power semiconductor industry will expand as well.
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