Global Silicon Carbide Market Report 2023: Sector is Expected to Reach $11.1 Billion by 2028 at a CAGR of 36.4%


Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Global Silicon Carbide Market by Device (SiC Discrete Device, SiC Module), Wafer Size (Up to 150 MM, >150 MM), End-Use Application (Automotive, Energy & Power, Transportation, Industrial, Telecommunications) and Region - Forecast to 2028" report has been added to's offering.

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; it is expected to register a CAGR of 36.4% during the forecast period.

Higher mechanical, electrical, and thermal properties of SiC than regular silicon is driving the growth of the silicon carbide market, whereas availability of substitute materials such as gallium nitride are restraining the growth of silicon carbide market.

>150 mm segment is expected to grow at higher CAGR during forecast period

The market for >150 mm wafers is expected to grow at a higher CAGR of 123.5% during the forecast period. Most SiC power electronics, such as Schottky barrier diodes and MOSFETs, are built using 150 mm wafers. These fabrications take place in fully depreciated 150 mm fabs.

The market for >150 mm and above wafer size is still in the process of gaining traction, and there are very few players that offer and manufacture them. These wafers can be used in a variety of SiC devices as SiC MOFETS and SiC modules as they are 50% thinner than the standard silicon wafers.

SiC module segment by wattage to register growth at higher CAGR

SiC module segment is expected to experience the higher CAGR of 38.1% % during the forecast period. SiC modules provide power supply efficiency with simpler cooling measures, small peripheral components for higher frequency operation, and supreme endurance.

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.

Automotive segment is likely to grow at higher CAGR

Automotive segment is expected to experience the highest CAGR of 38.2% during the forecast period. The rising adoption of EVs/HEVs and electrified powertrains will boost the demand for silicon carbide devices.

The rising use of high-efficiency SiC devices in automotive applications increases the operating time of battery-powered vehicles and reduces electricity consumption at wireless base stations and similar applications. SiC is gaining traction in automotive applications as the industry is shifting toward more efficient and sustainable transportation. Its unique properties make it suitable for these applications, and SiC-based components are expected to play an important role in the future of EVs and other electric vehicles.

Electric vehicle (EV) sales increased in every region as production increased, oil prices hiked and targeted policies to reduce vehicle emissions have become stringent. According to the World Economic Forum, 10.6 million electric vehicles were sold. This adoption rate of EV is expected to have a growth in the coming years, with sales of ~21 million EVs by 2025.

North America to register growth at second highest CAGR

North America is expected to witness the second highest CAGR of 36.1% during the forecast period. North America is a home to major silicon carbide manufacturers and technology providers such as GeneSiC Semiconductor Inc., General Electric (US), and Microchip Technology Inc.

The majority of silicon carbide startups operating in North America cater mainly to the domestic market. High adoption of silicon carbide in electric vehicles is anticipated to provide potential growth opportunities for silicon carbide vendors in the region. The presence of a broad consumer base and high industrial virility in the region act as catalysts for the growth of the silicon carbide market.

Key Attributes:

Report AttributeDetails
No. of Pages231
Forecast Period2021 - 2026
Estimated Market Value (USD) in 2021$899 Million
Forecasted Market Value (USD) by 2026$2113 Million
Compound Annual Growth Rate18.7%
Regions CoveredGlobal

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.2.4. Challenges
5.3. Value Chain Analysis
5.4. Porter's Five Force Analysis
5.5. Pricing Analysis
5.5.1. Average Selling Price Trend of Key Players, by Wafer Size
5.5.2. Average Selling Price Trend
5.6. Key Stakeholders & Buying Criteria
5.7. Patent Analysis
5.8. Technology Analysis
5.9. Trade Data Analysis
5.10. Trends/Disruption Impacting Customer's Business
5.11. Ecosystem/Market Map
5.12. Case Study
5.13. Key Conferences & Events in 2023-2024
5.14. Tariff & Regulatory Framework
5.15. Regulatory Bodies, Government Agencies, and Other Organizations
5.15.1. Tariffs
5.15.2. Regulations
5.15.3. Standards

6 Silicon Carbide Market, by Device
6.1. Introduction
6.2. Sic Discrete Device
6.2.1. Sic Diode
6.2.2. Sic Mosfet
6.3. Sic Module

7 Silicon Carbide Market, by Wafer Size
7.1. Introduction
7.2. Up to 150 Mm
7.3. >150 Mm

8 Silicon Carbide Market, by End-Use Application
8.1. Introduction
8.2. Automotive
8.3. Energy & Power
8.4. Industrial
8.5. Transportation
8.6. Telecommunications
8.7. Others

9 Silicon Carbide Market, by Geography
9.1. Introduction
9.2. North America
9.2.1. Recession Impact
9.2.2. US
9.2.3. Canada
9.2.4. Mexico
9.3. Europe
9.3.1. Recession Impact
9.3.2. UK
9.3.3. Germany
9.3.4. France
9.3.5. Rest of Europe
9.4. Asia-Pacific
9.4.1. Recession Impact
9.4.2. China
9.4.3. Japan
9.4.4. South Korea
9.4.5. Rest of Asia-Pacific
9.5. Row
9.5.1. Recession Impact
9.5.2. Middle East & Africa
9.5.3. South America

10 Competitive Landscape
10.1. Introduction
10.2. Market Evaluation Framework
10.2.1. Product Portfolio
10.2.2. Regional Focus
10.2.3. Manufacturing Footprint
10.2.4. Organic/Inorganic Growth Strategies
10.3. Market Share Analysis: Silicon Carbide Market, 2022, (Top 5 Players)
10.4. 5-Year Company Revenue Analysis (Top 5 Players)
10.5. Company Evaluation Quadrant
10.5.1. Stars
10.5.2. Pervasive
10.5.3. Emerging Leaders
10.5.4. Participants
10.5.5. Competitive Benchmarking
10.6. Start-Ups/Small and Medium-Sized Enterprises (Smes) Evaluation Matrix
10.6.1. Competitive Benchmarking
10.6.2. Progressive Companies
10.6.3. Responsive Companies
10.6.4. Dynamic Companies
10.6.5. Starting Blocks
10.7. Competitive Situation and Trends
10.7.1. Product Launches
10.7.2. Deals

11 Company Profiles
11.1. Key Players
11.1.1. Stmicroelectronics N.V.
11.1.2. Infineon Technologies Ag
11.1.3. Wolfspeed, Inc.
11.1.4. on Semiconductor
11.1.5. Rohm Co., Ltd.
11.1.6. Fuji Electric Co., Ltd.
11.1.7. Toshiba Corporation
11.1.8. Hitachi Ltd.
11.1.9. Microchip Technology Inc.
11.1.10. Mitsubishi Electric Corporation
11.2. Other Key Players
11.2.1. Semikron Danfoss
11.2.2. Qorvo, Inc.
11.2.3. Genesic Semiconductor Inc.
11.2.4. Tt Electronics
11.2.5. Vishay Intertechnology, Inc.
11.2.6. Ween Semiconductors
11.2.7. Solitron Devices
11.2.8. Coherent Corp. (Ii-Vi Incorporated)
11.3. China Specific Key Players
11.3.1. Sanan Ic
11.3.2. Shanghai Hanxin Technology
11.3.3. Century Jinguang
11.3.4. Global Power Technology Co., Ltd.
11.3.5. Byd Semiconductor Co., Ltd.
11.3.6. Inventchip Technology Co., Ltd.
11.3.7. Crrc

12 Appendix

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Global Silicon Carbide Market

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