Pune, Sept. 20, 2023 (GLOBE NEWSWIRE) -- As per the SNS Insider report, “The Sic Power Device Market reached a valuation of USD 1.55 Billion in 2022 and is projected to expand to USD 8.60 Billion by 2030, exhibiting a robust CAGR of 23.9% during the forecast period spanning from 2023 to 2030.”
Market Overview
Silicon Carbide (SiC) power devices are at the forefront of a transformative wave in the field of electrical engineering. These devices represent a significant departure from traditional silicon-based semiconductor technology, offering unique advantages that promise to revolutionize various industries. SiC power devices are semiconductor devices that utilize silicon carbide as the material for their construction. Silicon carbide is a compound made up of silicon and carbon atoms, known for its remarkable properties, which make it an excellent choice for power electronics applications.
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Market Analysis
The SiC power device market has experienced significant growth in recent years, driven by various factors that are reshaping the power electronics industry. The global shift towards electric mobility has created a substantial demand for SiC power devices. EVs rely on efficient power electronics to extend battery life and reduce charging times. SiC devices enable faster charging, longer driving ranges, and improved overall performance in electric vehicles. With the growing emphasis on renewable energy sources like solar and wind, SiC power devices are playing a pivotal role in the efficient conversion and management of electrical energy. SiC inverters and converters can handle high-frequency AC power more effectively, increasing the efficiency of renewable energy systems.
SiC Power Device Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 1.55 billion |
| Market Size by 2030 | USD 8.60 billion |
| CAGR | CAGR of 23.9% From 2023-2030 |
| Key Segments | By Component (Schottky Diodes, FET/MOSFET Transistors, Integrated Circuits, Rectifiers/Diodes, Power Modules, Others) By Product (Optoelectronic Devices, Power Semiconductors, Frequency Devices) By Wafer Size (1 inch to 4 inches, 6 inches, 8 inches, 10 inches & above) By End-User (Automotive, Consumer Electronics, Aerospace & Defense, Medical Devices, Data & Communication Devices, Energy & Power, Others) |
| Key Market Players | ALLEGRO MICROSYSTEMS, INC., Infineon Technologies AG, ROHM Co., Ltd., STMicroelectronics N.V., ON SEMICONDUCTOR CORPORATION (on semi), WOLFSPEED, INC., Gene Sic Semiconductor, TT Electronics plc., Mitsubishi Electric Corporation, Powerex Inc., Toshiba Corporation, FUJI ELECTRIC CO., LTD. and other players |
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Key Takeaway from SiC Power Device Market Study
- The Silicon Carbide (SiC) power device market is experiencing a significant shift, with the Schottky diodes segment emerging as a dominant force. One of the key reasons behind the dominance of SiC Schottky diodes in the market is their ability to reduce power losses significantly. This, in turn, leads to improved energy efficiency, making them an ideal choice for power electronics in modern industries. The automotive sector, in particular, is benefiting immensely from this technology.
- The market is witnessing a significant surge in demand from the automotive sector, establishing its dominance in the industry. This remarkable transformation is primarily attributed to the unique advantages offered by SiC power devices in enhancing the performance and efficiency of modern vehicles, particularly electric vehicles (EVs).
Recent Developments
- Mitsubishi Electric and Coherent, two industry leaders in their respective fields, have recently embarked on an exciting collaboration aimed at revolutionizing the production of Silicon Carbide (SiC) power electronics. This partnership brings together Mitsubishi Electric's expertise in power electronics and Coherent's cutting-edge laser technology, with the common goal of scaling up SiC power electronics manufacturing on an unprecedented level.
- Hungary's SEMILAB and KERI (Korea Electrotechnology Research Institute) have recently collaborated to advance semiconductor technology, specifically focusing on silicon carbide (SiC) power semiconductors. This partnership marks a significant milestone in the global semiconductor industry and signifies a transfer of cutting-edge ion implantation evaluation technology.
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Market Dynamics Analysis
The SiC power device market is experiencing a dynamic shift driven by a combination of factors. One of the key drivers is the increasing demand for high-efficiency power electronics in various industries, including automotive, industrial, and renewable energy. SiC power devices offer lower switching losses and higher thermal conductivity compared to traditional silicon-based devices, making them ideal for applications where energy efficiency and power density are critical. Additionally, stringent environmental regulations and the need for reduced carbon emissions are pushing the adoption of SiC power devices in electric vehicles and renewable energy systems. However, despite the promising outlook, there are significant challenges and restraints. These include the relatively high manufacturing costs of SiC devices, limited scalability, and the need for standardization in the industry. Furthermore, the market faces threats from potential supply chain disruptions, geopolitical tensions impacting the availability of raw materials, and competition from emerging wide-bandgap semiconductor technologies. Navigating these dynamics will be essential for players in the market to capitalize on its growth potential.
Key Regional Developments
The North America is a major player in the SiC power device market. The push for electric vehicles (EVs) and renewable energy sources, coupled with government incentives and investments in clean energy technologies, has created a robust demand for SiC power devices. Leading companies in the semiconductor industry are investing in R&D and production facilities in this region. Germany is a hub for automotive manufacturing and has a strong focus on green technology. SiC power devices are a crucial component in EVs and charging infrastructure. The German government's commitment to reducing carbon emissions and promoting electric mobility is driving the SiC market's growth.
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Impact of Recession
The ongoing recession has introduced various challenges to the SiC power device market, including fluctuations in demand, supply chain disruptions, price pressures, and reduced R&D investments. However, the market's long-term potential driven by the need for energy-efficient solutions suggests that it may recover and continue to grow once economic conditions stabilize. Companies in this sector must adapt, innovate, and carefully navigate the current economic landscape to emerge stronger in the post-recession period.
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