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Silicon Carbide Market Size – USD 2.90 Billion in 2021, Growth – at a CAGR of 16.2%, Trend – Growing demand for electric and hybrid vehicles.
NEW YORK CITY, NY, USA, April 15, 2022 /EINPresswire.com/ — The silicon carbide (SiC) market size is expected to reach USD 10.91 billion in 2030 and register a CAGR of 16.2% on the forecast period, according to the latest Reports and Data report. Growing demand for SiC devices in power electronics and shrinking size of SiC-enabled devices are the major factors driving the market revenue over the forecast period.
Growing demand for a cleaner environment, reduced global warming and less reliance on fossil fuels are increasing the demand for hybrid and electric vehicles that offer higher fuel efficiency, lower emissions and can be digitally well-connected than conventional vehicles. traditional vehicles. The demand for SiC devices is increasing with the rise in demand for electric vehicles (EVs) as they are capable of increasing the efficiency and range of EVs and reducing weight and size, thereby increasing power density overall vehicle electronics. SiC devices are increasingly being used in high voltage power converters and their higher thermal conductivity makes them ideal for use at elevated temperatures with significantly lower on-state resistance and switching losses, allowing faster heat dissipation. Moreover, the power conversion requirement of electric vehicles is optimally met by SiC devices, which helps to achieve maximum efficiency and drive the market growth.
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Some major companies operating in the global market include STMicroelectronics NV, Infineon Technologies AG, Rohm Co Ltd, Wolfspeed, ON SemiconductorCorporation, Fuji Electric Co., Ltd., Renesas Electronics Corporation, Microchip Technology Inc., Toshiba Corporation, General Electric Company, GeneSiC Semiconductor Inc., ESD-SIC BV, Entegris, Inc., Powerex Inc. and SEMI Co. Ltd.
SiC semiconductors, capable of operating at high temperatures, are ideal for applications such as on-board charging and inverters used in the case of electric and hybrid vehicles for fast charging solutions. They ensure that electric vehicles can travel long distances and recharge in a reasonable time with maximum efficiency. Moreover, the support and initiative of the governments of various countries contribute to the development and improvement of this essential technology. For example, in April 2019, the University of Arkansas received a $1.5 million grant from the U.S. Department of Energy, as assistance in the development of SiC-based power modules from new generation designed for hybrids and electric vehicles. The advantage of SiC semiconductors is that they improve the overall efficiency of electric vehicles by increasing range and reducing recharging time, which is expected to drive the market growth over the forecast period.
However, the high material and manufacturing cost of silicon carbide is hampering the market growth as SiC is manufactured under high temperature conditions which makes it more expensive than raw silicon. Also, the use of gallium nitride as an alternative compound with similar properties of bandwidth, power efficiency, high temperature durability, etc. further hinders the growth of the market over the forecast period.
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Some highlights of the report
The black silicon carbide segment is expected to account for the largest market share over the forecast period due to its applications such as grinding and polishing of titanium alloys, stainless steel, jewelry, etc. for its high strength and low density. Additionally, as an excellent deoxidizer, it helps maintain the composition and quality of steel during manufacturing and processing, which is driving the growth of the segment.
The automotive segment is expected to account for the largest share of market revenue over the forecast period owing to the growing popularity and increasing demand for electric vehicles globally and application of power electronic devices SiC with high temperature load capability, which greatly increases the range an EV can travel. . Additionally, the demand for clean low carbon dioxide environment globally is expected to drive the growth of the segment.
Asia-Pacific is expected to account for the largest market share over the forecast period owing to rising demand for SiC devices for advanced and latest technologies across various industries such as power, electronics, automotive, defense, renewable energy and others in the region. Moreover, increase in infrastructure development leads to increase in demand for steel, which consequently increases the demand for SiC, which is a raw material for refractories and acts as a deoxidizing agent in the manufacture of steel. . Additionally, the region is the world’s largest market for semiconductors, further driving the market growth in the region.
In February 2022, Infineon Technologies AG announced the launch of power semiconductors with CoolSiC MOSFET and XT technology in the XHP 2 package for rail services with an increase in energy efficiency and a focus on green mobility. This will help maintain the trend of reducing dependence on fossil fuels, with environmentally friendly electrical solutions.
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For this report, Reports and Data has segmented the silicon carbide market based on product, device, wafer size, application, end-use, and region.
Product Outlook (Revenue, USD Billion; 2019-2030)
Green silicon carbide
black silicon carbide
Others
Devices Outlook (Revenue, USD Billion; 2019-2030)
Discrete SiC device
SiC diode
Sic MOSFET
Bare matrix SiC
SiC module
Wafer Size Outlook (Revenue, USD Billion; 2019-2030)
2 inches
4 inches
6 inches and over.
Application Outlook (Revenue, USD Billion; 2019-2030)
Electrical network devices
High Voltage DC System
Power inverter
EV charging station
RF devices and cellular base station
Flexible AC transmission system
Industrial engines
Lighting control systems
Solar power systems
Wind energy
Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Steel
Automotive
Energy and Power
Electrical and Electronic
Defense and Aeronautics
Others
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Regional Outlook (Revenue, USD Billion; 2019-2030)
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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