Global Silicon Carbide Power Semiconductor Market Size Expands at Impressive CAGR of 16.8% between 2023 and 2029

Published | 24 January 2023

Global silicon carbide (SiC) semiconductor market is flourishing because of rising demand for wireless communications and consumer electronics and increasing adoption for energy-efficient battery-powered portable devices.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global silicon carbide (SiC) semiconductor market size to expand at a CAGR of 16.8% during the forecast period between 2023 and 2029. Major factors for the expansion of global silicon carbide power semiconductor market include increasing use of power electronics in variety of industries including IT and telecommunications, aerospace and defense, industrial, energy & power, semiconductor & electronics, automotive, and healthcare. Power electronics focuses on ensuring the effective and efficient control and conversion of electrical power. SiC semiconductors, for example, aid in the control of automotive electronics, such as the electric braking system, power steering, and seat control hydroelectric vehicles main inverter. Power electronics is becoming increasingly popular. Power electronic devices are also used in energy conversion in aircraft actuators and generators. Also, SiC is one of the few compound semiconductors being considered for use in the production of power semiconductors for 5G communication. Moreover, rising demand for SiC semiconductors in renewable energy applications and hybrid vehicles is propelling the global Silicon Carbide Power Semiconductor market during the period in analysis. However, shortage of silicon wafers is anticipated to restrain the market growth.

Global Silicon Carbide Power Semiconductor Market – Overview

Silicon carbide is a hard, crystalline compound of silicon and carbide with the chemical formula "SiC." It can be found in nature as the extremely rare mineral moissanite. Silicon carbide grains can be bonded together to form hard ceramics that can be used in high endurance applications, such as car brakes, clutches, and ceramic plates in bulletproof vests. Carborundum is another name for silicon carbide. Since 1983, its powder has been mass-produced for use as an abrasive. Silicon carbide has a hardness level comparable to diamond, allowing carbide semiconductors to operate in harsh conditions. The increasing demand for power electronics across various industry verticals, such as IT & telecom, aerospace & defense, industrial, energy & power, semiconductor & electronics, automotive, and healthcare, is the primary factor driving the silicon carbide power semiconductor market. Silicon carbide power semiconductors are the most popular and are regarded as the best choice for electronics. These silicon carbide power semiconductors are used in a variety of applications, including the residential, commercial, and industrial sectors, among others. silicon carbide power semiconductors are available in two forms: Silicon Carbide discrete devices and Silicon Carbide bare die. The prevalence of silicon carbide discrete devices is increasing rapidly as a result of technological advancements. The significant property of the silicon carbide power semiconductor is high thermal conductive properties, as well as various others that efficiently use electricity. Silicon carbide power semiconductors are used in a variety of applications, including telecommunications, energy and power, renewable energy generation, and others. Silicon carbide power semiconductors are increasingly being used in power electronics, which is gaining popularity among individuals.

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Global Silicon Carbide Power Semiconductor Market – By End-User Industry

Based on end-user industry, global Silicon Carbide Power Semiconductor market is segmented into Automotive, Consumer Electronics, IT and Telecommunication, Military and Aerospace, and Power. The automotive industry is expected to hold the highest market share. According to the US Department of Energy, a 10% reduction in vehicle weight can result in a 6–8% increase in fuel economy. Substituting cast iron and traditional steel components with lightweight materials such as high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites can decrease the weight of a vehicle's body and chassis by up to 50%, lowering fuel consumption. SiC semiconductors are ideal for plug-in hybrid (PHEV) and fully electric vehicle applications such as on-board chargers and inverters (EVs). This is due to their significantly higher energy efficiency when compared to traditional silicon. In addition, to ensure that EVs can travel long distances and charge quickly, the vehicle's power electronics must be able to withstand high temperatures. SiC semiconductors have an energy efficiency of more than 95%. Only 5% of the energy lost as heat during power conversion, such as charging the vehicle with a high-power rapid charger, is lost as heat.

Impact of COVID-19 on Global Silicon Carbide Power Semiconductor Market

COVID-19 had a detrimental impact on silicon carbide (SiC) semiconductor market since manufacturing facilities and services were closed as a result of the lockdown and COVID-19 governmental laws, the SiC power semiconductor industry witnessed a gradual decline in demand. Even private and public development has been halted. Furthermore, the industry was impacted by the disruption in the supply chain, particularly of raw materials used in the manufacturing process of SiC power semiconductors. Stringent government regulations for various industries, as well as trade and transportation restrictions, were among the top factors that slowed the growth of the global market for SiC power semiconductors in 2020 and the first two quarters of 2021. As a result of government restrictions around the world, SiC power semiconductor production slowed and did not meet demand in the first three quarters of 2020. There is a high demand/requirement for SiC power semiconductor products in the automotive and defense industries, the medical sector, and hydraulics applications. The resumption of production in the oil and gas industry and the automotive industry has fueled global demand for SiC power semiconductors. As a result, not only did demand rise, but so did the price of the product.

Competitive Landscape

Major players operating in global silicon carbide power semiconductor market include Infineon Technologies AG, Texas Instruments Inc., ST Microelectronics NV, Hitachi Power Semiconductor Device Ltd, NXP Semiconductor, Fuji Electric Co. Ltd, Semikron International GmbH, Cree Inc., ON Semiconductor Corporation, Mitsubishi Electric Corporation, Microsemi Corporation, General Electric Company, and Power Integration Inc.  To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics Global Silicon Carbide Power Semiconductor Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Silicon Carbide Power Semiconductor Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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