Silicon Carbide Market Expected to reach $2,113 million by 2026

According to a research report "Silicon Carbide Market with COVID-19 Impact Analysis by Device(SiC Discrete, SiC Bare Die, and SiC Module), Wafer Size, Application, Vertical (Power Electronics, Automotive, Telecommunications, and Energy & Power), and Geography - Global Forecast to 2026" published by MarketsandMarkets, the global silicon carbide market is expected to grow from USD 899 million in 2021 to USD 2,113 million by 2026; it is expected to grow at a CAGR of 18.7% during 2021–2026. Key factors fueling this markets growth include growing demand for SiC Devices in power electronics; higher mechanical, electrical and thermal properties than regular Silicon; and growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production. Growing implementation of SiC devices in automotive and power devices applications and increasing demand for hybrid and electric cars create a strong demand for silicon carbide for efficient industrial operations in the midst of COVID-19.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=439

SiC discrete device is expected to gain a significant share of silicon carbide market by 2026

SiC Discrete device is expected to account for the largest share of the silicon carbide market by 2026. The growth of this segment is attributed to the increasing demand for SiC discrete devices for use in numerous applications, including RF and cellular base station applications, as well as in power supplies and inverters. Also, these devices are used in high-power applications owing to their high switching speed. Moreover, due to the increased demand for power semiconductors, the load on the power equipment has increased.

Based on application, EV motor drives to witness the highest CAGR in silicon carbide market during 2021–2026

The silicon carbide market for EV motor drives application is expected to grow with the highest CAGR during the forecast period. The growth is attributed to increasing silicon carbide device penetration in electric vehicles (EVs), as it helps in better battery management and reduces weight and size. Moreover, silicon carbide devices can perform at high voltage and temperature, making them favorable for EVs. The increasing need for efficient semiconductor devices is driving the demand for silicon carbide-based semiconductor devices.

Silicon carbide market in APAC to grow at the highest CAGR during the forecast period

The silicon carbide market in APAC is expected to grow at the highest CAGR during the forecast period attributed to the increased use of these silicon carbide devices in the automotive, power electronics, energy, and renewable power generation verticals. China, Japan, South Korea, and India are the major markets for EVs/HEVs in APAC. According to IEA outlook 2020 report, China alone accounted for a share of 47% of the global sales of electric buses in 2019, which contributed significantly to the dominance of APAC. Initiatives taken by several governments of countries in APAC to promote the use of these vehicles are expected to further drive the market in the near future.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=439

Key players in the market include Infineon Technologies (Germany), Cree, Inc. (US), ROHM Co., Ltd. (Japan), STMelectronics (Switzerland), Fuji Electric (Japan), ON Semiconductor (US), General Electric (US), Toshiba Corporation (Japan), and Renesas Electronics (Japan), Microchip Technology (US). These players are increasingly undertaking product launches and developments, acquisitions, partnerships, collaborations, contracts, and agreements, to increase their market shares.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.