With 36.4% CAGR, Silicon Carbide Market Growth to Surpass USD 11.1 billion

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. The rise in demand for silicon carbide devices are due to growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production.

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The SiC module segment accounted for the largest market share of ~78% in 2022 and is expected to exhibit a 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. Also, for end-use applications such as charging stations that require a higher power range, SiC modules are more beneficial over SiC discrete devices. These factors increase the demand for SiC modules in the silicon carbide market.

SiC wafers up to 150 mm accounted for a larger market share of ~99% in 2022, and a similar trend is likely to be observed throughout the forecast period. The segment's growth can be attributed to the increasing use of these wafers to develop different types of high-voltage and high-frequency power electronics and fabricate electric circuits.

The automotive segment accounted for the largest share of ~71% of the silicon carbide market in 2022. The segment is also expected to record 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. Owing to this, SiC devices have gained popularity as they are light in weight and are available in a compact size, thereby increasing efficiency and reducing the charging time.

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Asia Pacific held the largest share of ~53% in the silicon carbide market in 2022 and the same trend is expected during the forecasted year. The growth in the region is attributed to the presence of numerous ecosystem players such as Sanan IC, Shanghai Hanxin Technology, Century Jinguang, Global Power Technology Co., Ltd., BYD Semiconductor Co., Ltd., InventChip Technology Co., Ltd., and CRRC etc. Also, countries in this region such as China, India, and Japan are adopting EVs pertaining to carbon neutrality and shift towards renewable energy sources.

News also Covered: https://www.prnewswire.com/news-releases/silicon-carbide-market-worth-11-1-billion-by-2028---exclusive-report-by-marketsandmarkets-301806451.html

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This release was published on openPR.