Press release
SiC Power Devices Market Expected to Reach US$ 6.3 Billion by 2031, Growing at a CAGR of 19.3%
Increase in demand for compact power-electronic converters is likely to bolster utilization of silicon carbide (SiC) semiconductors. Rise in preference for SiC over Si devices is ascribed to several advantages the former has over the latter, including lower power consumption, increased system downsizing, higher-speed switching, and high-operating electric field.Rapid adoption of wide bandgap devices for automotive applications is bolstering market size. The global SiC power devices market was valued at US$ 1.3 Bn in 2022, and is projected to advance at a CAGR of 19.3% from 2023 to 2031 to reach US$ 6.3 Bn by 2031.
Rise in usage of next-generation low-loss device is anticipated to spur market development in the next few years. Rapid increase in incorporation of SiC power devices in filters, transformers, and motors is expected to augment market growth. Introduction of next-gen SiC chips in discrete devices is broadening market outlook.
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Key Findings of Study
Rise in Usage of SiC Power Devices in Automotive Industry: Surge in demand for SiC power devices in the automotive & transportation industry is expected to offer significant opportunities in the near future. Rise in utilization of SiC discrete devices for automotive battery chargers is expected to augment the automotive & transportation end-use industry segment.
Recent update in regulations pertaining to usage of power devices in the automotive industry is fueling the segment. An instance is development of SiC power devices to comply with the standard AEQ-Q101.
Rapid pace of development of electric vehicles is likely to fuel the market, as SiC power devices are gaining traction in EV batteries, where they are used to enhance the driving range of electric vehicles.
Significant Adoption of SiC MOSFETs: The MOSFET product type segment accounted for the leading market share of 32.13% in 2022. The segment is projected to expand at a CAGR of 19.8% from 2023 to 2031. Rise in usage of SiC power devices in a wide range of applications that need lower power consumption and support higher power density is expected to propel market development.
Extensive usage of SiC MOSFETs in servers for data centers, communication equipment, uninterruptible power supplies (UPS), and PV inverters is anticipated to augment market growth in the near future. Additionally, MOSFETS can be developed for higher blocking voltages. The 600V-1000V segment accounted for 31.89% market share in 2021. High preference for SiC power devices in this range for DC power supplies is anticipated to propel the segment.
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Key Drivers
Steady increase in demand for reliable power systems is a key driver of the market. Surge in R&D in high-efficiency and high-power density power devices is anticipated to augment the SiC power devices market.
Rise in demand for SiC power devices in the automotive industry is a significant driver of the market. Rapidly increasing trend of electrification of automobiles across the globe is expected to bolster market development. An instance is demand for automotive metal-oxide-semiconductor field-effect transistor (MOSFETs) in 12V battery and motor control systems.
Regional Growth Dynamics
Asia Pacific accounted for the leading market share of 44.23% in 2022. Rise in adoption of SiC power devices in consumer electronics, automotive, and medical industries has led to the region's leading market position in 2022.
Presence of several power device manufacturers, especially in Asia, is expected to propel the market in SiC power devices market. Considerable demand for SiC power devices in North America and Europe is expected to bolster market value in Asia Pacific, as a large number of discrete devices are imported from countries in the region.
The market in North America is projected to witness significant growth. The market in the region is driven by rise in R&D in power semiconductor devices to cater to the rise in demand for next-generation low-loss device in high-power density applications.
Competition Landscape
Leading companies are focusing on development of state-of-the-art SiC MOSFETs to strengthen their market positions.
Prominent companies operating in the SiC power devices market are Coherent Corp., Fuji Electric Co., Ltd., Infineon Technologies AG, Microchip Technologies, Inc., Mitsubishi Electric Corporation, ON Semiconductor Corp, Renesas Electronics Corporation, ROHM Co. Ltd., WOLFSPEED Inc., and TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION.
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SiC Power Devices Market Segmentation
Product Type
Diode
Power Module
MOSFETs
Gate Driver
Voltage
Up to 600V
600V - 1000V
1000V -1500V
Above 1500V
Application
Inverter/Converter
Power Supply
Motor Drive
Photovoltaic / Energy Storage Systems
Flexible AC Transmission Systems (FACTs)
RF Devices & Cellular Base Stations
Others (Induction Heating Equipment, Traction Systems, etc.)
End-use Industry
Aerospace & Defense
Consumer Electronics
IT & Telecommunication
Automotive & Transportation
Others (Healthcare, Energy & Utility, etc.)
Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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