Silicon Carbide Global Market Report 2024 - By Growth, Size, Demand And Key Drivers, Outlook By 2033

"The new report published by The Business Research Company, titled ""Silicon Carbide Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the silicon carbide market size has grown rapidly in recent years. It will grow from $2.29 billion in 2023 to $2.7 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The silicon carbide market size is expected to see rapid growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.

Download Free Sample Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=5560&type=smp

Silicon Carbide Market Surges With Rising Electric Vehicle Demand
Emerging demand for electric vehicles is significantly driving the growth of the silicon carbide market. Electric vehicles (EVs) use rechargeable batteries that produce very little noise and no exhaust, making them environmentally friendly. SiC is a semiconductor material used in electric vehicles because it has a higher thermal conductivity, can handle high voltages up to 1200 volts, and increases efficiency while lowering the vehicle's weight and cost. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4% points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the emerging demand for electric vehicles is projected to propel the growth of the silicon carbide market going forward.

Strategic Partnerships To Gain A Competitive Edge
Strategic partnerships and collaboration are shaping the silicon carbide market. Key players operating in the silicon carbide market are focusing on partnerships and collaborations to improve efficiency and cost savings, expand value propositions, and extend their growth in new areas to be a leader in the industry. For instance, in November 2021, Qorvo, a US-based semiconductor company, acquired UnitedSiC, a US-based manufacturer of silicon carbide power semiconductors. The deal broadens Qorvo's presence into fast-growing areas such as circuit protection, electric vehicles (EVs), renewables, industrial power, and data centre power.

The silicon carbide market covered in this report is segmented -
1) By Product: Black Silicon Carbide, Green Silicon Carbide
2) By Device Type: SiC Discrete Device, SiC Bare Die
3) By Application: Steel, Automotive, Aerospace, Military And Defense, Electrical And Electronics, Healthcare, Other Applications

Buy Now & Get Exclusive Discount on this Report, Checkout link @
https://www.thebusinessresearchcompany.com/Discount?id=5560&type=discount

Major companies operating in the silicon carbide market include Infineon Technologies AG, Cree Inc., ROHM Co. Ltd., ESK-SIC GmbH, ESD-SIC BV, Grindwell Norton Limited, Entegris Inc., Saint-Gobain Ceramic Materials GmbH, AGSCO Corporation, Carborundum Universal Limited, Dow Inc., Fuji Electric Co. Ltd., General Electric Company, Microchip Technology Incorporated, Snam Abrasives Pvt. Ltd., STMicroelectronics N.V., Mitsubishi Chemical Corporation, Arkema S.A., Addivant USA LLC, Akdeniz Chemson Polymer Additives A.S., Evonik Industries AG, Kaneka Americas Holding Inc., Plastics Color Corporation, Shandong Ruifeng Chemical Co. Ltd., Bridgestone Corporation, Washington Mills Electro Minerals Corporation, LG Innotek Co. Ltd., Pallidus Inc., Cree Inc., Elsid S.A., Asron AB, CoorsTek Inc.

Contents of the report:
1. Executive Summary
2. Silicon Carbide Market Report Structure
3. Silicon Carbide Market Trends And Strategies
4. Silicon Carbide Market - Macro Economic Scenario
5. Silicon Carbide Market Size And Growth
…..
27. Silicon Carbide Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Explore the report store to make a direct purchase of the report @
https://www.thebusinessresearchcompany.com/report/silicon-carbide-global-market-report

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ"

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.