Silicon Carbide Power Semiconductor Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Silicon Carbide Power Semiconductor Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The silicon carbide power semiconductor market size has grown exponentially in recent years. It will grow from $0.99 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%. The growth in the historic period can be attributed to SiC power devices being used in electric vehicle charging systems, SiC power devices operating at higher temperatures, the expanding consumer electronics industry, advanced electronic components used in power, and the expanding automotive and renewable energy sector.

The silicon carbide power semiconductor market size is expected to see exponential growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%. The growth in the forecast period can be attributed to the prevalence of SiC discrete devices, the increase in the demand for consumer electronics and wireless communications, the rising penetration of electronic vehicles, the growing demand for energy-efficient battery-powered portable devices, and the advent of SiC power semiconductors. Major trends in the forecast period include technological advancements, new competitors to gain technology, the surge in innovations, product innovations, and technology launches.

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Market Drivers and Trends:

The rising penetration of electric vehicles is expected to drive the growth of the silicon carbide power semiconductor market going forward. An electric vehicle (EV) is a type of vehicle that uses one or more electric motors for propulsion. The penetration of electric vehicles is due to technological innovation, regulatory support, consumer demand, and industry investment. Silicon carbide (SiC) power semiconductors play a crucial role in electric vehicles (EVs) by improving efficiency, reducing weight, and enhancing overall performance compared to traditional silicon-based semiconductors. Their adoption continues to grow as EV manufacturers seek to optimize the performance of their vehicles and improve the driving experience for consumers. For instance, in March 2022, according to an article published by the Department of Energy, a US-based government agency, sales of new light-duty plug-in electric vehicles, encompassing both all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), nearly doubled from 308,000 in 2020 to 608,000 in 2021. Therefore, the rising penetration of electric vehicles drives growth in the silicon carbide power semiconductor market.

Major companies operating in the silicon carbide power semiconductor market focus on developing innovative products, such as silicon carbide MOSFETs, to offer high performance and reliability in industrial applications. Silicon Carbide MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors) are power semiconductor devices that utilize silicon carbide (SiC) as the semiconductor material in their construction. For instance, in November 2023, Nexperia B.V., a Netherlands-based semiconductor company, launched discrete 1200 V MOSFETs, a silicon carbide MOSFETs. These new devices promise to revolutionize high-voltage applications with their unique blend of features. Designed to optimize efficiency and reliability, Nexperia's silicon carbide MOSFETs boast ultra-low switching losses and enhanced thermal performance, ensuring robust operation even under demanding conditions.

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Major Key Players of the Market:

Samsung Electronics Co. Ltd., Panasonic Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Eaton Corporation plc, Texas Instruments Inc., STMicroelectronics N.V., Infineon Technologies AG, BorgWarner Inc., NXP Semiconductors N.V., Renesas Electronics Corporation, Danfoss A/S, Microchip Technology Inc., ON Semiconductor Corporation, Fuji Electric Co. Ltd., ROHM Co. Ltd., Littelfuse Inc., Microsemi Corporation, Wolfspeed Inc., GeneSiC Semiconductor Inc.

Silicon Carbide Power Semiconductor Market 2024 Key Insights:

• The silicon carbide power semiconductor market size is expected to see exponential growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%.
• Rising Electric Vehicle Adoption Fuels Growth In Silicon Carbide Power Semiconductor Market
• Nexperia Launches Advanced 1200V SiC MOSFETs To Enhance Industrial Applications
• Asia-Pacific was the largest region in the silicon carbide power semiconductor market in 2023

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