Global Silicon Carbide Semiconductor Device Market Projected to Surpass $5.33 Billion by 2029 with 21% Annual Growth

What combination of drivers is leading to accelerated growth in the silicon carbide semiconductor device market?
The rise in demand for electric vehicles is set to stimulate the expansion of the silicon carbide semiconductor device market. Electric vehicles, which operate on electric energy from rechargeable batteries, have become increasingly popular. Silicon carbide semiconductor devices offer greater power densities and switching proficiency in electric vehicle (EV) powertrains, thus enhancing the demand for electric vehicles simultaneously escalates the need for these semiconductor devices. For example, the International Energy Agency (IEA), an independent intergovernmental organization based in France, reported a surge in electric car sales in 2024 by 3.5 million, a year-on-year rise of 35% from 2023. Moreover, in accordance with the Net Zero Emissions by 2050 Scenario, the number of electric cars is projected to exceed 300 million by 2030, accounting for 60% of all new car sales. Consequently, this surge in electric vehicle demand is fuelling the growth of the silicon carbide semiconductor device market.

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What is the projected compound annual growth rate (CAGR) of the silicon carbide semiconductor device market from 2025 to 2034, and what factors influence it?
In recent years, the size of the silicon carbide semiconductor device market has seen tremendous expansion. The market size is set to augment from $1.97 billion in 2024 to $2.45 billion in 2025, marking a compound annual growth rate (CAGR) of 24.4%. Early advancements in silicon carbide (sic), the requirement for high-temperature applications, the progression in power electronics, the use in telecommunications and rf applications, as well as military and aerospace applications, contribute to this growth seen in the historic period.

Predictions suggest that the market for silicon carbide semiconductor devices will witness a significant boost in the coming years, reaching a worth of $5.33 billion by 2029, and growing at a compound annual growth rate (CAGR) of 21.5%. The driving forces behind this acceleration within the forecasted period include the expansion of electric vehicles (EVs), growth in the renewable energy sector, implementation of 5G networks, industrial and motor drives, and enhancements in power transmission. Other forecasted trends contributing to this surge include a heightened need for power density, incorporation in the automotive sector, expansion of power electronics, fast-paced improvements in manufacturing, and the widespread use of renewable energy.

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How are the latest trends influencing the growth of the silicon carbide semiconductor device market?
The growing trend of technological innovation is becoming increasingly relevant in the silicon carbide semiconductor device market. To consolidate their market position, prominent companies in this industry are creating advanced technologies. In an illustration of this, AIXTRON, a German firm that specializes in the production of silicon carbide semiconductor devices, unveiled the G10-SiC 200 mm system, a next-generation solution for silicon carbide epitaxy featuring wafer technology, in September 2022. The newly introduced G10-SiC 200 mm system provides a flexible dual wafer size configuration of 9x150 and 6x200 mm. This design supports various device structures, such as single- and double-drift layer structures, which meet the strict requirements for 150-mm uniformity, with sigma values of less than 2% for doping and thickness.

What are the major segments of the silicon carbide semiconductor device market and their role in driving growth?
The silicon carbide semiconductor device market covered in this report is segmented -

1) By Type: SIC Diode, SIC Transistor, Other Types
2) By Wafer Size: 1 Inch To 4 Inches, 6 Inches, 8 Inches, 10 Inches And Above
3) By End-User: Automotive, Consumer Electronics, Aerospace And Defense, Medical Devices, Data And Communication Devices, Energy And Power, Other End-Users

Subsegments:
1) By SiC Diode: Schottky Barrier Diodes (SBD), PiN Diodes
2) By SiC Transistor: SiC MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor), SiC BJT (Bipolar Junction Transistor), SiC IGBT (Insulated Gate Bipolar Transistor)
3) By Other Types: SiC Rectifiers, SiC Modules, SiC Power Devices

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Which regions are key players in the growth of the silicon carbide semiconductor device market?
Asia-Pacific was the largest region in the silicon carbide semiconductor device market in 2024. The regions covered in the silicon carbide semiconductor device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the silicon carbide semiconductor device market?
Major companies operating in the silicon carbide semiconductor device market include Infineon Technologies India Private Ltd., ROHM Co. Ltd., STMicroelectronics, Wolfspeed Inc., Toshiba Corporation, TT Electronics PLC, Mitsubishi Electric Corporation, Microsemi Corporation, Microchip Technology Corporation, Hitachi Power Semiconductor Device Ltd., Semikron, Global Power Technologies Group, Texas instruments Inc., NXP Semiconductors N.V., ON Semiconductor Corporation, United Silicon Carbide Inc., GeneSiC Semiconductor Inc., Danfoss A/S, Fuji Electric Co. Ltd., II-VI Incorporated, Xiamen Sanan Integrated Circuit Co.Ltd., Shanghai Hanxin Technology, Century Jinguang, BYD Semiconductor Co. Ltd., InventChip Technology Co. Ltd., CRRC Corporation Limited, Renesas Electronics Vietnam Co.Ltd.

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What Is Covered In The Silicon Carbide Semiconductor Device Global Market Report?

• Market Size Forecast: Examine the silicon carbide semiconductor device market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the silicon carbide semiconductor device market for a structured understanding.
• Key Players Overview: Analyze major players in the silicon carbide semiconductor device market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the silicon carbide semiconductor device market.
• Segment Contributions: Evaluate how different segments drive overall growth in the silicon carbide semiconductor device market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the silicon carbide semiconductor device market.
• Industry Challenges: Identify potential risks and obstacles affecting the silicon carbide semiconductor device market.
• Competitive Landscape: Review strategic developments in the silicon carbide semiconductor device market, including expansions, agreements, and new product launches.

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