Global Silicon Carbide (SiC) Power Device Market Outlook to 2031: Anticipated to Reach US$ 6.3 Bn at a 19.3% CAGR - TMR Report

The global Silicon Carbide (SiC) power device market was valued at USD 1.3 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 19.3% between 2023 and 2031, reaching USD 6.3 billion by the end of 2031. SiC power devices encompassing diodes, MOSFETs, power modules, and gate drivers are rapidly displacing traditional silicon components in applications demanding high efficiency, high voltage, and high-temperature operation. These devices offer markedly lower on-resistance and reduced switching losses, enabling system designers to achieve greater power density, simplified cooling requirements, and reduced component counts.

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Market Drivers & Trends
Several converging factors are propelling the SiC power device market:

Efficiency and Reliability Demands: As end-use industries seek to optimize energy consumption and minimize downtime, SiC's inherent robustness and high-temperature resilience boost system reliability and reduce maintenance costs.
Electrification of Transportation: Automotive OEMs, led by the likes of Tesla and Toyota, are integrating SiC MOSFETs into traction inverters and onboard chargers, enabling longer electric vehicle (EV) range and faster charge rates with smaller, lighter battery packs.
Renewable Energy Integration: Solar inverters and wind turbine converters increasingly leverage SiC for its ability to operate at higher switching frequencies, shrinking passive components and enhancing overall system efficiency.
Industrial Automation: High-frequency, high-power applications in motor drives, uninterruptible power supplies (UPS), and induction heating benefit from SiC's compact form factor and superior thermal performance.
Latest Market Trends

Shift to 600 V-1000 V Devices: The 600 V-1000 V segment commanded 31.9% of market share in 2022, driven by demand in solar inverters, EV chargers, UPS systems, and server PSUs.
Growth of SiC MOSFETs: MOSFETs accounted for 32.1% of the market in 2022, owing to their superior switching speed, higher breakdown voltage, and simplified gate drive requirements compared to diodes and modules.
Wide Bandgap Adoption: Beyond SiC, materials like gallium nitride (GaN) are emerging in niche power applications, though SiC remains the material of choice for medium- to high-voltage systems.

Key Players and Industry Leaders

Coherent Corp.
Fuji Electric Co., Ltd
Infineon Technologies AG
Microchip Technology Inc.
Mitsubishi Electric Corporation
ON Semiconductor Corp
Renesas Electronics Corporation
ROHM Co. Ltd
Toshiba Electronic Devices & Storage Corporation
WOLFSPEED, INC.
Other Key Players

Recent Developments

March 2023: Mitsubishi Electric inaugurated a new SiC wafer fabrication facility, doubling its annual production to address surging demand from EV and renewable energy sectors.
December 2022: STMicroelectronics unveiled its latest silicon-carbide high-power modules, optimized for automotive traction applications to extend EV driving range.
March 2022: Microchip Technology rolled out 3.3 kV SiC discrete devices, targeting renewable energy, aerospace, and industrial power conversion, enabling designers to build smaller, lighter solutions.
Ongoing: Wolfspeed continues to scale its US-based manufacturing and secure strategic partnerships to localize supply chains amid global SiC shortages.

Market Opportunities

EV Infrastructure Expansion: Governments' push for rapid-charging networks presents significant opportunities for SiC-based chargers that can handle high voltages and currents with minimal losses.
Industrial Electrification: Factories and data centers upgrading to SiC-enabled drives and power supplies can achieve notable energy savings and carbon footprint reductions.
Aerospace & Defense: Harsh-environment power systems-such as high-altitude drones and satellite subsystems-are increasingly turning to SiC for its reliability at extreme temperatures.
Emerging Economies: Asia Pacific's rapid industrialization and electrification initiatives make it the fastest-growing regional market, with significant demand coming from China, India, Japan, and ASEAN countries.

Future Outlook
Analysts anticipate that continued wafer capacity investments, combined with evolving design tools and greater end-user familiarity, will drive down SiC device costs and accelerate adoption. By 2031, SiC is expected to capture an even larger share of new power semiconductor installations, especially in 1,200 V-1,500 V and above applications, further displacing legacy silicon IGBTs.

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Market Segmentation

By Product Type:
Diode
Power Module
MOSFETs
Gate Driver

By Voltage:
Up to 600 V
600 V-1000 V
1000 V-1500 V
Above 1500 V

By Application:
Inverter / Converter
Power Supply
Motor Drive
Photovoltaic / Energy Storage
Flexible AC Transmission Systems (FACTS)
RF Devices & Cellular Base Stations
Others (Induction Heating, Traction Systems, etc.)

By End-Use Industry:
Automotive & Transportation
IT & Telecommunications
Aerospace & Defense
Consumer Electronics
Others (Healthcare, Energy & Utility, etc.)

Regional Insights

Asia Pacific dominated the market in 2022, holding 44.2% share, fueled by robust electronics, automotive, and renewable energy manufacturing in China, Japan, India, and ASEAN.
North America accounted for 26.1% share in 2022; ongoing capacity expansions by US-based players and rapid EV infrastructure rollout are expected to sustain strong growth.
Europe is witnessing accelerated adoption in e-mobility and industrial automation, supported by EU decarbonization policies.
Latin America, Middle East & Africa represent nascent but growing markets, driven by grid modernization and telecom infrastructure upgrades.

Why Buy This Report?

Comprehensive Market Forecast: Detailed projections from 2023 to 2031, covering volume (billion units) and value (US$ billion).
Granular Segmentation: Insights across products, voltages, applications, end-use industries, and regions.
Competitive Landscape: In-depth profiles of leading players, including financials, strategies, and product pipelines.
Strategic Analysis: Porter's Five Forces, value chain assessment, key trend analysis, and investment opportunities.
Customizable Deliverables: Electronic (PDF) and Excel formats, enabling tailored analysis and presentations.

Frequently Asked Questions

What are the primary advantages of SiC over silicon?
SiC offers lower on-resistance, higher breakdown voltage, faster switching, and superior thermal conductivity, leading to smaller, lighter, and more efficient power systems.

Which applications drive the highest SiC adoption?
EV traction inverters, fast chargers, solar inverters, UPS, and industrial motor drives are key early adopters.

How is the competitive landscape structured?
The market is consolidated, with leading players such as Wolfspeed, Infineon, STMicroelectronics, and Mitsubishi commanding significant shares and investing heavily in R&D and capacity expansion.

What are the main challenges to market growth?
High wafer production costs, supply chain constraints, and competition from GaN in lower-voltage segments pose near-term challenges.

How will government policies impact the market?
Incentives for EV adoption, renewable energy targets, and industrial decarbonization mandates are expected to accelerate SiC device deployments globally.

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