Silicon Carbide Market Trends That Will Shape the Next Decade: Insights from Innovations In Silicon Carbide Technology Enhance EV Performance And Energy Efficiency

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How Large Will the Silicon Carbide Market Size By 2025?
In recent times, a swift expansion has been observed in the silicon carbide market. It is forecasted to elevate from a market size of $2.68 billion in 2024 to a substantial $3.15 billion in 2025, displaying a compound annual growth rate (CAGR) of 17.3%. The growth experienced in the past can be credited to the enhancement in the electronics and semiconductor industry, applications necessitating high-temperatures and high-power, the outstanding material properties of silicon carbide, its uptake in the automobile power electronics sector, its use in renewable energy conversion and storage, and applications in the military and aerospace industry.

How Big Is the Silicon Carbide Market Size Expected to Grow by 2029?
Expectations are high for the silicon carbide market, with fast-paced growth projected over the coming years. The market is predicted to expand to a substantial $5.97 billion in 2029, boasting a compound annual growth rate (CAGR) of 17.4%. The anticipated growth within the forecast period is largely due to the expanding production of electric vehicles, the implementation of wide bandgap semiconductors for energy efficiency, the use of 5g communication and rf devices, as well as the rise of solar inverters and power management, quantum technologies, and superconductors. Silicon carbide power devices are also seeing increased use in industrial applications. Major trends predicted to shape the future of the market include the implementation of silicon carbide-on-insulator (sicoi) technology for integrated circuits, silicon carbide substrates for high-power density applications, silicon carbide-based optical devices and sensors as well as silicon carbide composite materials for the aerospace industry. Other areas of focus include silicon carbide-based quantum computing components and silicon carbide power modules for grid integration.

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Which Key Market Drivers Powering Silicon Carbide Market Expansion and Growth?
The silicon carbide market is experiencing considerable growth, a trend largely propelled by the burgeoning demand for electric vehicles. These eco-friendly vehicles utilize quiet, rechargeable batteries that do not emit any exhaust, thus making them a better choice for the environment. SiC, a kind of semiconductor material known for its superior thermal conductivity, capacity to withstand high voltages up to 1200 volts, and its role in enhancing efficiency while also minimizing a vehicle's weight and cost, is incorporated within these electric vehicles. For instance, the International Energy Agency, an autonomous organization based in France, revealed in June 2024 that the electric vehicle sector has been witnessing substantial growth, with sales nearly reaching 14 million in 2023. The sales of electric cars constituted around 18% of total vehicle sales in 2023, a significant leap from approximately 4% in 2020. The swing towards electric vehicles is predicted to continue throughout 2024, with the first quarter itself recording sales of over 3 million electric cars. The upswing in the demand for electric vehicles is subsequently expected to drive the silicon carbide market's expansion in the future.

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Which Fast-Growing Trends Are Poised to Disrupt the Silicon Carbide Market?
Leading corporations in the silicon carbide market are honing their focus on pioneering advancements such as downsizing and lightening components, a necessary step towards refining vehicle performance and energy efficiency. More compact and lightweight components translate to parts or devices engineered to occupy minimal space and weigh less, typically to boost portability, effectiveness, or to cut down on material expenses. For instance, STMicroelectronics NV, a Switzerland-based semiconductor firm, in September 2024, introduced Generation 4 SiC MOSFETs to impart improvements to electric vehicle (EV) traction inverters. This new breed of silicon carbide power technology brings considerable upgrades in terms of power efficiency, density, and sturdiness. Specifically designed for the future of EV traction inverters, it bolsters driving range by way of boosted energy efficiency. Besides, the design also contracts the size and weight of the components, thereby refining vehicle performance. It is predicted that such leading-edge innovations would remain a constant until the year 2027.

What Are the Emerging Segments in the Silicon Carbide Market?
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

Subsegments:
1) By Black Silicon Carbide: Crystalline Black Silicon Carbide, Metallurgical Black Silicon Carbide, Industrial Black Silicon Carbide
2) By Green Silicon Carbide: Micro Grit Green Silicon Carbide, Macro Grit Green Silicon Carbide, Industrial Green Silicon Carbide

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Who Are the Global Leaders in the Silicon Carbide Market?
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., 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.

Which are the Top Profitable Regional Markets for the Silicon Carbide Industry?
Asia-Pacific was the largest region in the silicon carbide market in 2024. The regions covered in the silicon carbide market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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