Silicon Carbide Market Growth to be Driven by Emerging Trends | $5.81 Billion by 2029

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What is the Projected Market Size of the Silicon Carbide Industry?
The size of the silicon carbide market has experienced rapid expansion in the past years. Its size is projected to surge from $2.68 billion in 2024 to approximately $3.1 billion by 2025, with a compound annual growth rate (CAGR) of 15.7%. The historical growth of this market can be credited to advancements in the electronics and semiconductor sector, high-temperature and high-power applications, the excellent material properties of silicon carbide, its adoption in automotive power electronics, renewable energy conversion and storage, as well as military and aerospace applications.

What Will Be the Size of the Silicon Carbide Market by 2029?
The market of silicon carbide is predicted to experience significant expansion in the upcoming years, reaching a value of $5.81 billion in the year 2029, growing at a compound annual growth rate (CAGR) of 17.0%. This anticipated surge over the forecast period is largely due to the growth in the production of electric vehicles, advances in wide bandgap semiconductors for energy efficiency, development in 5G communication and rf devices, innovations in solar inverters and power management, advances in quantum technologies and superconductors, and the use of sic power devices for industrial applications. Key trends projected over this period include the utilization of sic-on-insulator (sicoi) technology in integrated circuits, sic substrates in high-power density application, sic-infused optical devices and sensors, sic composite materials in the aerospace sector, sic-based components for quantum computing, and sic power modules for integrating grids.

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What Are the Key Drivers Accelerating Growth in the Silicon Carbide Market?
The silicon carbide market is experiencing substantial growth due to the increasing demand for electric vehicles. Electric vehicles (EVs), which are powered by rechargeable batteries that emit minimal noise and no exhaust fumes, are lauded for their eco-friendliness. Silicon Carbide (SiC), a semiconductor material, is utilized in these vehicles owing to its superior thermal conductivity, its ability to withstand up to 1200 volts, and its role in promoting efficiency while reducing the vehicle's weight and cost. For example, as reported by the International Energy Agency, a France-based autonomous international organization, in June 2024, the electric car industry is witnessing massive growth. Sales were nearing 14 million in 2023, reflecting a surge from around 4% of all vehicle sales in 2020 to 18% in 2023. The upward trajectory in EV sales is predicted to continue into 2024, with over 3 million electric cars sold in just the first quarter. Consequently, this growing demand for electric vehicles is expected to further stimulate the expansion of the silicon carbide market.

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How Is the Silicon Carbide Market Segmented by Type, Application, and Region?
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

What Are the Key Trends Driving Growth in the Silicon Carbide Market?
Key players in the silicon carbide market are concentrating their efforts on creating innovative solutions such as smaller, lighter components to limit weight and size. This is a critical component in improving vehicle performance and energy use. Components that are smaller or lighter are typically designed to either reduce the occupied space, improve efficiency, or cut material costs. To illustrate, STMicroelectronics NV, a semiconductor producer based in Switzerland, in September 2024, launched the 4th Generation SiC MOSFETs with the goal of improving traction inverters in electric vehicles (EVs). This new wave of silicon carbide power technology brings substantial upgrades in terms of power efficiency, density, and robustness specifically designed for boosting the performance of future EV traction inverters and increasing driving range by enhancing energy efficiency. The design additionally lessens the size and weight of the component, leading to optimised vehicle performance. These groundbreaking technological advancements are projected to persist until 2027.

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Who Are the Leading Companies Driving Growth 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 Is the Leading Region in the Global Silicon Carbide Market?
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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