2025-2034 Silicon Carbide Power Semiconductor Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Is the Expected CAGR for the Silicon Carbide Power Semiconductor Market Through 2025?
The market size of silicon carbide power semiconductors has witnessed significant expansion lately. With a predicted progression from $1.24 billion in 2024 to $1.55 billion in 2025, it is set to follow a compound annual growth rate (CAGR) of 24.8%. Noteworthy reasons for this upsurge during the past years involve incorporating SiC power devices in electric vehicle charging systems, these devices working at elevated temperatures, the escalating consumer electronics sector, cutting-edge electronic components employed in power, and the burgeoning automotive and renewable energy industry.

What's the Projected Size of the Global Silicon Carbide Power Semiconductor Market by 2029?
The market for silicon carbide power semiconductors is projected to display substantial growth in the forthcoming years, with a projected worth of $3.7 billion by 2029, growing at a CAGR of 24.2%. The surge in the coming years can be credited to the common use of SiC discrete devices, a rise in interest for consumer electronics and wireless communications, an increased presence of electronic vehicles, escalating demand for energy-efficient battery-operated portable appliances, and the emergence of SiC power semiconductors. Key trendsetters for the forecast period involve technological advancements, influx of new contenders aiming to obtain technology, spurt of innovations, product development, and introduction of new technologies.

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Top Growth Drivers in the Silicon Carbide Power Semiconductor Industry: What's Accelerating the Market?
The silicon carbide power semiconductor market is projected to expand as the penetration of electric vehicles increases. Electric vehicles (EVs), which employ one or more electric motors for propulsion, are becoming increasingly common due to technological advancement, regulatory backing, consumer preference, and industry investment. Silicon carbide (SiC) power semiconductors are key to EVs as they boost efficiency, decrease weight, and enhance overall performance when compared to conventional silicon-based semiconductors. As EV manufacturers strive to optimize vehicle performance and enhance the driver's experience, adoption of SiC power semiconductors continues to rise. The U.S. Energy Information Administration, a U.S.-based agency, reported in January 2024 that combined sales of hybrid vehicles, plugin hybrid electric vehicles, and battery electric vehicles (BEVs) constituted 16.3% of total new light-duty vehicle (LDV) sales in the U.S. in 2023. As such, the escalating penetration of electric vehicles is an important factor driving the growth of the silicon carbide power semiconductor market.

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What Are the Key Trends Driving Silicon Carbide Power Semiconductor Market Growth?
Leading entities in the silicon carbide power semiconductor market are keen on creating innovative items like silicon carbide MOSFETs to assure superior functioning and reliability for industrial purposes. Silicon Carbide MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors) are power semiconductor instruments that use silicon carbide (SiC) in their make-up. To illustrate, Nexperia B.V, a semiconductor firm based in the Netherlands, unveiled discrete 1200 V MOSFETs, silicon carbide MOSFETs in November 2023. These avant-garde devices are primed to transform high-voltage utilities with an unrivaled array of properties. Engineered for enhanced efficiency and reliability, Nexperia's silicon carbide MOSFETs offer minimal switching losses and superior thermal performance, guaranteeing stalwart operation even in strenuous scenarios.

What Are the Main Segments in the Silicon Carbide Power Semiconductor Market?
The silicon carbide power semiconductor market covered in this report is segmented -

1) By Type: Metal-Oxide Semiconductor Field-Effect Transistors (MOSFETs), Hybrid Modules, Schottky Barrier Diodes (SBDS), Insulated Gate Bipolar Transistors (IGBT), Bipolar Junction Transistor (BJT), Pin Diode, Junction FET (JFET), Other Types
2) By Voltage Range: 301-900 V, 901-1700 V, Above 1701 V
3) By Wafer Type: SiC Epitaxial Wafers, Blank SiC Wafers
4) By Application: Electric Vehicles (EV), Photovoltaics, Power Supplies, Industrial Motor Drives, Electric Vehicles Charging Infrastructure, RF Devices, Other Applications
5) By End-User: Industrial, Automotive, Energy And Power, Information Technology And Telecom, Transportation, Aerospace And Defense, Other End-Users

Subsegments:
1) By Metal-Oxide Semiconductor Field-Effect Transistors (MOSFETs): Normally-OFF MOSFETs, Normally-ON MOSFETs
2) By Hybrid Modules: Integrated Power Modules (IPMs), Power Conversion Modules, Other Hybrid Power Modules
3) By Schottky Barrier Diodes (SBDs): Standard Schottky Diodes, High-Voltage Schottky Diodes
4) By Insulated Gate Bipolar Transistors (IGBT): Standard IGBT, Trench IGBT
5) By Bipolar Junction Transistor (BJT): Standard BJT, High Power BJT
6) By Pin Diode: High-Voltage Pin Diodes, Low-Voltage Pin Diodes
7) By Junction FET (JFET): SiC-Based JFETs
8) By Other Types: Power Rectifiers, Thyristors, Silicon Carbide-Based Capacitors

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Which Top Companies are Driving Growth in the Silicon Carbide Power Semiconductor Market?
Major companies operating in the silicon carbide power semiconductor market are 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.

Which Regions Will Dominate the Silicon Carbide Power Semiconductor Market Through 2029?
Asia-Pacific was the largest region in the silicon carbide power semiconductor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the silicon carbide power semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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