July 13, 2024
Silicon Carbide Market

Power Electronics Segment is the largest segment driving the growth of Silicon Carbide Market

The global Silicon Carbide Market is estimated to be valued at US$ 9.12 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Silicon carbide (SiC) is a semiconductor material that has high thermal conductivity, high electric field breakdown strength, high maximum current density, high saturated electron drift velocity and wide band gap. These properties make silicon carbide ideal for high-power, high-frequency and high-temperature applications. Some key advantages of silicon carbide include high thermal conductivity for efficient heat dissipation, high operating junction temperature allowance, high breakdown electric field strength and low switching losses.

Market key trends:
One of the major trends driving the growth of the silicon carbide market is its growing adoption in electric vehicles. The high voltage power conversion and traction modules in electric vehicles use large amounts of silicon carbide MOSFETs and diodes for better efficiency and faster switching. This helps increase the driving range of electric vehicles and reduce charging time. Moreover, silicon carbide can handle higher operating temperatures compared to silicon, which makes it suitable for electric vehicle power modules that face heat issues. Its wider bandgap also means less conductive loss during switching functions. This improves electric vehicle efficiency by around 3% compared to silicon.

SWOT Analysis

Strength: Silicon carbide has high thermal conductivity, high mechanical strength, and excellent thermal shock resistance. These properties make it suitable for applications in semiconductor devices, automotive electronics, heating elements, and more.
Weakness: Silicon carbide requires large initial capital investments for infrastructure and equipment setup. Its production processes are more complex than other semiconductor materials.
Opportunity: The growing electric vehicle market is driving demand for silicon carbide power semiconductors that offer greater efficiency and performance over traditional silicon chips. It is also finding increased use in developing renewable energy technologies.
Threats: The availability of alternative wide bandgap materials like gallium nitride and diamond that provide similar benefits poses competition. Economic slowdowns can negatively impact the industries that are major consumers of silicon carbide.

Key Takeaways
The Global Silicon Carbide Market Share is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for electric vehicles and renewable energy systems. Silicon carbide semiconductors enable more efficient power electronics that improve the range and performance of electric vehicles as well as the yield of wind and solar installations.

Regional analysis: Asia Pacific dominates the global silicon carbide market and is expected to maintain its lead through 2030, driven by extensive manufacturing of electronic components and devices in China, Japan, South Korea, and other countries. Europe is another major regional market for silicon carbide supported by focus on renewable energy production. Meanwhile, demand is growing substantially in North America due to wide adoption of electric vehicles.

Key players operating in the silicon carbide market are AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc., ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd. The market demonstrates a moderately consolidated structure with these top players accounting for a major portion of overall capacity and sales. Ongoing technological advancements in silicon carbide wafer fabrication are helping incumbent players strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it