by Silicon carbide, also known as carborundum, is a semiconductor containing silicon and carbon. It has a high melting point, high thermal conductivity, high mechanical strength and hardness. The key applications of silicon carbide include electric vehicles, fast charging, renewable energy, power electronics, lighting and LEDs, telecommunications, avionics and aerospace systems. Silicon carbide semiconductors are preferred for their ability to operate at higher temperatures, voltages and frequencies than silicon. They allow for more compact and energy efficient power converters in electric vehicles, solar inverters, fast charging EV infrastructure and various green energy systems.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for electric vehicles and increasing adoption of renewable energy sources are expected to drive the growth of the silicon carbide market. Electric vehicles require power converters and chargers that can operate at high temperatures and frequencies. Silicon carbide semiconductors are well suited for such applications due to their high-temperature resilience and energy efficiency. Furthermore, with the proliferation of renewable energy through solar farms and wind turbines, there is increased demand for power semiconductors that can withstand harsh weather conditions. Silicon carbide devices allow for more compact solar inverters and power converters in wind turbines. Additionally, the rising demand for fast charging electric vehicle infrastructure is also propelling the silicon carbide market growth. Fast chargers utilizing silicon carbide technology can charge EVs eight times faster than standard ones. The segment is expected to grow tremendously over the forecast period.
Segment Analysis
The global silicon carbide market is dominated by the power segment which held more than 50% share of the overall market in 2022. Silicon carbide semiconductors have high efficiency and can operate at high temperatures making them ideal for power electronics used in power supplies, motor drives, and renewable energy applications. The demand for SiC devices is growing rapidly from the power segment due to their ability to reduce power losses, lower cooling requirements, reduce size and weight of power electronics equipment.
PEST Analysis
- Political: The government policies supporting renewable energy adoption and carbon emission reduction targets are driving investments in cleaner power generation globally which is propelling the demand for silicon carbide semiconductors used in solar power inverters and wind turbines.
- Economic: The lower total cost of ownership of power electronics and energy saving features of SiC devices is encouraging industries and businesses to replace existing silicon designs with silicon carbide despite their higher unit price to reduce operating expenses.
- Social: The growing social awareness about environmental pollution and climate change is increasing investments in renewable energy generation worldwide. This is driving research into wide bandgap materials like SiC to make cleaner renewable energy technologies economically viable at large scale.
- Technological: Continuous innovations to increase silicon carbide wafer size and device performance are expanding their applications. Newer SiC device designs with lower on-resistance and improved switching frequencies are enabling more compact and efficient power conversion for various industries.
Key Takeaways
The Global Silicon Carbide Market Growth is expected to witness high at a CAGR of 11% during the forecast period of 2023 to 2030. The market size for silicon carbide is projected to reach US$ 9.12 Billion by 2024.
Regional analysis: The Asia Pacific region dominated the global silicon carbide market and accounted for over 40% market share in 2022 led by presence of numerous automotive OEMs and power electronics manufacturers in China, Japan, South Korea and other Southeast Asian countries. Rapid industrialization and growing electrification in Asia is driving the regional demand for SiC devices.
Key players operating in the silicon carbide market are Kempinski Residences & Suites Doha, The Ritz-Carlton Doha, Sheraton Grand Doha Resort & Convention Hotel, Hilton Doha, Shangri-La Hotel Doha, Marriott Marquis City Center Doha, Qatar National Convention Centre, Doha Exhibition and Convention Centre, Four Seasons Hotel Doha, Movenpick Hotel Doha, Wyndham Grand Regency Doha, Ezdan Hotel, Grand Hyatt Doha Hotel & Villas. Major silicon carbide device manufacturers are focused on expanding their production capacity and backward integration to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
