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The silicon carbide market size is forecast to increase by USD 7.17 billion at a CAGR of 32.14% between 2023 and 2028. The Silicon Carbide (SiC) market is experiencing significant growth due to the increasing demand for SiC fibers in the aerospace sector, driven by their high strength-to-weight ratio and excellent thermal stability. Another trend boosting the market is the growing adoption of SiC power semiconductors in power inverters for electric vehicles, as they offer superior efficiency and longer lifespan compared to conventional silicon semiconductors. However, the high manufacturing and processing costs of SiC semiconductors remain a major challenge for market growth. Despite this, the market is expected to continue expanding due to the increasing demand for lightweight and high-performance materials in various industries, including automotive, energy, and electronics.
Silicon carbide (SiC), a refractory material known for its exceptional thermal and electrical properties, is gaining significant traction in the power electronics industry. Its unique characteristics, such as high temperature resistance, high electrical breakdown voltage, and high saturation velocity, make it an ideal choice for power devices in various applications. In power electronics, SiC is increasingly being used as a substrate material for epitaxy, a process used to grow thin layers of semiconductor material. This is particularly relevant for power devices, including IGBTs (Insulated Gate Bipolar Transistors) and MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors), used in electrical infrastructure, consumer electronics, vehicles, and industrial applications.
SiC's use in power electronics results in reduced switching losses, leading to improved energy efficiency in power supplies, motor control circuits, and inverters. The semiconductor sector's adoption of SiC substrates is expected to grow, driven by the increasing demand for efficient power electronics in various industries, including the steel industry, where SiC is used in kilns, furnaces, and reactors, and the aluminum and metal industries. In alternating current (AC) and direct current (DC) electrical systems, SiC's ability to dissipate energy efficiently makes it a preferred material for power electronics applications. The versatility of SiC, combined with its high performance, is driving its market growth in various sectors, including power electronics, consumer electronics, and vehicles.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The power electronics segment is estimated to witness significant growth during the forecast period. SiC (Silicon Carbide) substrate is a critical component in the fabrication of SiC power semiconductors, which are essential for power electronics applications in various sectors. The epitaxy process is used to grow crystalline layers on SiC substrates for the development of SiC power devices, including MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors), which exhibit superior electromobility and can operate at high voltages, frequencies, and temperatures. SiC power semiconductors are increasingly used in electrical infrastructure, electronic devices, converters, and motor drives due to their lower electrical energy dissipation and higher system efficiency. The manufacturing process of SiC devices involves the sublimation of SiC boules and subsequent wafer fabrication, which can be affected by defects such as scratches, micro pipes, crystalline stacking faults, stains, and surface particles.
SiC power modules, used in automotive, robotics, manufacturing facilities, and charging infrastructures for high-voltage applications, require advanced packaging processes to ensure yield and reliability. SiC MOSFETs, in particular, are gaining popularity due to their ability to handle high voltages and frequencies, making them suitable for electric vehicles, renewable energy sources, and other high-power applications. The automotive sector is a significant market for SiC power semiconductors due to the increasing demand for electric and hybrid vehicles, which require efficient power conversion and energy storage systems. Similarly, the renewable energy sector is expected to witness significant growth due to the increasing adoption of solar and wind energy sources, which require efficient power conversion and distribution systems.
In conclusion, SiC power semiconductors play a crucial role in enabling high-efficiency power electronics for various industries, including automotive, aerospace, renewable energy, and industrial applications. The continuous development and improvement of SiC power semiconductors are essential to meet the growing demand for energy-efficient and cost-effective power electronics solutions.
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The power electronics segment was valued at USD 413.50 million in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Silicon carbide, a semiconductor material, plays a significant role in various industries, including refractory materials, steel industry, and the semiconductor sector. In the steel industry, silicon carbide is utilized in kilns, furnaces, and reactors for the production of cast iron and steel. The aluminum industry and metal industry also employ silicon carbide in the form of substrates for semiconductor applications. The aerospace segment, turbine blades, and automotive industry use silicon carbide for its high strength and temperature resistance. In the semiconductor industry, silicon carbide is a vital component in power supplies, motor control circuits, inverters, IGBTs, and MOSFETs as a bandgap material.
Black silicon carbide and green silicon carbide are used in steel and energy applications, while aerospace and aviation, military and defense, electronics and semiconductors, medical and healthcare, ceramics, electro minerals, abrasives, super refractories, and industrial ceramics all benefit from the use of silicon carbide. Silicon carbide's versatility makes it an essential material in oxygen furnaces, consumer electronics, vehicles, and various other industries.
Our silicon carbide market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in demand for SiC fibers in aerospace sector is the key driver of the market. The SiC market is experiencing significant growth due to the increasing adoption of SiC power semiconductors in power electronics applications. SiC substrates, fabricated through epitaxy processes, serve as the foundation for the production of SiC power devices, including converters and SiC MOSFETs. These semiconductors exhibit superior electrical characteristics, such as high electrical resistance, high electromobility, and low electrical losses, making them ideal for use in electrical infrastructure, electronic devices, and energy systems. SiC power modules are increasingly being utilized in various sectors, including automotive, robotics, and manufacturing, due to their ability to operate at high frequencies, elevated temperatures, and voltages.
The automotive sector, in particular, benefits from the use of SiC power devices in motor drives and charging infrastructures for electric vehicles, resulting in reduced switching losses, improved system efficiency, and enhanced performance. SiC device manufacturing involves the production of boules through the sublimation process, followed by wafer fabrication. However, the process yields are often affected by defects such as micro pipes, crystalline stacking faults, scratches, stains, and surface particles. Advanced packaging processes are being developed to mitigate these issues and improve overall manufacturing efficiency. SiC power semiconductors are also gaining popularity in renewable energy sources, such as wind and solar power, due to their ability to handle high power densities and withstand harsh operating conditions.
The future of the SiC market looks promising, with continued advancements in device fabrication techniques, increasing demand for energy-efficient power electronics, and expanding applications across various industries.
The power inverters for electric vehicles is the upcoming trend in the market. The global SiC market is experiencing significant growth due to the increasing adoption of SiC power semiconductors in power electronics applications, particularly in the electrical infrastructure and automotive sectors. SiC substrates, fabricated through epitaxy processes, serve as the foundation for the production of SiC power devices, including MOSFETs and SiC power modules. These devices exhibit superior electrical characteristics, such as higher temperature resistance, improved system efficiency, and reduced energy dissipation, compared to their silicon counterparts. SiC device manufacturing involves various processes, including boule growth through the sublimation process and defect reduction techniques to minimize scratches, micro pipes, crystalline stacking faults, stains, and surface particles.
SiC power semiconductors find extensive applications in converters, motor drives, charging infrastructures for electric vehicles, and renewable energy sources. The automotive sector is a major contributor to the market growth, driven by the demand for high-performance, lightweight, and efficient power electronics for electric and hybrid vehicles. Major players in the industry are investing in advanced manufacturing facilities and packaging processes to improve yield and reduce costs. For instance, automotive supplier Marelli recently launched an 800 volts SiC inverter platform for electric vehicles, catering to the growing demand for high-voltage and high-frequency power electronics in the automotive industry. The increasing focus on energy efficiency and environmental sustainability is further expected to fuel the market growth in the coming years.
High manufacturing and processing cost of SiC semiconductors is key challenge affecting the market growth. The global Silicon Carbide (SiC) market primarily caters to power electronics applications, including SiC substrate for epitaxy in electrical infrastructure, electronic devices, and power converters. SiC power semiconductors, fabricated through boule growth and subsequent device fabrication, exhibit superior properties such as high electrical conductivity, high breakdown voltage, and the ability to handle both alternating current (AC) and direct current (DC) at elevated temperatures and voltages. However, the high cost of SiC materials, manufacturing processes like sublimation, and challenges in yield due to defects such as micro pipes, crystalline stacking faults, stains, and surface particles, increase the cost of SiC device manufacturing.
Despite these challenges, SiC MOSFETs and power modules are increasingly adopted in automotive sectors, robotics, manufacturing facilities, motor drives, electric vehicles, and charging infrastructures due to their high electromobility and ability to operate at high frequencies and voltages. The growing demand for energy-efficient power electronics and the shift towards renewable energy sources are expected to drive the market growth, despite the high cost and manufacturing challenges.
The silicon carbide market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company caters to the semiconductor sector with high-quality silicon carbide (SiC) solutions. Specifically, we offer SiC Trench MOSFETs and SiC Schottky Barrier Diodes (SBDs) for advanced applications.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Silicon Carbide (SiC) market is experiencing significant growth due to the increasing demand for power electronics in various industries. SiC substrates, produced through epitaxy, play a crucial role in the fabrication of SiC power semiconductors, including MOSFETs and power modules. These devices are essential for electrical infrastructure, as they help reduce switching losses in power converters used in both Alternating Current (AC) and Direct Current (DC) systems. SiC power semiconductors offer improved system efficiency by withstanding high voltages, frequencies, and temperatures, making them ideal for use in power devices and converters. The manufacturing process involves the sublimation of SiC boules, which undergo device fabrication to yield high-quality wafers.
Defects such as scratches, micro pipes, crystalline stacking faults, stains, and surface particles can impact the yield and performance of SiC devices. SiC devices find extensive applications in various sectors, including automotive, robotics, manufacturing facilities, motor drives, electric vehicles, charging infrastructures, and renewable energy sources. The high-performance SiC power modules are particularly valuable in high-power applications that require strongness against elevated temperatures and voltages.
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Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 32.14% |
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Market growth 2024-2028 |
USD 7.17 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
24.42 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, Japan, Taiwan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Allegro MicroSystems Inc., Asahi Kasei Corp., BAE Systems Plc, Fuji Electric Co. Ltd., II VI Inc., Infineon Technologies AG, Littelfuse Inc., Microchip Technology Inc., Mitsubishi Electric Corp., Navitas Semiconductor Inc., NXP Semiconductors NV, ON Semiconductor Corp., Qorvo Inc., Renesas Electronics Corp., ROHM Co. Ltd., STMicroelectronics International N.V., Toshiba Corp., TT Electronics Plc, and Wolfspeed Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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