Silicon Carbide Market worth $2,113 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 27, 2021 /PRNewswire/ -- According to a research report "Silicon Carbide Market with COVID-19 Impact Analysis by Device(SiC Discrete, SiC Bare Die, and SiC Module), Wafer Size, Application, Vertical (Power Electronics, Automotive, Telecommunications, and Energy & Power), and Geography – Global Forecast to 2026", published by MarketsandMarkets™, the global Silicon Carbide Market is expected to grow from USD 899 million in 2021 to USD 2,113 million by 2026; it is expected to grow at a CAGR of 18.7% during 2021–2026. Key factors fueling this market's growth include growing demand for SiC Devices in power electronics; higher mechanical, electrical and thermal properties than regular Silicon; and growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production. Growing implementation of SiC devices in automotive and power devices applications and increasing demand for hybrid and electric cars create a strong demand for silicon carbide for efficient industrial operations in the midst of COVID-19.
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SiC discrete device is expected to gain a significant share of silicon carbide market by 2026
SiC Discrete device is expected to account for the largest share of the silicon carbide market by 2026. The growth of this segment is attributed to the increasing demand for SiC discrete devices for use in numerous applications, including RF and cellular base station applications, as well as in power supplies and inverters. Also, these devices are used in high-power applications owing to their high switching speed. Moreover, due to the increased demand for power semiconductors, the load on the power equipment has increased.
Based on application, EV motor drives to witness the highest CAGR in silicon carbide market during 2021–2026
The silicon carbide market for EV motor drives application is expected to grow with the highest CAGR during the forecast period. The growth is attributed to increasing silicon carbide device penetration in electric vehicles (EVs), as it helps in better battery management and reduces weight and size. Moreover, silicon carbide devices can perform at high voltage and temperature, making them favorable for EVs. The increasing need for efficient semiconductor devices is driving the demand for silicon carbide-based semiconductor devices.
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Silicon carbide market in APAC to grow at the highest CAGR during the forecast period
The silicon carbide market in APAC is expected to grow at the highest CAGR during the forecast period attributed to the increased use of these silicon carbide devices in the automotive, power electronics, energy, and renewable power generation verticals. China, Japan, South Korea, and India are the major markets for EVs/HEVs in APAC. According to IEA outlook 2020 report, China alone accounted for a share of 47% of the global sales of electric buses in 2019, which contributed significantly to the dominance of APAC. Initiatives taken by several governments of countries in APAC to promote the use of these vehicles are expected to further drive the market in the near future.
Key players in the market include Infineon Technologies (Germany), Cree, Inc. (US), ROHM Co., Ltd. (Japan), STMelectronics (Switzerland), Fuji Electric (Japan), ON Semiconductor (US), General Electric (US), Toshiba Corporation (Japan), and Renesas Electronics (Japan), Microchip Technology (US). These players are increasingly undertaking product launches and developments, acquisitions, partnerships, collaborations, contracts, and agreements, to increase their market shares.
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