Global Silicon Carbide Power Semiconductor Market Size Grows at a Staggering CAGR of 42.50%

Introduction

SiC is a type of compound semiconductor consisting of silicon and carbide. SiC has various advantages over silicon, including a band gap that is three times as big and the ability to apply a wider range of p- and n-type control. Electric vehicles have several advantages in the automobile industry, such as better performance, range, and charging times to meet customer expectations. However, they require electrical equipment that can operate successfully and efficiently in hot environments. Hence, power semiconductor modules are being developed using wide-bandgap SiC technologies.

Market Dynamics

Growing Demand for Wireless Communications and Consumer Electronics Drives the Global Market

Semiconductors are necessary for a wide range of consumer goods, including communication devices (smartphones, tablets, smartwatches, and other gadgets), computers (household and business computers feature PCBs), entertainment systems, and home appliances. Due to consumer electronics like laptops' high energy consumption, silicon carbide power semiconductors are necessary. SiC power semiconductor devices are increasingly required as global energy consumption rises along with the number of consumer electronics devices. Rapid charging becoming a standard feature for tablets and laptops is expected to increase demand for SiC semiconductors. Another technology employed by 5G networks is massive MIMO, in which a substantial number of antennas are put at the base station. Therefore, 5G will give a significant opportunity for the industry under consideration during the forecast period.

Rising Demand for Battery-Powered Portable Devices Creates Tremendous Opportunities 

Consumer electronics are powered by lithium-ion technology, the best power source currently developed. But these contemporary batteries are subject to several limitations. In laboratories worldwide, better methods are being developed to produce batteries that consume less energy. The market for rapid charging is growing due to producers increasing their goods' battery capacity. Businesses have previously introduced a range of cutting-edge, battery-hungry sensors. Additionally, component manufacturers like ARM, Qualcomm, Bosch, and others have rapidly introduced new processors and chipsets to fulfill the clients' constantly rising demands. The increased demand for energy-efficient battery technologies is predicted to support market expansion over the forecast period.

Regional Analysis 

Asia-Pacific is the most significant shareholder in the global silicon carbide power semiconductor market size and is expected to grow at a CAGR of 43.40% during the forecast period. The area is well-represented by companies like SK Siltron, a top-5 global wafer manufacturer and a South Korean producer of semiconductor silicon wafers with annual sales of KRW 1.542 trillion, 17% of which go toward global silicon wafer sales. The SK Siltron also fully acquired DuPont's Silicon Carbide Wafer (SiC Wafer) division in March 2020. SiC wafer production is expected to increase following the acquisition, which indicates that SK Siltron will keep investing in related sectors. One of the materials power semiconductor manufacturers quickly adopt to satisfy market demands is silicon carbide (SiC), which offers enhanced efficiency and durability and can work at higher voltages, temperatures, and frequencies.

North America is anticipated to increase at a CAGR of 41.80%, generating USD 3,898.64 million during the forecast period. The new SiC traction inverters were created internally by Karma's Powertrain Power Electronics team in collaboration with the Power Electronic System Laboratory at the University of Arkansas (P.E.S.L.A.). The company claims that various industries may use the new inverters, including those in automotive, aviation, rail, agricultural, and industrial applications. Additionally, the United States pioneered employing cutting-edge technology for military reasons. The country spends the most money on its military worldwide, making it a valuable end-user industry for the market.

Some of the most significant tech hubs in the world are found in the European continent, which is a crucial driver and adopter of modern technology. The market is growing since more modern technologies and semiconductors are being adopted by many industries. Due to the increasing support of the local government for research programs and the environment of advanced technological connectivity, many semiconductor-focused firms have improved.

Key Highlights

• The global silicon carbide power semiconductor market size was valued at USD 806.85 million in 2021. It is projected to reach USD 19,549.09 million by 2030, growing at a CAGR of 42.50% during the forecast period (2022-2030).
• Based on the end-user industry, the global silicon carbide power semiconductor market is bifurcated into automotive, consumer electronics, IT and telecommunication, military and aerospace, power, industrial, and others. The automotive sector segment is the most significant market shareholder and is anticipated to expand at a CAGR of 48.80% over the forecast period.
• Asia-Pacific is the most significant shareholder in the global silicon carbide power semiconductor market and is expected to grow at a CAGR of 43.40% during the forecast period.

Competitive Players

Competitive Players

The global silicon carbide power semiconductor market’s major key players are Infineon Technologies AG, Texas Instruments Inc., ST Microelectronics NV, NXP semiconductor, ON Semiconductor Corporation, Renesas electronic corporation, Broadcom Limited, Hitachi Power Semiconductor Device Ltd, Toshiba Corporation, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd, Semikron International, and Cree Inc.

Recent Developments

Market News

• In October 2022, STMicroelectronics will build an integrated Silicon Carbide (SiC) substrate manufacturing facility in Italy to help meet the growing demand from ST’s customers for SiC devices across automotive and industrial applications as they move toward electrification and seek higher efficiency.
• In April 2021, NoMIS Power Group, a spin-off from the State University of New York Polytechnic Institute (SUNY Poly), announced that it plans to design, manufacture and sell SiC power semiconductor devices, modules, and services for providing support to power management product developers.

Segmentation

Global Silicon Carbide Power Semiconductor Market: Segmentation

By End-User Industry

• Automotive
• Consumer Electronics
• IT and Telecommunication
• Military and Aerospace
• Power
• Industrial
• Other End-user Industries

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA