Silicon Carbide Semiconductor Devices Market Worth $10.39 Billion By 2030

Silicon Carbide Semiconductor Devices Market Growth & Trends

The global silicon carbide semiconductor devices market size is expected to reach USD 10.39 billion by 2030, registering a CAGR of 23.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market's growth can be attributed to the superior material properties of silicon carbide over silicon, the increasing adoption of SiC semiconductor devices in power electronics and electric vehicles, along with its growing applications in the electric vehicle charging infrastructure market. Moreover, the growing R&D investments in the semiconductor industry are creating significant growth opportunities for the silicon carbide (SiC) semiconductor devices market.

The increasing demand for SiC semiconductor chips in the EV charging infrastructure proposes promising opportunities for investments in the SiC semiconductor devices market. SiC devices enable customers to increase the switching frequency with low switching losses. Thus, SiC products are widely used in DC EV (direct current electric vehicle) chargers.

Governments across the world are taking strategic initiatives to reduce carbon emissions, due to which, the electric vehicle industry has observed several developments and investments in the past few years. With the electric vehicle industry's evolution, SiC semiconductor devices play a vital role in electric vehicle charging infrastructure, thereby witnessing significant market growth.

SiC is increasingly used in electric vehicle manufacturing, and silicon carbide positively influences and revolutionizes the electric vehicle industry. Benefits offered by SiC technology, such as weight reduction, reduced form factors from higher system integration, reduction in switching losses, improvement in system efficiency, and smaller & cheaper components, are driving the adoption of SiC in the electric vehicle industry.

The growing adoption of electric vehicles and the ever-increasing promotional activities of the governments for EVs bode well for the adoption and growth of the silicon carbide (SiC) semiconductor devices market. The outbreak of COVID-19 has taken a severe toll on many industries across the globe. The demand for silicon carbide (SiC) semiconductor devices was negatively impacted due to the customers' declining purchasing power, which was caused by the general decline in the global economy. However, as the world recovers from the adversities of the pandemic, the demand for SiC semiconductor devices is expected to rise owing to increased demand for electric vehicles and power semiconductors.

 Request a free sample copy or view the report summary: Silicon Carbide Semiconductor Devices Market Report

Silicon Carbide Semiconductor Devices Market Report Highlights

• The Schottky diodes segment is expected to witness significant growth during the forecast period. Silicon carbide-based Schottky diodes are widely used for high-switching applications. Their growing use can be attributed to the benefits such as less consumption of voltage, low forward voltage drops, and efficient energy use. Additionally, silicon carbide Schottky diodes possess better thermal and electrical conductivity than standard silicon, making them a preferable option for various industrial applications

• The power semiconductors segment is expected to register the highest growth throughout the forecast period. The integration of Schottky Barrier Diode and MOSFET into silicon carbide power modules results in much lower switching loss, which is expected to support segment growth during the forecast period. Additionally, power semiconductor applications in energy, e-mobility, and industrial applications are harnessing the segment's growth

• The 8 inches segment is expected to witness significant growth during the forecast period. The demand for the 8 inches silicon carbide wafers is expected to stem primarily from the industrial and automotive markets. Common 8 inches silicon carbide wafers include epitaxial and polished wafer types. And they are widely adopted for power devices, wireless infrastructure, and optoelectronics applications

• The aerospace & defense segment is expected to register significant growth throughout the forecast period. Innovative solutions for power management, navigation, communication, radars, and motor control applications in the aerospace & defense sector are driving the segment’s growth. Moreover, the ability of silicon carbide devices to operate efficiently at high temperatures is the primary factor contributing to the segment growth

• Asia Pacific region dominated the market in 2021. The growth can be attributed to a broader customer base and a substantial number of regional silicon carbide (SiC) semiconductor providers. Encouraging government initiatives to promote electric vehicles and power electronics also bodes well for the market's growth

Silicon Carbide Semiconductor Devices Market Segmentation

Grand View Research has segmented the global silicon carbide semiconductor devices market based on the component, product, wafer size, end-use, and region.

Silicon Carbide (SiC) Semiconductor Devices Component Outlook (Revenue, USD Million, 2018 - 2030)

• Schottky Diodes

• FET/MOSFET Transistors

• Integrated Circuits

• Rectifiers/Diodes

• Power Modules

• Others

Silicon Carbide (SiC) Semiconductor Devices Product Outlook (Revenue, USD Million, 2018 - 2030)

• Optoelectronic Devices

• Power Semiconductors

• Frequency Devices

Silicon Carbide (SiC) Semiconductor Devices Wafer Size Outlook (Revenue, USD Million, 2018 - 2030)

• 1 inch to 4 inches

• 6 inches

• 8 inches

• 10 inches & above

Silicon Carbide (SiC) Semiconductor Devices End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Automotive

  • Electric Vehicles

  • IC Automobiles

• Consumer Electronics

• Aerospace & Defense

• Medical Devices

• Data & Communication Devices

• Energy & Power

  • EV Infrastructure

  • Power Distribution & Utilities

• Others

Silicon Carbide (SiC) Semiconductor Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Belgium

• Asia Pacific

  • China

  • India

  • Taiwan

  • Southeast Asia

• Latin America

  • Brazil

• Middle East & Africa

  • UAE

List Of Key Players in Silicon Carbide Semiconductor Devices Market

• ALLEGRO MICROSYSTEMS, INC.

• Infineon Technologies AG

• ROHM Co., Ltd.

• STMicroelectronics N.V.

• ON SEMICONDUCTOR CORPORATION (on semi)

• WOLFSPEED, INC.

• Gene Sic Semiconductor

• TT Electronics plc.

• Mitsubishi Electric Corporation

• Powerex Inc.

• Toshiba Corporation

• FUJI ELECTRIC CO., LTD.