SiC Power Semiconductor Market Highlights
Market Research Future (MRFR)’s new report indicates substantial growth for the SiC power semiconductor market, apparent from its expansion rate of 26.3% from 2018 to 2023 (review period). The market value by the end of 2023 is expected to be USD 1,359.2 million, adds MRFR.
Top Boosters and Key Challenges
Appealing properties of silicon carbide (SiC) like wider band gap, greater breakdown electric field strength, high resistance to chemical reaction, and lower thermal expansion boost their demand over conventional silicon semiconductors in the market. SiC power semiconductor electronic devices are able to bear higher temperatures and voltages compared to their their silicon counterparts.
In addition, SiC holds higher current, which is roughly five times higher than their silicon counterparts; as a result of which they provide lower ON resistance and lower switching loss leading to less power loss. Mounting demand for power electronics is working in favor of the silicon carbide (SiC) power semiconductors market. Rising demand for power electronics across several industries including medical, defense and aerospace has boosted the growth of the silicon carbide power semiconductors market in recent years.
The surge in the number of energy efficiency projects to meet with the consistently increasing energy issues can induce the demand for SiC power semiconductors. Governments everywhere, but mostly in developing nations with higher energy crisis are putting in immense efforts to tackle these issues. SiC power devices also offer highly desirable benefits compared to silicon, and are therefore, massively used in the generation of electricity using solar power.
The use of power electronics has also increased in numerous applications like electric grid stabilization, consumer electronics and industrial motor drives. The demand for SiC-powered photovoltaic cells has risen significantly in developing nations like Brazil, India and China, leading to better growth prospects for the global market.
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Which segment will provide the most chance for SiC Power Semiconductor growth Analysis till 2027?
The global Industry segmented into Silicon Carbide Power Semiconductor Industry Analysis by Size, type, component, voltage, application and region. By type the segment is further classified into skid mounted and mobile SiC Power Semiconductor Market Forecasts 2027. By component, the segment is further classified into switchgear, bus bar, HVAC systems, transformer, frequency drives, monitoring and control systems and others. By voltage, the segment, is further classified into low voltage and medium voltage SiC Power Semiconductor Market. SiC Power Semiconductor Market are used in various industries such as oil and gas, mining, transportation, and power utilities.
Which Top Market Participants are Consider for the highest SiC Power Semiconductor market share?
Texas Instruments Inc., Rambus Inc., STMicroelectronics NV, ON Semiconductor Corporation, Renesas Electronics Corp, ROHM Semiconductor, Maxim Integrated, NXP Semiconductors NV, Broadcom, Inc., and Cypress Semiconductor Corp.
The primary segments that are included in the study of the SiC power semiconductor market are device, wafer size, application, and end user.
The device-wise segments in the market are SiC bare die devices as well as SiC discrete devices. The types of SiC discrete devices are diode, module and MOSFET.
The segments based on the wafer size discussed in the report are 2-inch, 4-inch, 6-inch and above.
The various applications of SiC power semiconductors are railway traction, power supply & inverter, industrial motor drives, EV motors, power grids, RF devices & cellular base stations, and others.
Significant end-users in the market for SiC power semiconductor are electronics, & power, telecommunication, industrial, automotive, and others.
SiC Power Semiconductor Market By Geography
The Middle East and Africa
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The regional study of the SiC power semiconductor market comprises Europe, North America, Asia Pacific (APAC), as well as the Rest of the World (RoW).
APAC, with the highest share, dominates the global SiC power semiconductor market. The increasing dependency on digitalization and the digital infrastructure has given way to more research & development in high-speed internet. 5G is all set to be deployed by 2020 across the developing nations of India and China. The 5G wireless standard infrastructure will boost the penetration rate of smart devices as well as internet of things, which can lead to higher demand for SiC power semiconductor market. Also, increase in energy efficiency projects paired with the surge in government initiatives to promote the use of solar power can stimulate market growth in the coming period. The region also attracts sizeable investments from global players, which also benefits the regional market.
North America has seized a share of 25% in the global market, thanks to the huge number of eminent silicon carbide manufacturers and the massive spending on R&D activities. With the increasing number of high power applications of SiC, the Advanced Research Projects Agency-Energy (ARPA-E) in the U.S is planning to invest an amount of USD 30 million in at least 21 projects, which is a part of the CIRCUITS program.
SiC Power Semiconductor Market Report Information: By Device (SiC Discrete Devices, MOSFET, Diode, Module, SiC Bare Die Devices), Wafer Size (2-inch, 4-inch, 6-inch and above), Application (RF Devices & Cellular Base Stations, Power Supply & Inverter, Power Grids, EV Motors, Industrial Motor Drives, Railway Traction), End User (Telecommunication, Energy & Power, Automotive, Industrial, Electronics), by Region – Forecast 2027
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