The global SiC power semiconductor market is likely to garner significant gains. The rising penetration of electronic vehicles is a growth driver. According to Market Research Future (MRFR), the global SiC power semiconductor market is poised to escalate from USD 0.2 BN in 2022 to USD 1.64 BN by 2032, growing at a 26.30% CAGR throughout the assessment period (2023-2032).
Besides, growing R&D activities that target improved material capabilities accelerate the SiC power semiconductor market revenues. The vast absorption of high-performance, cost-effective power semiconductors, especially electric vehicles, boosts the SiC power semiconductor market revenues.
The surging demand for SiC power semiconductors in high-voltage applications like EVs, fast chargers, airplanes, and large industrial motors substantiates the market size. Growing disruptive innovations that can meet customer needs for high performance and cost & energy-efficient power solutions market revenues.
The spurring rise in the power electronics industry and adjacent areas like high voltage and high-power electronics substantiates the market revenues. Industry plays increasingly focus on other emerging areas like quantum, artificial intelligence, and integrated photonics. Expanding vehicle electrification and automation of industrial equipment create significant market opportunities.
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Major Players
Leading SiC power semiconductor market players are
- STMicroelectronics
- WOLFSPEED, Inc.
- ROHM Co., Ltd.
- Mitsubishi Electric Corporation
- Fuji Electric Co., Ltd.
- Texas Instruments Incorporated
- Semikron Danfoss
- Infineon Technologies AG
- Renesas Electronics Corporation
- Xiamen Powerway Advanced Material Co., Ltd., among others.
SiC Power Semiconductor Market - Segmentations
The report is segmented into devices, wafer sizes, applications, end-users, and regions. The device segment is sub-segmented into SiC discrete devices (MOSFET, diodes, and modules) and SiC bare die devices. The wafer size segment is sub-segmented into 2-inches, 4-inches, 6-inches, and above.
The application segment is sub-segmented into RF devices & cellular base stations, power supply & inverters, power grids, EV motors, industrial motor drives, railway traction, and others. The end-user segment is sub-segmented into telecommunication, energy & power, automotive, industrial, electronics, and others. By region, the SiC power semiconductor market is segmented into the Americas, Europe, Asia-Pacific, Middle East & Africa, and the rest of the world.
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SiC Power Semiconductor Market – Geographical Analysis
The Asia-Pacific region dominates the global SiC power semiconductor market. The large presence of notable market players and increasing investments in developing and manufacturing innovative technologies boost the SiC power semiconductor market size. Besides, the rapidly growing electric vehicle and electronics industries in the region drive the SiC power semiconductor market growth. Also, the spurring rise in consumer, telecommunication & data communication, and medical sectors substantiates the region's SiC power semiconductor market share.
SiC Power Semiconductor Market – Competitive Analysis
The market appears highly competitive, with many players having a global presence. Market players focus on optimized situational awareness to ensure their mission success. Well-established players tap emerging markets for expansions and strive to develop products with adept technology.
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Industry/Innovation/Related News:
Aug. 31, 2023 -- STMicroelectronics (STM), a global semiconductor leader, announced signing a supply agreement with BorgWarner Inc. (BWA), a leading global leader provider of innovative and sustainable mobility solutions. STM will supply its SiC power MOSFETs to BorgWarner for its Viper power module supporting Volvo Cars' electrification. BWA will use the SiC dice in its traction inverter platforms for several current and future Volvo Car BEVs. STM's latest third-generation 750V SiC power MOSFETs dice will be used in BWA's proprietary Viper-based power module.
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