Global Silicon Carbide (SiC) Market - Industry Trends and Forecast to 2030

Global Silicon Carbide (SiC) Market, By Product (Black Silicon Carbide, and Green Silicon Carbide), Device (SIC Discrete Devices, and SIC Bare Die), Wafer Size (2 Inch, 4 Inch, 6-Inch and Above), Application (RF Device and Cellular Base Station, Power Grid Device, Flexible AC Transmission Systems, High-Voltage, Direct Current, Power Supply and Inverter, Lighting Control, Industrial Motor Drive, Flame Detector, EV Motor Drive, EV Charging, Electronic Combat System, Wind Energy, Solar Energy, and Others), Vertical (Telecommunication, Energy and Power, Automotive, Renewable Power Generation, Defense, Power electronics, and Others) - Industry Trends and Forecast to 2030.

Silicon Carbide (SiC) Market Analysis and Size  

Silicon Carbide (SiC) can work at high temperatures, high voltages, or both, and its small form factor, silicon carbide, is widely used in semiconductor manufacturing. Furthermore, global demand for smart consumer electronics is increasing exponentially, creating opportunities for expanding the silicon carbide market. These factors have further increased the overall growth of the market. With its wide band-gap properties, Silicon carbide is gaining prominence as a mainstream technology for efficient power electronics.

Data Bridge Market Research analyses that the silicon carbide (SiC) market, which was USD 1,035.65 million in 2022, would rocket up to USD 3,212.42 million by 2030, and is expected to undergo a CAGR of 15.20% during the forecast period of 2023 to 2030.  

“Power electronics” dominates the vertical segment of the silicon carbide (SiC) market owing to their significant advantages over traditional silicon-based devices, including higher efficiency, faster switching speeds, and better thermal conductivity. These characteristics make silicon carbide ideal for power electronics applications, such as power grid devices, flexible AC transmission systems, high-voltage direct current, power supplies, inverters, industrial motor drives, EV motor drives, and more. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand

Silicon Carbide (SiC) Market Scope and Segmentation

Market Definition

Silicon carbide is a compound that acts as a steel production deoxidizing agent. Silicon carbide is primarily dissolved in an oxygen furnace to generate huge amounts of hot steel and scrap. The item’s low sulfur, nitrogen, silicomanganese or ferrosilicon, and aluminum content make it a cost-effective material. The compound possesses three times the band gap, ten times the critical strength of the electric field, and three times the thermal conductivity compared to silicon.

Silicon Carbide (SiC) Market Dynamics

Drivers:

• Growing demand from oil and gas industry

The oil and gas industry is a significant Silicon Carbide (SiC) market driver. Silicon carbides (SiC) are extensively used in the oil and gas sector for separating and purifying gases, removing impurities, and dehydration processes. With the increasing global energy demand and exploration of unconventional oil and gas reserves, the demand for Silicon Carbide (SiC) is expected to rise.

• Growing emphasis on energy efficiency

Silicon carbide-based devices offer lower power losses and higher energy efficiency than traditional silicon-based devices. As energy consumption and environmental concerns continue rising, industries and governments worldwide focus on energy-efficient solutions. Using silicon carbide improves energy efficiency in various applications such as power generation, transmission, and electric vehicles.

• Increasing adoption of electric vehicles

Electric vehicles (EVs) are gaining significant traction as a sustainable transportation solution. Silicon carbide is a key material used in EV power electronics to enhance energy efficiency and extend driving range. The growing adoption of electric vehicles globally drives the demand for silicon carbide.

Opportunities

• Development of wide-bandgap power semiconductors

Wide-bandgap semiconductors, including silicon carbide, are gaining attention as alternatives to traditional silicon-based devices. Wide-bandgap semiconductors offer higher breakdown voltages, lower losses, and higher operating temperatures, making them ideal for power electronics applications.

• Advancements in 5G technology

The deployment of 5G networks requires advanced RF devices capable of operating at high frequencies. Silicon carbide offers excellent RF performance, including high power handling capability, low losses, and high thermal conductivity. As the global adoption of 5G technology expands, there will be an increased demand for silicon carbide-based RF devices, presenting opportunities for market growth.

Challenges/ Restraints

• Complicated in material integration and device design

Silicon carbide has different material properties and characteristics than traditional semiconductor materials like silicon. Integrating silicon carbide into existing manufacturing processes and designing efficient devices can be technically challenging. This can hinder the adoption of silicon carbide in various applications and industries and slow market growth.

• Limited availability of raw materials

Silicon carbide requires specific raw materials such as high-purity silicon and carbon precursors. The availability of these raw materials can be limited and subject to supply chain challenges. Any disruptions or fluctuations in raw material supply can impact silicon carbide production and availability, leading to potential supply constraints and market instability.

• High manufacturing costs

The manufacturing process for silicon carbide involves complex and energy-intensive techniques, including high-temperature processes and specialized equipment. These factors contribute to higher manufacturing costs than traditional materials such as silicon. The high cost of production can limit the widespread adoption of silicon carbide, especially in price-sensitive markets, and act as a restraint on market growth.

• Regulatory and compliance challenges

The use of silicon carbide in certain applications, such as automotive and aerospace, may be subject to regulatory requirements and compliance standards. Meeting these standards and obtaining necessary certifications can add complexity and cost to the manufacturing and deployment processes. Regulatory challenges and compliance requirements can act as barriers to entry for companies and impact the growth of the silicon carbide market.

This silicon carbide (SiC) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Silicon Carbide (SiC) market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In September 2022, AIXTRON SE, a leading semiconductor equipment provider, has recently launched its next-generation G10-SiC 200 mm system for silicon carbide epitaxy. This advanced system is designed for high-volume manufacturing of the latest generation SiC power devices on 150/200 mm SiC wafers. The launch occurred at the International Conference on Silicon Carbide and Related Materials (ICSCRM) in Davos, Switzerland. The new G10-SiC system builds upon AIXTRON’s established G5 WW C 150 mm platform and offers a flexible dual wafer size configuration of 9×150 & 6×200 mm. This configuration facilitates the transition of the SiC industry from 150 mm to 200 mm wafer diameter, supporting future scalability

Global Silicon Carbide (SiC) Market Scope

The silicon carbide (SiC) market is segmented based on product, device, wafer size, application, and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Black Silicon Carbide
• Green Silicon Carbide

Device

• SIC Discrete Devices
• SIC Bare Die

Wafer Size

• 2 Inch
• 4 Inch
• 6-Inch and above

Application

• RF Device and Cellular Base Station
• Power Grid Device
• Flexible AC Transmission Systems
• High-Voltage
• Direct Current
• Power Supply and Inverter
• Lighting Control
• Industrial Motor Drive
• Flame Detector
• EV Motor Drive
• EV Charging
• Electronic Combat System
• Wind Energy
• Solar Energy
• Others

Vertical

• Telecommunication
• Energy and Power
• Automotive
• Renewable Power Generation
• Defense
• Power Electronics
• Others

Silicon Carbide (SiC) Market Regional Analysis/Insights

The silicon carbide (SiC) market is analysed and market size insights and trends are provided by product, device, wafer size, application, and vertical, are referenced above.

The countries covered in the silicon carbide (SiC) market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America in South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, and the rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, and the rest of Asia-Pacific in Asia-Pacific, and U.A.E, Saudi Arabia, Egypt, South Africa, Israel, and the rest of the Middle East and Africa.

Asia-Pacific dominates the silicon carbide (SiC) market owing to the high level of investment in infrastructure investments and the growing manufacturing sector in countries such as India and China within the region.

North America is expected to be the fastest-growing market from 2023 to 2030, owing to the growing adoption of electric vehicles (EVs) in the region and supportive government initiatives and funding.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Silicon Carbide (SiC) Market Share Analysis

The silicon carbide (SiC) market competitive landscape provides details by competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies’ focus related to the market.

Some of the major players operating in the silicon carbide (SiC) market are:

• Infineon Technologies AG (Germany)
• Cree, Inc. (U.S.)
• ROHM Co., Ltd. (Japan)
• Microsemi (U.S.)
• STMelectronics (Switzerland)
• Fuji Electric Co., Ltd.  (Japan)
• Semiconductor Components Industries, LLC (U.S.)
• General Electric (U.S.)
• Toshiba Corporation (Japan)
• Renesas Electronics Corporation (Japan)
• Microchip Technology Inc.,(U.S.)
• Grindwell Norton Limited (India)
• Dow (U.S.)
• CUMI (India)
• Entegris (U.S.)