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Silicon Carbide (SiC) Market Size, Industry Analysis by Device (SiC Discrete, SiC Bare Die, and SiC Module), By Wafer Size(2 Inch, 4 Inch, 6 Inch), By Application(Power Grid Devices, Flexible AC Transmission Systems (FACTs), Power Supplies and Inverters, Flame Detectors), By Vertical(Energy & Power, Automotive, Renewable Power Generation) & Region - Forecast

  • PUBLISHED ON
  • 2024-02-08
  • NO OF PAGES
  • 278
  • CATEGORY
  • Chemicals & Materials

Global Silicon Carbide (SiC) Market Analysis by Wafer Size, Application, Device type, Vertical, Region and segments forecast till 2033

Market Overview

The Global Silicon Carbide (SiC) Market valued at USD 993,500 million is to reach a value of USD 3441,120 million in 2033, growing at a CAGR of 16.80%.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 993,500 million

Market Forecast in 2033

USD 3441,120 million

CAGR % 2023-2033

16.80%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more

Key Companies

Infineon Technologies AG, CREE, INC., ROHM Co. Ltd., STMicroelectronics N.V., Fuji Electric Co. Ltd., ON Semiconductor, General Electric Company, Toshiba Corporation, Renesas Electronics Corporation and Microchip Technology Incorporated.

 

Global Silicon Carbide (SiC) Market- Description

Silicon carbide is used as a deoxidizing agent in the steel industry & it is the prime raw material in refractories production. The refractories made of Silicon Carbide (SiC) release towering thermal conductivity that is 10 times higher than fireclay refractories. Therefore, the evolvement in steel production is likely to propel the demand for refractories, which in turn is expected to augment the growth of the market in near future. Furthermore, the growing utilization of silicon carbide in electric and hybrid electric vehicles (EV/HEV), as well as in automobile charging infrastructure, rail, motor drives, power supplies, and uninterruptible power supplies (UPS) which expected to accelerate the market growth over the forecast period.

The increased use of the product to manufacture refractory materials for the steel industry is projected to aid the market growth during the forecast period. Silicon carbide is used as a raw material for refractory on account of its high-temperature resistance. The refractory products are widely used in the linings of kilns, furnaces, and reactors in various industries, such as cast iron, steel, aluminium, and metal. The production growth in the aforementioned ferrous and non-ferrous industries is expected to drive the market for refractory materials. The restriction on movement coupled with social distancing impositions directly affected the productivity rate of domestic manufacturers.

Key Trends of Global Silicon Carbide (SiC) Market:

·         Growing demand from the Semiconductor and Electronics Industry:

Silicon carbide is widely used in the manufacturing of semiconductors, due to its properties such as the ability to work at high voltage or high temperature or both and reduced form factor. Also, the increase in demand for Silicon carbide devices in the power electronics industry is likely to propel the global silicon carbide market growth during the forecast period. Growing investments by research institutes, government, private organizations, and industry players for rising silicon carbide production for meeting the high demand from various end-use industries accelerate the global silicon carbide market growth.

·         High Cost of Silicon carbide

the high cost, as well as availability of cost-effective alternatives of SiC (Silicon carbide), are the major factors restraining the growth of the global silicon carbide market during the forecast period. Moreover, defects in material as well as issue related to the package is the other challenge faced by vendors associated with the silicon carbide market.

Segmental Analysis of Global Silicon Carbide (SiC) Market:

Based on Device Type:

• SIC Discrete Device

• SIC Diode

• SIC MOSFET

• SIC Bare Die

• SIC Module

SIC Discrete Device is further segmented into SIC Diode, SIC MOSFET and SIC Module. SIC Discrete Device is expected to dominate the market, during the analysis period.

Based on Wafer Size:

• 2 Inch

• 4 Inch

• 6 Inch and above

The 6 inches above segment is expected to dominate the market owing to its growing demand in the application segment of power supplies and inverters industry.

Based on Application:

• Power Grid Devices

• Flexible AC Transmission Systems (FACTs)

• High-Voltage, Direct Current Systems (HVCDs)

• Power Supplies and Inverters

• RF Devices & Cellular Base Stations

• Lighting Control Systems

• Industrial Motor Drives

• Flame Detectors

• EV Motor Drives

• EV Charging Stations

• Electronic Combat Systems

• Wind Turbine

• Solar Power Systems

• Astronomical

• Pyrometer

• Nuclear, and

• Atomic Sciences

Based on Vertical:

• Energy & Power

• Automotive

• Renewable Power Generation

• Defense

• Power Electronics

• Telecommunication

The electrical segment is estimated to post a fast revenue growth rate due to the increasing adoption of power modules in advanced semiconductor devices. Semiconductors built on silicon carbide hold a wider band-gap, superior thermal conductivity and enhanced critical electric field.

Geography Analysis of Global Silicon Carbide (SiC) Market:

The Global Silicon Carbide market is further segmented into five major countries- North America, Europe, South America, Asia-pacific and Middle East and Africa. The market in APAC held the largest size and is estimated to continue to do so during the forecast period. China, Japan, South Korea, and India are the major markets for EVs or HEVs in APAC. According to the IEA outlook report, China alone accounted for a share of 47% of the global sales of electric buses which contributed significantly to the dominance of APAC. Initiatives taken by several governments of countries in APAC to promote the use of these vehicles are expected to further drive the market in the near future.

Global Silicon Carbide (SiC) Market: Recent Developments

·         In October 2021, Cree, a leading manufacturer of SiC-based products, announced plans to build a new 200mm SiC wafer manufacturing facility in Marcy, New York. The facility is expected to be operational by 2024 and will help expand the company's SiC capacity.

·         In March 2021, STMicroelectronics announced plans to expand its SiC manufacturing capacity by investing over $1 billion in a new production facility in Italy. The facility is expected to be operational by 2025 and will help meet the growing demand for SiC-based products.

Global Silicon Carbide (SiC) Market: Key Companies

·         Infineon Technologies AG

·         CREE, INC.

·         ROHM Co. Ltd.

·         STMicroelectronics N.V.

·         Fuji Electric Co. Ltd.

·         ON Semiconductor

·         General Electric Company

·         Toshiba Corporation

·         Renesas Electronics Corporation

·         Microchip Technology Incorporated

·         Others

Global Silicon Carbide (SiC) Market: Regional Scope       

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         U.K.

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

·         Rest of Asia Pacific

South America

·         Brazil

·         Argentina

·         Rest of South America

Middle East and Africa

·         Saudi Arabia

·         UAE

·         Egypt

·         South Africa

·         Rest of Middle East and Africa

Why to buy this Report?

Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of the market they are operating in or considering entering, and make more informed decisions based on data and analysis.

Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.

Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.

Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.

1.    Global Silicon Carbide (SiC) Market Introduction and Market Overview

1.1.  Objectives of the Study

1.2.  Silicon Carbide (SiC) Market  Definition & Description

1.3.  Global Silicon Carbide (SiC) Market Scope and Market Estimation

1.3.1.     Global Silicon Carbide (SiC) Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023-2033)

1.3.2.     Global Silicon Carbide (SiC) Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019-2033

1.4.  Market Segmentation

1.4.1.     Device Type of Global Silicon Carbide (SiC) Market

1.4.2.     Wafer Size of Global Silicon Carbide (SiC) Market

1.4.3.     Application of Global Silicon Carbide (SiC) Market

1.4.4.     Vertical of Global Silicon Carbide (SiC) Market

1.4.5.     Region of Global Silicon Carbide (SiC) Market

2.    Executive Summary

2.1.  Global Silicon Carbide (SiC) Market Industry Trends under COVID-19 Outbreak

2.1.1.     Global COVID-19 Status Overview

2.1.2.     Influence of COVID-19 Outbreak on Global Silicon Carbide (SiC) Market Industry Development

2.2.  Market Dynamics

2.2.1.     Drivers

2.2.2.     Limitations

2.2.3.     Opportunities

2.2.4.     Impact Analysis of Drivers and Restraints

2.3.  Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.  Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.  Porter’s Five Forces Analysis

2.5.1.     Bargaining Power of Suppliers

2.5.2.     Bargaining Power of Buyers

2.5.3.     Threat of Substitutes

2.5.4.     Threat of New Entrants

2.5.5.     Competitive Rivalry

2.6.  Value Chain / Ecosystem Analysis

2.7.  PEST Analysis

2.8.  Russia-Ukraine War Impacts Analysis

2.9.  Economic Downturn Analysis

2.10. Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.    Global Silicon Carbide (SiC) Market  Estimates & Historical Trend Analysis (2020 - 2022)

4.    Global Silicon Carbide (SiC) Market  Estimates & Forecast Trend Analysis, By Device Type

4.1.  Global Silicon Carbide (SiC) Market Revenue (US$ Mn) Estimates and Forecasts, By Device Type, 2023 to 2033

4.1.1.     SIC Discrete Device

4.1.2.     SIC Diode

4.1.3.     SIC MOSFET

4.1.4.     SIC Bare Die

4.1.5.     SIC Module

5.    Global Silicon Carbide (SiC) Market  Estimates & Forecast Trend Analysis, By Wafer Size

5.1.  Global Silicon Carbide (SiC) Market Revenue (US$ Mn) Estimates and Forecasts, By Wafer Size, 2023 to 2033

5.1.1.     2 Inch

5.1.2.     4 Inch

5.1.3.     6 Inch and above

6.    Global Silicon Carbide (SiC) Market  Estimates & Forecast Trend Analysis, By Application

6.1.  Global Silicon Carbide (SiC) Market Revenue (US$ Mn) Estimates and Forecasts, By Application, 2023 to 2033

6.1.1.     Power Grid Devices

6.1.2.     Flexible AC Transmission Systems (FACTs)

6.1.3.     High-Voltage, Direct Current Systems (HVCDs)

6.1.4.     Power Supplies and Inverters

6.1.5.     RF Devices & Cellular Base Stations

6.1.6.     Lighting Control Systems

6.1.7.     Industrial Motor Drives

6.1.8.     Flame Detectors

6.1.9.     EV Motor Drives

6.1.10.  EV Charging Stations

6.1.11.  Electronic Combat Systems

6.1.12.  Wind Turbine

6.1.13.  Solar Power Systems

6.1.14.  Astronomical

6.1.15.  Pyrometer

6.1.16.  Nuclear, and

6.1.17.  Atomic Sciences

7.    Global Silicon Carbide (SiC) Market  Estimates & Forecast Trend Analysis, By Vertical

7.1.  Global Silicon Carbide (SiC) Market Revenue (US$ Mn) Estimates and Forecasts, By Wafer Size, 2023 to 2033

7.1.1.     Energy & Power

7.1.2.     Automotive

7.1.3.     Renewable Power Generation

7.1.4.     Defense

7.1.5.     Power Electronics

7.1.6.     Telecommunication

8.    Global Silicon Carbide (SiC) Market  Estimates & Forecast Trend Analysis, By Region

8.1.  Global Silicon Carbide (SiC) Market Revenue (US$ Mn) Estimates and Forecasts, By Region, 2023 to 2033

8.1.1. North America

8.1.2. Europe

8.1.3. Asia Pacific

8.1.4. Middle East & Africa

8.1.5. South America

9.    North America  Silicon Carbide (SiC) Market: Estimates & Forecast Trend Analysis

9.1.  North America Silicon Carbide (SiC) Market Assessments & Key Findings

9.1.1.     North America Silicon Carbide (SiC) Market Introduction

9.1.2.     North America Silicon Carbide (SiC) Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

9.1.2.1.  Based on Device Type

9.1.2.2.  Based on Wafer Size

9.1.2.3.  Based on Application

9.1.2.4.  Based on Vertical

9.1.2.5.  By Country

9.1.2.5.1.   The U.S.

9.1.2.5.2.   Canada

9.1.2.5.3.   Mexico

10.  Europe  Silicon Carbide (SiC) Market: Estimates & Forecast Trend Analysis

10.1. Europe Silicon Carbide (SiC) Market Assessments & Key Findings

10.1.1.  Europe Silicon Carbide (SiC) Market Introduction

10.1.2.  Europe Silicon Carbide (SiC) Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

10.1.2.1.  Based on Device Type

10.1.2.2.  Based on Wafer Size

10.1.2.3.  Based on Application

10.1.2.4.  Based on Vertical

10.1.2.5.  By Country

10.1.2.5.1.          Germany

10.1.2.5.2.          U.K.

10.1.2.5.3.          France

10.1.2.5.4.          Italy

10.1.2.5.5.          Spain

10.1.2.5.6.          Russia

10.1.2.5.7.          Rest of Europe

11.  Asia Pacific  Silicon Carbide (SiC) Market: Estimates & Forecast Trend Analysis

11.1. Asia Pacific Market Assessments & Key Findings

11.1.1.  Asia Pacific Silicon Carbide (SiC) Market Introduction

11.1.2.  Asia Pacific Silicon Carbide (SiC) Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

11.1.2.1.  Based on Device Type

11.1.2.2.  Based on Wafer Size

11.1.2.3.  Based on Application

11.1.2.4.  Based on Vertical

11.1.2.5.  By Country

11.1.2.5.1.          China

11.1.2.5.2.          Japan

11.1.2.5.3.          India

11.1.2.5.4.          Australia

11.1.2.5.5.          South Korea

11.1.2.5.6.          ASEAN

11.1.2.5.7.          Rest of Asia Pacific

12.  Middle East & Africa  Silicon Carbide (SiC) Market: Estimates & Forecast Trend Analysis

12.1. Middle East & Africa Market Assessments & Key Findings

12.1.1.  Middle East & Africa  Silicon Carbide (SiC) Market Introduction

12.1.2.  Middle East & Africa   Silicon Carbide (SiC) Market Size Estimates and Forecast (US$ Million)  (2023 to 2033)

12.1.2.1.  Based on Device Type

12.1.2.2.  Based on Wafer Size

12.1.2.3.  Based on Application

12.1.2.4.  Based on Vertical

12.1.2.5.  By Country

12.1.2.5.1.  U.A.E.

12.1.2.5.2.  Saudi Arabia

12.1.2.5.3.  Egypt

12.1.2.5.4.  South Africa

12.1.2.5.5.  Rest of Middle East & Africa

13.  South America  Silicon Carbide (SiC) Market: Estimates & Forecast Trend Analysis

13.1. South America Market Assessments & Key Findings

13.1.1.  South America Silicon Carbide (SiC) Market Introduction

13.1.2.  South America Silicon Carbide (SiC) Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

13.1.2.1.  Based on Device Type

13.1.2.2.  Based on Wafer Size

13.1.2.3.  Based on Application

13.1.2.4.  Based on Vertical

13.1.2.5.  By Country

13.1.2.5.1.  Brazil

13.1.2.5.2.  Argentina

13.1.2.5.3.  Colombia

13.1.2.5.4.  Rest of South America

14.  Competition Landscape

14.1. Global Silicon Carbide (SiC) Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

14.2. Global Silicon Carbide (SiC) Market Concentration & Company Market Shares (%) Analysis, 2022

15.  Company Profiles

15.1.      Infineon Technologies AG

15.1.1.    Company Overview & Key Stats

15.1.2.    Financial Performance & KPIs

15.1.3.    Product Portfolio

15.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

15.2.    CREE, INC.

15.3.    ROHM Co. Ltd.

15.4.    STMicroelectronics N.V.

15.5.    Fuji Electric Co. Ltd.

15.6.    ON Semiconductor

15.7.    General Electric Company

15.8.    Toshiba Corporation

15.9.    Renesas Electronics Corporation

15.10. Microchip Technology Incorporated

15.11. Others**

16.  Research Methodology

16.1. External Transportations / Databases

16.2. Internal Proprietary Database

16.3. Primary Research

16.4. Secondary Research

16.5. Assumptions

16.6. Limitations

16.7. Report FAQs

17.  Research Findings & Conclusion

 

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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