Silicon Carbide Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Silicon Carbide Market will witness a robust CAGR of over 30% from 2024 to 2032. With the rising adoption of renewable energy sources, the demand for energy storage solutions has surged, addressing the inherent variability in renewable energy generation. Silicon Carbide (SiC) technology plays a pivotal role in power converters and inverters integral to energy storage systems, including batteries and supercapacitors.

The enhanced efficiency and reliability of SiC devices are instrumental in stabilizing the grid, ensuring a consistent supply of renewable energy. For example, in July 2024, onsemi unveiled its cutting-edge silicon carbide technology platform, the EliteSiC M3e MOSFETs, marking a significant stride towards electrification and renewable energy. Further emphasizing its commitment to a sustainable future, onsemi has outlined plans to roll out multiple generations of this technology up to 2030.

The overall Silicon Carbide Market is grouped based on Product Type, Device Type, Wafer Size, Application, Production Method, end use Industry and Region.

Based on device type, the market is categorized into SiC discrete devices, SiC modules, and other SiC devices. Notably, SiC modules are the fastest-growing segment, boasting a CAGR exceeding 30% from 2024 to 2032. The global push towards cleaner energy and reduced carbon emissions has catalyzed the rapid growth of the SiC module segment, especially with major players like Tesla, BYD, and Volkswagen integrating these modules into their vehicles for enhanced energy efficiency and extended driving range. Beyond the automotive sector, the renewable energy domain is witnessing a surge in SiC module adoption, with applications spanning solar inverters, wind turbine converters, and energy storage systems, thanks to their superior operational capabilities compared to traditional silicon solutions.

The market is also segmented by product type, including black silicon carbide, green silicon carbide, and other variants. Dominating the market in 2023, the black silicon carbide segment is projected to surge past USD 15 billion by 2032. Renowned for its hardness and strength, black silicon carbide finds extensive application in abrasive tasks, from grinding to polishing, across diverse industries such as automotive and aerospace. The escalating demand for high-performance abrasives in these sectors is a driving force behind the black silicon carbide market's expansion. Furthermore, its rising application in refractory materials for high-temperature industrial processes and its pivotal role in metallurgical applications, especially as a deoxidizer, underscore its significance. The burgeoning steel and aluminum industries, leveraging black silicon carbide to enhance metal properties, further amplify its market presence.

North America is witnessing a burgeoning silicon carbide market, with projections estimating a reach of USD 10 billion by 2032. The region's robust demand is fueled by technological advancements and a pronounced shift towards electric vehicles and renewable energy systems. Key markets like the U.S. and Canada, bolstered by a dense concentration of semiconductor and electronics firms and a commitment to energy-efficient technologies, are driving this growth. In the U.S., substantial investments in clean energy and a focus on renewable sources are amplifying the demand for SiC components, particularly in power electronics and automotive sectors.

Product Code: 6019

Chapter 1 Scope and Methodology

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast parameters
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2024 - 2032
2.2 Business trends
- 2.2.1 Total addressable market (TAM), 2024-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Technology and innovation landscape
3.4 Patent analysis
3.5 Key news and initiatives
3.6 Regulatory landscape
3.7 Impact forces
- 3.7.1 Growth drivers
  - 3.7.1.1 Rising adoption of Electric Vehicles (EVs)
  - 3.7.1.2 Increased demand for renewable energy
  - 3.7.1.3 Advancements in power electronics
  - 3.7.1.4 Technological innovations and advancements
  - 3.7.1.5 Expansion of telecommunication infrastructure
- 3.7.2 Industry pitfalls and challenges
  - 3.7.2.1 High manufacturing costs
  - 3.7.2.2 Technical complexity and integration issues
3.8 Growth potential analysis
3.9 Porter's analysis
- 3.9.1 Supplier power
- 3.9.2 Buyer power
- 3.9.3 Threat of new entrants
- 3.9.4 Threat of substitutes
- 3.9.5 Industry rivalry
3.10 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Product Type, 2021 - 2032 (USD Million and Units)

5.1 Key trends
5.2 Black silicon carbide
5.3 Green silicon carbide
5.4 Other silicon carbide types

Chapter 6 Market Estimates and Forecast, By Device Type, 2021 - 2032 (USD Million and Units)

6.1 Key trends
6.2 SiC discrete devices
- 6.2.1 Diodes
- 6.2.2 MOSFETs
- 6.2.3 BJTs (Bipolar Junction Transistors)
- 6.2.4 JFETs (Junction Field Effect Transistors)
6.3 SiC modules
6.4 Other SiC devices

Chapter 7 Market Estimates and Forecast, By Wafer Size, 2021 - 2032 (USD Million and Units)

7.1 Key trends
7.2 2-inch
7.3 4-inch
7.4 6-inch and above

Chapter 8 Market Estimates and Forecast, By Application, 2021 - 2032 (USD Million and Units)

8.1 Key trends
8.2 Power electronics
- 8.2.1 Power supply and inverter
- 8.2.2 Wireless charging
- 8.2.3 Power grid devices
- 8.2.4 Industrial motor drives
- 8.2.5 Electric vehicle charging infrastructure
- 8.2.6 Renewable energy systems
8.3 Optical devices
- 8.3.1 LED lighting
- 8.3.2 Photonics
- 8.3.3 Laser applications
- 8.3.4 UV detectors
8.4 Sensing
- 8.4.1 Pressure sensors
- 8.4.2 Temperature sensors
- 8.4.3 Gas sensors
- 8.4.4 Radiation detectors
- 8.4.5 Other

Chapter 9 Market Estimates and Forecast, By Production Method, 2021 - 2032 (USD Million and Units)

9.1 Key trends
9.2 Acheson process
9.3 Physical vapor transport (PVT)
9.4 Chemical vapor deposition (CVD)
9.5 Other production methods

Chapter 10 Market Estimates and Forecast, By End-Use Industry, 2021 - 2032 (USD Million and Units)

10.1 Key trends
10.2 Automotive
10.3 Aerospace and defense
10.4 Telecommunications
10.5 Energy and power
10.6 Healthcare
10.7 Electronics and semiconductors
10.8 Industrial manufacturing
10.9 Oil and gas
10.10 Mining
10.11 Chemical processing
10.12 Consumer electronics
10.13 Research and development

Chapter 11 Market Estimates and Forecast, By Region, 2021 - 2032 (USD Million and Units)

11.1 Key trends
11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
11.3 Europe
- 11.3.1 UK
- 11.3.2 Germany
- 11.3.3 France
- 11.3.4 Italy
- 11.3.5 Spain
- 11.3.6 Rest of Europe
11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 India
- 11.4.3 Japan
- 11.4.4 South Korea
- 11.4.5 ANZ
- 11.4.6 Rest of Asia Pacific
11.5 Latin America
- 11.5.1 Brazil
- 11.5.2 Mexico
- 11.5.3 Rest of Latin America
11.6 MEA
- 11.6.1 UAE
- 11.6.2 Saudi Arabia
- 11.6.3 South Africa
- 11.6.4 Rest of MEA

Chapter 12 Company Profiles

12.1 Central Semiconductor Corp.
12.2 Cree, Inc.
12.3 Danfoss A/S
12.4 Fuji Electric Co., Ltd.
12.5 General Electric Company (GE Aviation)
12.6 GeneSiC Semiconductor Inc.
12.7 Global Power Technologies Group
12.8 Hitachi Power Semiconductor Device, Ltd.
12.9 II-VI Incorporated
12.10 Infineon Technologies AG
12.11 Littelfuse, Inc.
12.12 Microsemi Corporation
12.13 Mitsubishi Electric Corporation
12.14 NXP Semiconductors N.V.
12.15 ON Semiconductor Corporation
12.16 Power Integrations, Inc.
12.17 Renesas Electronics Corporation
12.18 ROHM Co., Ltd.
12.19 STMicroelectronics N.V.
12.20 Taiyo Yuden Co., Ltd.
12.21 Toshiba Corporation
12.22 United Silicon Carbide, Inc. (USCi)