PUBLISHER: Grand View Research | PRODUCT CODE: 1224557
PUBLISHER: Grand View Research | PRODUCT CODE: 1224557
The global silicon carbide semiconductor devices market size is expected to reach USD 10.39 billion by 2030, registering a CAGR of 23.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market's growth can be attributed to the superior material properties of silicon carbide over silicon, the increasing adoption of SiC semiconductor devices in power electronics and electric vehicles, along with its growing applications in the electric vehicle charging infrastructure market. Moreover, the growing R&D investments in the semiconductor industry are creating significant growth opportunities for the silicon carbide (SiC) semiconductor devices market.
The increasing demand for SiC semiconductor chips in the EV charging infrastructure proposes promising opportunities for investments in the SiC semiconductor devices market. SiC devices enable customers to increase the switching frequency with low switching losses. Thus, SiC products are widely used in DC EV (direct current electric vehicle) chargers.
Governments across the world are taking strategic initiatives to reduce carbon emissions, due to which, the electric vehicle industry has observed several developments and investments in the past few years. With the electric vehicle industry's evolution, SiC semiconductor devices play a vital role in electric vehicle charging infrastructure, thereby witnessing significant market growth.
SiC is increasingly used in electric vehicle manufacturing, and silicon carbide positively influences and revolutionizes the electric vehicle industry. Benefits offered by SiC technology, such as weight reduction, reduced form factors from higher system integration, reduction in switching losses, improvement in system efficiency, and smaller & cheaper components, are driving the adoption of SiC in the electric vehicle industry.
The growing adoption of electric vehicles and the ever-increasing promotional activities of the governments for EVs bode well for the adoption and growth of the silicon carbide (SiC) semiconductor devices market. The outbreak of COVID-19 has taken a severe toll on many industries across the globe. The demand for silicon carbide (SiC) semiconductor devices was negatively impacted due to the customers' declining purchasing power, which was caused by the general decline in the global economy. However, as the world recovers from the adversities of the pandemic, the demand for SiC semiconductor devices is expected to rise owing to increased demand for electric vehicles and power semiconductors.