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PUBLISHER: SkyQuest | PRODUCT CODE: 1455062

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PUBLISHER: SkyQuest | PRODUCT CODE: 1455062

Global Silicon Carbide (SiC) Power Devices Market Size, Share, Growth Analysis, By Type(SiC Power Module and SiC Power Diode), By Application(Power Supplies, and Inverters) - Industry Forecast 2024-2031

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Global Silicon Carbide (SiC) Power Devices Market size was valued at USD 2.30 Billion in 2022 and is poised to grow from USD 2.83 Billion in 2023 to USD 14.93 Billion by 2031, growing at a CAGR of 23.10% during the forecast period (2024-2031).

The Global Silicon Carbide (SiC) Power Devices market is experiencing significant growth driven by several factors, including the escalating demand for energy-efficient solutions, the burgeoning adoption of electric vehicles, the expansion of renewable energy sources, advantages over traditional silicon-based devices, increasing industrial applications, and technological progress. With a heightened global emphasis on energy preservation and the imperative to reduce carbon emissions, the demand for power devices offering heightened efficiency is on the rise. SiC power devices boast reduced conduction and switching losses, enabling operation at elevated frequencies and temperatures, thereby enhancing energy efficiency. Furthermore, the automotive sector is witnessing a transition towards electric vehicles propelled by environmental consciousness and governmental mandates. SiC power devices are particularly well-suited for EV applications due to their capacity to manage higher voltages and temperatures, resulting in enhanced power conversion efficiency and extended driving ranges. Additionally, SiC power devices outshine traditional silicon-based counterparts with higher breakdown voltage, swifter switching speeds, and superior thermal conductivity, culminating in heightened power density, diminished system size, and enhanced performance across diverse applications. Furthermore, ongoing advancements in SiC power device manufacturing processes, encompassing refined crystal growth techniques and wafer-scale production, have precipitated a decline in manufacturing costs, rendering SiC power devices more economically viable and fostering broader adoption across various industries.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Silicon Carbide (SiC) Power Devices Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Silicon Carbide (SiC) Power Devices Market Segmental Analysis

Global Silicon Carbide (SiC) Power Devices market is segmented by type, application, and region. Based on type, the market can be segmented into SiC Power Module, and SiC Power Diode. Based on application, the market is segmented into power supplies, and inverters. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Silicon Carbide (SiC) Power Devices Market

The burgeoning global Silicon Carbide (SiC) Power Devices market is propelled by the escalating need for energy-efficient power electronics, fueled by various industries such as automotive, aerospace, and industrial sectors. SiC power devices offer myriad advantages over conventional silicon-based counterparts, such as enhanced efficiency, swifter switching speeds, and increased operating temperatures. Additionally, governmental efforts aimed at curbing carbon emissions and advocating for renewable energy sources serve as further catalysts, bolstering the adoption of SiC power devices.

Restraints in the Global Silicon Carbide (SiC) Power Devices Market

One significant barrier hindering the expansion of the global Silicon Carbide (SiC) Power Devices market is the considerable expense associated with SiC power devices in contrast to conventional silicon-based counterparts. This elevated cost primarily stems from the intricate manufacturing procedures necessary for SiC material production and the restricted availability of SiC wafer suppliers. Consequently, the utilization of SiC power devices remains confined to upscale applications necessitating superior efficiency and rapid switching capabilities. While the current high cost of SiC power devices is projected to impede market progression momentarily, it is anticipated to diminish gradually as the market evolves.

Market Trends of the Global Silicon Carbide (SiC) Power Devices Market

The primary trend driving the global Silicon Carbide (SiC) Power Devices market is the rising utilization of SiC-based power electronics within electric vehicles (EVs). SiC power devices present numerous benefits compared to conventional silicon-based alternatives, such as enhanced efficiency and quicker switching speeds, rendering them well-suited for EV power systems. With the increasing global uptake of EVs, there is anticipated substantial growth in demand for SiC-based power electronics in the automotive sector. This surge is poised to propel the expansion of the SiC power devices market in the foreseeable future.

Product Code: SQMIG55A2014

Table of Contents

Executive Summary

  • Market Overview
  • Wheel of Fortune

Research Methodology

  • Information Procurement
  • Secondary & Primary Data Sources
  • Market Size Estimation
  • Market Assumptions & Limitations

Parent Market Analysis

  • Market Overview
  • Market Size
  • Market Dynamics
    • Drivers
    • Opportunities
    • Restraints
    • Challenges

Key Market Insights

  • Technology Analysis
  • Pricing Analysis
  • Supply Chain Analysis
  • Value Chain Analysis
  • Ecosystem of the Market
  • IP Analysis
  • Trade Analysis
  • Startup Analysis
  • Raw Material Analysis
  • Innovation Matrix
  • Pipeline Product Analysis
  • Macroeconomic Indicators
  • Top Investment Analysis
  • Key Success Factor
  • Degree of Competition

Market Dynamics & Outlook

  • Market Dynamics
    • Drivers
    • Opportunities
    • Restraints
    • Challenges
  • Regulatory Landscape
  • Porters Analysis
    • Competitive rivalry
    • Threat of Substitute Products
    • Bargaining Power of Buyers
    • Threat of New Entrants
    • Bargaining Power of Suppliers
  • Skyquest Special Insights on Future Disruptions
    • Political Impact
    • Economic Impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Global Silicon Carbide (SiC) Power Devices Market by Type

  • Market Overview
  • SiC Power Module and SiC Power Diode

Global Silicon Carbide (SiC) Power Devices Market by Application

  • Market Overview
  • Power Supplies
  • and Inverters

Global Silicon Carbide (SiC) Power Devices Market Size by Region

  • Market Overview
  • North America
    • USA
    • Canada
  • Europe
    • Germany
    • Spain
    • France
    • UK
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

  • Top 5 Player Comparison
  • Market Positioning of Key Players, 2021
  • Strategies Adopted by Key Market Players
  • Top Winning Strategies
    • By Development
    • By Company
    • By Year
  • Recent Activities in the Market
  • Key Companies Market Share (%), 2021

Key Company Profiles

  • Infineon Technologies AG (Germany)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Cree, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • ROHM Co., Ltd. (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • STMicroelectronics N.V. (Switzerland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • ON Semiconductor Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Toshiba Corporation (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Mitsubishi Electric Corporation (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Renesas Electronics Corporation (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • NXP Semiconductors N.V. (Netherlands)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Fuji Electric Co., Ltd. (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • General Electric (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Wolfspeed, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Littelfuse, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • United Silicon Carbide Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Microchip Technology Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Danfoss A/S (Denmark)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Analog Devices, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Semikron International GmbH (Germany)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • GeneSiC Semiconductor Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Monolith Semiconductor Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
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Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

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Christine Sirois

Manager - Americas

+1-860-674-8796

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