PUBLISHER: The Business Research Company | PRODUCT CODE: 1409789
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409789
“Silicon Carbide Semiconductor Device Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on silicon carbide semiconductor device market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for silicon carbide semiconductor device? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The silicon carbide semiconductor device market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A silicon carbide semiconductor device comprises a silicon carbide substrate, a primary electrode, the first barrier layer, and an interconnecting layer. These devices are characterized by their small size, robust construction, and high efficiency, making them particularly suitable for developing power electronic devices in batteries and detectors.
The main types of silicon carbide semiconductor devices include SiC diodes, SiC transistors, and others (SiC modules, thyristors). A silicon carbide transistor is typically a normally-on junction-based transistor known for its reliability, featuring the lowest RDS (on) per unit area. These devices are available in various wafer sizes ranging from 1 inch to 4 inches, 6 inches, 8 inches, 10 inches, and above. Silicon carbide semiconductor devices are utilized by diverse end-users, including automotive, consumer electronics, aerospace and defense, medical devices, data and communication devices, energy and power, and other industries.
The silicon carbide semiconductor device market research report is one of a series of new reports from The Business Research Company that provides silicon carbide semiconductor device market statistics, including silicon carbide semiconductor device industry global market size, regional shares, competitors with a silicon carbide semiconductor device market share, detailed silicon carbide semiconductor device market segments, market trends and opportunities and any further data you may need to thrive in the silicon carbide semiconductor device industry. This silicon carbide semiconductor device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The silicon carbide semiconductor device market size has grown exponentially in recent years. It will grow from $1.59 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The expansion observed in the historical period can be attributed to the early development in silicon carbide (SiC), the demand for high-temperature applications, the evolution of power electronics, applications in telecommunications and RF (radio frequency), and the utilization of silicon carbide in military and aerospace applications.
The silicon carbide semiconductor device market size is expected to see exponential growth in the next few years. It will grow to $4.52 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The anticipated growth in the forecast period can be attributed to the increasing adoption of electric vehicles (EVs), the expansion of renewable energy sources, the deployment of 5G networks, industrial and motor drives, and growth in power transmission. Major trends expected in this forecast period include the rising requirements for power density, increased adoption in the automotive industry, continued expansion in power electronics, rapid advancements in manufacturing processes, and the proliferation of renewable energy technologies.
The growing demand for electric vehicles is anticipated to drive the expansion of the silicon carbide semiconductor device market. Electric vehicles, which are motorized vehicles powered by electricity from a battery and can be externally charged, benefit from silicon carbide semiconductor devices in their powertrains. These devices contribute to higher power densities and enhanced switching efficiency, thereby correlating the increasing demand for electric vehicles with a heightened need for silicon carbide semiconductor devices. Notably, in September 2022, the International Energy Agency, an autonomous intergovernmental organization based in Paris, reported a surge in electric vehicle sales in 2021 compared to the previous year. Sales nearly doubled, reaching 6.6 million units, constituting a sales share of approximately 9%, and consequently raising the total number of electric vehicles on the road to 16.5 million. Projections from the Net Zero Emissions by 2050 Scenario indicate that by 2030, there will be over 300 million electric cars on the road, representing 60% of all new car sales. Hence, the escalating demand for electric vehicles is a driving force behind the silicon carbide semiconductor device market.
The rise in industrial automation is poised to fuel the growth of the silicon carbide semiconductor device market. Industrial automation involves the use of control systems, such as computers or robots, to manage various processes and machinery in industries, aiming to replace human intervention and enhance efficiency. Silicon carbide (SiC) devices, known for their high-speed switching capabilities, improved power efficiency, compact designs, and high power density, play a crucial role in facilitating efficient and responsive control in automated industrial processes. The superior thermal performance, increased reliability, and durability of SiC devices make them well-suited for challenging industrial environments. As evidenced in a March 2022 survey conducted by ABB Robotics, a Switzerland-based automation company, attitudes towards automation in the UK underwent a transformation due to the pandemic. A significant portion, 81.2%, of 250 surveyed UK manufacturing companies expressed consideration for robot investments. Robots are perceived as a potential solution, with 48.8% indicating a such aslihood of investing in automation within the next five years, and 50.4% recognizing robots as instrumental in complying with social distancing requirements. Consequently, the surge in industrial automation serves as a driving factor for the growth of the silicon carbide semiconductor device market.
The escalating trend of industrial automation is set to propel the growth of the silicon carbide semiconductor device market. Industrial automation, involving the use of control systems such as computers and robots to enhance efficiency and replace human intervention in industrial processes, benefits from silicon carbide devices' high-speed switching capabilities, improved power efficiency, compact designs, and high power density. A survey conducted by ABB Ltd. in March 2022 revealed a shift in attitudes towards automation, with 81.2% of 250 UK manufacturing companies considering robot investments due to the pandemic. SiC devices' superior thermal performance, reliability, and durability make them indispensable in demanding industrial environments, thus fostering the expansion of the silicon carbide semiconductor device market.
A prominent trend in the silicon carbide semiconductor device market is the prevalence of technological advancements. Key market players are actively engaged in developing innovative technologies to strengthen their market positions. In September 2022, AIXTRON, a Germany-based silicon carbide semiconductor device manufacturer, introduced the G10-SiC 200 mm system, the next generation of silicon carbide epitaxy technology. This system offers versatility with a dual wafer size configuration, supporting a range of device structures while meeting stringent uniformity requirements. Major companies in the market are also focusing on reducing switching losses to gain a competitive advantage. Toshiba Electronic Devices & Storage Corporation, in August 2023, launched its third-generation silicon carbide MOSFETs designed to minimize losses in various applications, including servers, data centers, electric vehicle charging stations, photovoltaic inverters, and uninterruptible power supplies. The incorporation of a Kelvin connection in the MOSFETs enhances high-speed switching performance, representing a significant advancement in power electronics technology for industrial applications.
In August 2022, Navitas, a US-based semiconductor company, completed the acquisition of GeneSiC Semiconductor for $100 million. This strategic move aimed to create a comprehensive technology portfolio in next-generation power semiconductors within the silicon carbide semiconductor devices market. GeneSiC, operating in the same market, contributed to the consolidation of expertise and resources, positioning both companies as industry leaders.
Major companies operating in the silicon carbide semiconductor device market report are Infineon Technologies India Private Ltd., ROHM Co. Ltd., STMicroelectronics, Semiconductor Components Industries LLC, Wolfspeed Inc., Toshiba Corporation, TT Electronics PLC, Mitsubishi Electric Corporation, Microsemi Corporation, Allergo Microsystems Inc., Powerex Inc., Microchip Technology Corporation, Hitachi Power Semiconductor Device Ltd., Semikron, Global Power Technologies Group, Texas instruments Inc., NXP Semiconductors N.V., ON Semiconductor Corporation, United Silicon Carbide Inc., GeneSiC Semiconductor Inc., Danfoss A/S, Fuji Electric Co. Ltd., II-VI Incorporated, Xiamen Sanan Integrated Circuit Co.Ltd., Shanghai Hanxin Technology, Century Jinguang, BYD Semiconductor Co. Ltd., InventChip Technology Co. Ltd., CRRC Corporation Limited, Renesas Electronics Vietnam Co.Ltd. .
Asia-Pacific was the largest region in the silicon carbide semiconductor device market in 2023. The regions covered in the silicon carbide semiconductor device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the silicon carbide semiconductor device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The silicon carbide semiconductor device market consists of sales of silicon carbide power modules, silicon carbide metal-oxide-semiconductor field effect transistors (MOSFETs)and silicon carbide insulated-gate bipolar transistors (IGBTs). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.