Global Silicon Carbide market analysis 2024, Forecast To 2033

The silicon carbide market has experienced rapid growth, surging from $2.29 billion in 2023 to $2.7 billion in 2024, indicating a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period is attributed to the expansion of the electronics and semiconductor industry, the utilization of silicon carbide in high-temperature and high-power applications, its superior material properties, adoption in automotive power electronics, applications in renewable energy conversion and storage, as well as military and aerospace applications. As we look ahead to 2028, the market is poised for rapid growth, reaching $5.05 billion at a CAGR of 17.0%. Key drivers in the forecast period include the expansion of electric vehicle production, the utilization of wide bandgap semiconductors for energy efficiency, the implementation of 5G communication and RF devices, applications in solar inverters and power management, the exploration of quantum technologies and superconductors, and the adoption of silicon carbide power devices for industrial applications. Major trends expected in the forecast period encompass SiC-on-Insulator (SiCOI) technology for integrated circuits, SiC substrates for high-power density applications, SiC-based optical devices and sensors, SiC composite materials for aerospace, SiC-based components for quantum computing, and SiC power modules for grid integration.