How Has the Silicon Carbide Power Semiconductor Market Evolved Historically and What is its Current Size?
The silicon carbide power semiconductor market has seen considerable growth due to a variety of factors.
• The silicon carbide power semiconductor market will expand from $1.24 billion in 2024 to $1.57 billion in 2025 at a CAGR of 26.6%.
The market's growth is driven by the use of SiC power devices in electric vehicle charging systems, their ability to operate at higher temperatures, expanding consumer electronics industry, advanced electronic components, and growth in the automotive and renewable energy sectors.
What Does Future Hold for The Silicon Carbide Power Semiconductor Market By 2029?
The silicon carbide power semiconductor market is expected to maintain its strong growth trajectory in upcoming years.
• The silicon carbide power semiconductor market is expected to grow to $3.99 billion by 2029, at a CAGR of 26.2%.
Growth drivers include the prevalence of SiC discrete devices, rising demand for consumer electronics and wireless communications, the penetration of electric vehicles, increasing demand for energy-efficient battery-powered devices, and SiC power semiconductor developments. Trends include technological advancements, new competitors, product innovations, and technology launches.
What Are The Primary Growth Drivers In The Silicon Carbide Power Semiconductor Market?
The increase in the adoption of electric vehicles is projected to propel the expansion of the silicon carbide power semiconductor market in the future. Electric vehicles (EVs), which are powered by one or more electric motors, are gaining popularity due to advancements in technology, government incentives, increase in consumer demand, and substantial investments in the industry. Silicon carbide (SiC) power semiconductors are pivotal in modernizing electric vehicles (EVs), as they enhance efficiency, reduce weight, and elevate overall performance compared to traditional silicon-based semiconductors. As EV manufacturers aim to maximize vehicle effectiveness and augment the user's driving experience, the employment of these semiconductors continues to increase. For example, data from the U.S. Energy Information Administration, a US-established entity, reported that in 2023, the collective sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVS) composed 16.3% of the total sales of new light-duty vehicles (LDV) in the US. Hence, the escalating adoption of electric vehicles is catalyzing the growth of the silicon carbide power semiconductor market.
What Is The Segmentation Of The Global Silicon Carbide Power Semiconductor Market?
The silicon carbide power semiconductor market covered in this report is segmented –
1) By Type: Metal-Oxide Semiconductor Field-Effect Transistors (MOSFETs), Hybrid Modules, Schottky Barrier Diodes (SBDS), Insulated Gate Bipolar Transistors (IGBT), Bipolar Junction Transistor (BJT), Pin Diode, Junction FET (JFET), Other Types
2) By Voltage Range: 301-900 V, 901-1700 V, Above 1701 V
3) By Wafer Type: SiC Epitaxial Wafers, Blank SiC Wafers
4) By Application: Electric Vehicles (EV), Photovoltaics, Power Supplies, Industrial Motor Drives, Electric Vehicles Charging Infrastructure, RF Devices, Other Applications
5) By End-User: Industrial, Automotive, Energy And Power, Information Technology And Telecom, Transportation, Aerospace And Defense, Other End-Users
Subsegments:
1) By Metal-Oxide Semiconductor Field-Effect Transistors (MOSFETs): Normally-OFF MOSFETs, Normally-ON MOSFETs
2) By Hybrid Modules: Integrated Power Modules (IPMs), Power Conversion Modules, Other Hybrid Power Modules
3) By Schottky Barrier Diodes (SBDs): Standard Schottky Diodes, High-Voltage Schottky Diodes
4) By Insulated Gate Bipolar Transistors (IGBT): Standard IGBT, Trench IGBT
5) By Bipolar Junction Transistor (BJT): Standard BJT, High Power BJT
6) By Pin Diode: High-Voltage Pin Diodes, Low-Voltage Pin Diodes
7) By Junction FET (JFET): SiC-Based JFETs
8) By Other Types: Power Rectifiers, Thyristors, Silicon Carbide-Based Capacitors
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Which Emerging Market Trends Are Altering The Silicon Carbide Power Semiconductor Industry?
Leading businesses in the silicon carbide power semiconductor market are concentrating their efforts on the creation of innovative products like silicon carbide MOSFETs in order to guarantee superior performance and reliability in industrial applications. Silicon Carbide MOSFETs, power semiconductor devices that use silicon carbide (SiC) as their building block material, present this innovation. In November 2023, for example, Nexperia B.V., a semiconductor company based in the Netherlands, introduced its discrete 1200 V silicon carbide MOSFETs. These novel devices, with their distinctive combo of features, are set to transform high-voltage applications. The silicon carbide MOSFETs from Nexperia offer an optimized efficiency and reliability with ultra-low switching losses and superior thermal performance, ensuring stable functioning even under challenging circumstances.
Who Are the Key Players In The Silicon Carbide Power Semiconductor Market?
Major companies operating in the silicon carbide power semiconductor market are:
• Samsung Electronics Co. Ltd.
• Panasonic Corporation
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Eaton Corporation plc
• Texas Instruments Inc.
• STMicroelectronics N.V.
• Infineon Technologies AG
• BorgWarner Inc.
• NXP Semiconductors N.V.
• Renesas Electronics Corporation
• Danfoss A/S
• Microchip Technology Inc.
• ON Semiconductor Corporation
• Fuji Electric Co. Ltd.
• ROHM Co. Ltd.
• Littelfuse Inc.
• Microsemi Corporation
• Wolfspeed Inc.
• GeneSiC Semiconductor Inc.
What Are The Regional Insights Into The Silicon Carbide Power Semiconductor Market?
Asia-Pacific was the largest region in the silicon carbide power semiconductor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the silicon carbide power semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
