Silicon Carbide Semiconductor Devices Market Report
Silicon Carbide Semiconductor Devices Market by Component (Schottky Diodes, FET/MOSFET Transistors, Integrated Circuits, Rectifiers/Diodes, Power Modules, and Others), Product (Optoelectronic Devices, Power Semiconductors, and Frequency Devices), Wafer Size (1 inch to 4 inches, 6 inches, 8 inches, and 10 inches & above), End-use (Automotive, Consumer Electronics, Aerospace & Defense, Medical Devices, Data & Communication Devices, Energy & Power, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Silicon Carbide Semiconductor Devices Overview
The production, distribution, and use of electronic components made with silicon carbide as the primary semiconductor material are collectively referred to as silicon carbide (SiC) semiconductor devices. A silicon and carbon compound known as silicon carbide is used to make high-performance semiconductor devices because of its outstanding electrical and thermal properties. Compared to their conventional silicon-based counterparts, these devices, which include diodes, transistors, and integrated circuits, take advantage of SiC's favourable properties, such as its high breakdown voltage, excellent thermal conductivity, and improved electron mobility.
SiC semiconductor devices are used in a variety of industries, including power electronics, automotive, aerospace, telecommunications, and renewable energy systems. This is because they can produce more compact and energy-efficient solutions. The market for silicon carbide semiconductor devices is still growing as technology develops, spurring electrical advancements and advancing a number of different industries.
Global Silicon Carbide Semiconductor Devices Market Analysis
The global silicon carbide semiconductor devices market size was $1.6 billion in 2022 and is predicted to grow at a CAGR of 23.6%, by generating a revenue of $12.9 billion by 2032.
COVID-19 Impact on Global Silicon Carbide Semiconductor Devices Market
The market for Silicon Carbide (SiC) semiconductor devices was significantly impacted by the Covid-19 pandemic in a number of ways. Due to lockdowns, travel restrictions, and a lack of labor, the market initially experienced interruptions in manufacturing and supply chain operations, which led to delays in production and delivery. The global economic slump also resulted in lower consumer spending and less investments across a range of sectors, which had an impact on the demand for SiC semiconductor devices in industries like the automotive, power electronics, renewable energy, and industrial sectors. But as the pandemic brought home the value of digitalization, remote connectivity, and energy efficiency, there was a resurgence of interest in technologies that could enable these trends, driving up the demand for SiC devices in electric vehicles, solar inverters, and other power electronics applications.
Governments and businesses both understood how important it was to develop domestic manufacturing capacity and stable supply chains, which encouraged investment in the SiC semiconductor market. The market slowly recovered as the world began to recover, with an increasing focus on the integration of renewable energy sources, electric vehicles, and 5G infrastructure—all of which depend on SiC devices for improved performance, greater efficiency, and better thermal management. In summary, the Covid-19 pandemic impacted the market for SiC semiconductor devices at first, but it also sparked changes in technological priorities that led to possibilities and difficulties, changing the market's trajectory in the post-pandemic environment.
Expanding Applications of SiC Semiconductor Devices to Drive Market Growth
The market for Silicon Carbide (SiC) semiconductor devices is expanding rapidly, propelled by a number of interrelated causes. SiC devices are being widely adopted across a variety of industries, particularly in power electronics and electric cars, thanks to their inherent superior properties, such as high thermal conductivity, wide bandgap, and high breakdown voltage. SiC devices' increased performance, higher power density, and lower energy loss compared to their conventional silicon-based counterparts, which are in demand for energy-efficient solutions, are driving their incorporation into electric grids, industrial motor drives, and renewable energy systems. The requirement for quicker switching speeds and greater working temperatures, along with a rising focus on small and light electronics, are driving up the demand for SiC semiconductor devices in industries including aerospace and defense. The production prices of SiC devices are also steadily declining thanks to improvements in manufacturing techniques and economies of scale, making them more affordable for a wider market segment. Innovations in the design and packaging of SiC devices are improving their reliability and thermal management, solving problems from the past.
High Production Costs of SiC Semiconductor Devices to Drive Market Growth
The silicon carbide (SiC) semiconductor devices market has demonstrated a strong growth potential, but a number of limiting variables have affected the dynamics of the market. First off, SiC wafers' relatively expensive production costs and their intricate manufacturing process prevent their widespread use, especially in applications where cost is an issue. Market expansion has also been hampered by difficulties keeping material quality consistent throughout mass production. The small number of fabrication facilities and the requirement for highly specialized knowledge in the production of SiC devices restrain the market's expansion. In order to fully reap the benefits of SiC, expenditures in redesigning systems and components are necessary to address the compatibility problems with current silicon-based technologies. SiC technology is still in its infancy compared to silicon technology, which has led to a smaller ecosystem, including supporting elements like gate drivers and packaging solutions, which has an impact on the entire supply chain and raises the complexity of procurement. Last but not least, barriers to regulation and standardization, along with some market uncertainty brought on by advancing technology, have added to the limiting factors, highlighting the need for strategic partnerships and concentrated efforts to overcome these obstacles and realize the full market potential of SiC semiconductor devices.
Advancements in Technology to Drive Excellent Opportunities
The market for Silicon Carbide (SiC) semiconductor devices has made notable strides, placing itself as a leader in the coming wave of power electronics. These devices have overcome the limits of conventional silicon-based components by taking advantage of SiC's outstanding material features, such as high thermal conductivity, wide bandgap, and enhanced electrical performance at high temperatures and frequencies. As a result, power efficiency has significantly increased, allowing for the creation of smaller, more compact, and energy-efficient gadgets for a variety of uses, including electric vehicles, renewable energy systems, industrial motor drives, and aerospace technology. The development of intelligent and adaptive power electronic systems has been aided by commercial advancements in the integration of SiC devices with cutting-edge control and monitoring systems. SiC semiconductor devices are poised to revolutionize a number of industries as research and development activities continue by providing previously unheard-of levels of performance, efficiency, and sustainability.
Global Silicon Carbide Semiconductor Devices Market Share, by Component, 2022
The power modules sub-segment accounted for the highest market share in 2022. The Silicon Carbide (SiC) semiconductor devices market is largely dominated by the power modules industry. In terms of higher breakdown voltage, quicker switching times, and lower power losses when compared to conventional silicon, silicon carbide has emerged as a revolutionary semiconductor material. Power modules, which combine many SiC semiconductor components including transistors, diodes, and occasionally gate drivers into a single package, are of utmost importance in this context. These modules make it possible to control and convert electricity effectively for a variety of applications, including power supply, renewable energy systems, industrial machines, and electric cars. Power modules can give greater power density, improved thermal management, and increased system efficiency by utilizing SiC's special features. The Power modules segment is a key player in influencing the future of the semiconductor market and accelerating the adoption of advanced power electronics across a variety of sectors as industries place an increasing emphasis on energy efficiency and high-performance solutions.
Global Silicon Carbide Semiconductor Devices Market Share, by Product, 2022
The power semiconductors sub-segment accounted for the highest market share in 2022. The silicon carbide semiconductor devices market's Power semiconductors segment is crucial since it promotes the development and uptake of high-performance and effective power electronics solutions. The power semiconductors section, which includes components like SiC diodes, SiC MOSFETs, SiC IGBTs, and more, serves as the cornerstone for applications requiring improved power handling capabilities in this environment. These advanced SiC devices are essential to the performance and energy efficiency of sectors like aerospace, high-voltage power distribution, renewable energy systems, industrial motor drives, electric vehicles (EVs), and renewable energy systems. By providing answers to the growing need for small, light, and efficient power electronics, the power semiconductors segment propels the development of these markets and makes a significant contribution to the expansion and technological advancement of the silicon carbide semiconductor devices market as a whole.
Global Silicon Carbide Semiconductor Devices Market Share, by Wafer Size, 2022
The 1 inch to 4 inches sub-segment accounted for the highest market share in 2022. The Silicon Carbide (SiC) Semiconductor Devices Market is dominated by the 1 inch to 4 inch sector, which covers a significant range of wafer sizes essential to the development and production of SiC-based electronic components. Wafers between 1 inch and 4 inches in diameter fall within this size range and achieve a compromise between cost-effectiveness and scalability, enabling effective production processes and supporting a wide range of applications. These more compact wafer sizes are especially useful for research, prototyping, and specialized applications where bigger wafers would be overkill. Additionally, they support the creation of cutting-edge manufacturing methods and SiC device designs, promoting the quick growth and uptake of SiC technology. The 1 inch to 4 inch sector acts as a fundamental building block, pushing improvements and broadening the application space for SiC semiconductor devices across numerous industries as the market demand for effective power handling and energy conversion solutions keeps growing.
Global Silicon Carbide Semiconductor Devices Market Share, by End Use, 2022
The automotive sub-segment accounted for the highest market share in 2022. The Silicon Carbide (SiC) semiconductor devices market is mostly driven by the automobile industry, which is also one of the fastest growing. SiC semiconductors have become quite popular in the automotive sector thanks to their remarkable electrical characteristics, which enable improved performance and efficiency compared to their conventional silicon-based competitors. Higher temperatures, voltages, and frequencies can be handled by these devices, which reduces energy losses, results in smaller form factors, and eventually increases the driving range of EVs. The integration of SiC power modules in charging stations and powertrain systems has been driven by the demand for quicker charging, more energy efficiency, and improved thermal control in electric vehicles. By enabling real-time data processing with low latency, SiC devices also aid in the realisation of advanced driver assistance systems (ADAS) and self-driving capabilities. SiC semiconductor devices have emerged as a game-changing technology in the automotive landscape, fostering innovation and reshaping the industry's trajectory towards a more sustainable and tech-driven future as automakers concentrate on meeting strict emission standards and delivering superior performance.
Global Silicon Carbide Semiconductor Devices Market Share, by Region, 2022
The Asia-Pacific silicon carbide semiconductor devices market generated the highest revenue in 2022. As a dynamic hub for both production and consumption, the Asia-Pacific region is essential to the Silicon Carbide (SiC) semiconductor devices industry. Countries like China, Japan, South Korea, and Taiwan, which are renowned for their strong electronics industries and cutting-edge manufacturing skills, have emerged as major forces behind the expansion of SiC semiconductor devices. Many semiconductor foundries, producers, and research facilities are located in the Asia-Pacific area, and these facilities are committed to developing SiC technology, stimulating innovation, and reducing production costs. SiC devices are also becoming more popular because of the region's growing emphasis on sustainability and energy efficiency, which complements their advantages. Governments, business stakeholders, and academic institutions in the Asia-Pacific region worked together to develop SiC semiconductor devices, highlighting the area's importance as a key driver of the expansion of the SiC semiconductor market worldwide.
Competitive Scenario in the Global Silicon Carbide Semiconductor Devices Market
Investment and agreement are common strategies followed by major market players. A 1200V 80m SiCMOSFET, a 2nd Generation Silicon Carbide power switch, and other SiCpower products were added to SemiQ's lineup in July 2022. The company's current SiCrectifiers at 650V, 1200V, and 1700V, which deliver great efficiency to high-performance applications like electric vehicles, are complemented by the new MOSFET. The agreement between STMicroelectronics and Semikron for the provision of silicon carbide (SiC) technology for the company's eMPack electric-vehicle (EV) power modules was made public in May 2022.
Some of the leading silicon carbide semiconductor devices market players are ALLEGRO MICROSYSTEMS, INC., Infineon Technologies AG, ROHM Co., Ltd., STMicroelectronics N.V., ON SEMICONDUCTOR CORPORATION (on semi), WOLFSPEED, INC., Gene Sic Semiconductor, TT Electronics plc., Mitsubishi Electric Corporation, and Powerex Inc.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Component
Segmentation by Product
Segmentation by Wafer Size
Segmentation by End Use
Key Companies Profiled
Q1. What is the size of the global silicon carbide semiconductor devices market?
A. The size of the global silicon carbide semiconductor devices market was over $1.6 billion in 2022 and is projected to reach $12.9 billion by 2032.
Q2. Which are the major companies in the silicon carbide semiconductor devices market?
A. ALLEGRO MICROSYSTEMS, INC. and Infineon Technologies AG are some of the key players in the global silicon carbide semiconductor devices market.
Q3. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q4. Which companies are investing more in R&D practices?
A. ROHM Co., Ltd., STMicroelectronics N.V., ON SEMICONDUCTOR CORPORATION (on semi) and WOLFSPEED, INC. are the companies investing more in R&D activities for developing new products and technologies.