Insights from future market research
In 2022, the Silicon Carbide Market Size was estimated at USD 1.93 billion. The market for silicon carbide is anticipated to increase from USD 1.98 billion in 2023 to USD 2.55 billion in 2030, with a compound annual growth rate (CAGR) of 4.72% over the course of the forecast period (2023 – 2030).
The two main market factors boosting market development are the rising use of consumer electronics and the rising manufacturing of cars.
Growth Electric vehicles (EVs), power supply, motor control circuits, and inverters are examples of high-voltage power devices that utilise silicon carbide (SIC), a semiconductor material comprised of silicon and carbon. In comparison to conventional silicon-based power devices like IGBTs and MOSFETs, SIC offers a number of advantages. It is employed, among other things, in the production of electronic goods and EV inverters. Since SIC enables power devices to function at substantially greater temperatures, voltages, and switching frequencies than traditional semiconductors like silicon, power electronic modules manufactured with SIC are significantly more powerful and energy-efficient than those made with silicon. The automobile industry uses SIC devices extensively.
particularly In the production of electric and plug-in hybrid vehicles, Venice (PHEVS). Next-generation EV power systems must be able to increase the vehicle’s efficiency and battery recharge speed. The solution to these issues is proven to be a key component of SIC inverters. The inverter transforms the input direct current to alternating current and regulates the amount of power delivered to the motor in line with driving needs. When automobile electric buses steadily shift from 400 V to 800 V, the inverter’s significance grows. An inverter based on SiC can transmit energy from the battery to the motor with an efficiency of up to 99%, as opposed to a standard inverter’s 97% to 98% efficiency.
A one- or two-decimal place gain in efficiency has a substantial influence on the entire vehicle, it is essential to emphasise this. On the expansion of the silicone carbide market, a considerable influence from the rising EV demand is predicted. In 2020, there were approximately 3 million electric car sales globally and a 41% rise in electric vehicle registrations, according to the International Energy Agency’s (IEA) EV Forecast, 2021.
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The report breaks down the markets by region, including North America, Europe, Asia-Pacific, and the rest of the world. In 2022, the Asia-Pacific Silicon Carbide Market was valued at USD 1.3 billion, and it is anticipated to rise at a substantial CAGR throughout the research period. The production of silicon carbide ceramics by a large number of local enterprises, including those that make glass, glassware, equipment, aerospace, and defence items, is responsible for this.
The U.S., Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are additional significant nations included in the market analysis.
The second-largest market share in terms of silicon carbide will be held by Europe in 2022. The rapid global adoption of zero-emission technology is expected to increase demand.
In addition, the UK Silicon Carbide Market had the quickest rate of growth in the European Region, while the Germany Silicon Carbide Market had the greatest market share.
From 2022 to 2030, the Silicon Carbide market in North America is anticipated to expand at the quickest Rate. This is a result of the automotive industry’s large workforce and rising car output. In addition, the North American Region’s Silicon Carbide Market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
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segmentation of the silicon-carbide market
Type insights Black silicon carbide and green silicon carbide are two types of silicon carbide that are segmented by market size. By accounting for around 66–68% of the Silicon Carbide market’s revenue in 2022, the black Silicon Carbide segment owned the lion’s share of the market. This is mostly due to the expanding chemical industry and rising production capacity brought on by the strong market demand.
Also, businesses in the market are making investments to increase their production capabilities, which is projected to drive the market’s growth over the course of the forecast period.
Applications for silicon carbide: Steel & Energy, Automotive, Aerospace & Aviation, Military & Defense, Electronics & Semiconductors, and Medical & Healthcare comprise the type-based Silicon Carbide market segmentation. The electronics and semiconductors sector led the market in 2022 and is anticipated to expand at the highest rate from 2022 to 2030. The market is expected to be significantly fueled by rising semiconductor production globally and rising semiconductor usage, which is resulting in rising semiconductor shipments globally. The production of semiconductors makes substantial use of silicon carbide.
In 2020, more than one trillion semiconductors were delivered, a 14% rise over the previous year. Hence, it is projected that growing semiconductor use would favourably affect the growth of the Silicon Carbide market.
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Saint-Gobain, ESD-SIC BV, AGSCO Corp, CUMI EM
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