Silicon Carbide Power Semiconductor Market Size (2024 - 2029)

Silicon Carbide Power Semiconductor Market Analysis

The Silicon Carbide Power Semiconductor Market size is estimated at USD 2.18 billion in 2024, and is expected to reach USD 6.73 billion by 2029, growing at a CAGR of 25.24% during the forecast period (2024-2029).

The pandemic outbreak created economic turmoil for small, medium, and large-scale industries worldwide. Adding to the woes, the country-wide lockdown inflicted by the governments across the globe (to minimize the spread of the virus) further resulted in industries taking a hit and disruption in supply chain and manufacturing operations across the world, as a large part of manufacturing includes the work on the factory floor, where people are in close contact as they collaborate to boost the productivity.

• SiC (Silicon Carbide) is used for high-power applications due to the wide bandgap offered. While various polytypes (polymorphs) of SiC exist, 4H-SiC is the most ideal for power devices. The increase in R&D activities that target enhanced material capabilities is expected to provide a strong impetus for market growth. For instance, the United States Department of Energy's (DOE) Advanced Research Projects AgencyEnergy (ARPA-E) has announced a funding of USD 30 million for 21 projects as part of the Creating Innovative and Reliable Circuits Using Inventive Topologies and Semiconductors (CIRCUITS) program. Also, initiatives such as investment by US DOE for NREL-Led research with an intent to reduce SiC power electronics manufacturing costs could further support such trends and expand the scope of more robust SiC-based devices.
• Electric vehicles provide certain advantages within the automotive industry, such as increased range, charge-time, and performance, to meet customer expectations. However, they require power electronic devices capable of efficient and effective operation at elevated temperatures. Hence, power modules are being developed using wide-bandgap SiC technologies.
• Electric cars are becoming common on the road nowadays with prices coming down and range going up. As per the International Energy Agency's report Global EV Outlook 2021, over 10.2 million light-duty electric passenger cars were on the roads in 2020. In addition, electric car registration increased by 41% in 2020, which creates growth opportunities for the market.
• Semiconductors also use SiC for reduced energy loss and longer life solar and wind energy power converters. For instance, photovoltaic energy mainly requires high power, low loss, faster switching, and reliable semiconductor devices to increase efficiency, power density, and reliability. Thus, SiC devices provide a promising solution to photovoltaic energy requirements to meet the increasing energy demand.
• To tap the potential brought by the demand for cleantech, several players are entering the market for SiC power semiconductors. For instance, in April 2021, NoMIS Power Group, a spin-off from the State University of New York Polytechnic Institute (SUNY Poly), announced that it plans to design, manufacture and sell SiC power semiconductor devices, modules, and services for providing support to power management product developers.
• Moreover, parasitic capacitance and inductance become too great as soon as high frequencies are used, preventing the SiC-based power device from realizing its full potential. In such a regard, widespread usage of SiC may require updates to manufacturing facilities, something which cannot be achieved at the current pace of development.

Silicon Carbide Power Semiconductor Industry Segmentation

The market study categorizes the market by providing details about the applications of SiC in various end-user industries, such as automotive, consumer electronics, IT and telecommunications, power, industrial, military, and aerospace. The market study also briefly explains its opportunities and challenges in several geographical regions. It also provides an assessment of the impact of COVID-19 on the market.