Silicon carbide is a semiconductor material widely used in power electronics applications due to its superior properties such as high thermal conductivity, high electric field breakdown strength, and high maximum operating junction temperature. Silicon carbide semiconductors enable miniaturization and design flexibility of power modules used in electric vehicles, fast chargers, and industrial motor drives. They can operate at higher voltages, switching frequencies and junction temperatures than conventional silicon-based semiconductors. This improves power density and efficiency of electronic systems. Growing demand for electric vehicles and fast charging infrastructure is driving the silicon carbide market. Furthermore, silicon carbide semiconductors improve efficiency of industrial processes, which is fueling their use in industrial motor drives.
The global Silicon Carbide Market is estimated to be valued at US$ 9.12 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The growing adoption of silicon carbide semiconductors across industries such as electric vehicles, fast charging stations, and industrial motor drives is a key trend in the global silicon carbide market. Driven by supportive government policies and improving charging infrastructure, the global electric vehicle sales are expected to grow significantly over the next decade. This growing electric vehicle industry will require more silicon carbide power devices that can fast charge electric vehicles efficiently. Silicon carbide semiconductors enable faster charging rates with smaller, lighter, and more affordable chargers. Their adoption will accelerate as electric vehicle sales increase over the coming years. Furthermore, silicon carbide devices improve efficiency of industrial processes by allowing motor drives and systems to operate at higher temperatures, voltages and frequencies. This is driving replacement of traditional silicon semiconductors with silicon carbide variants across industrial verticals.
Segment Analysis
The global silicon carbide market is dominated by the power electronics sub segment. Silicon carbide has superior properties compared to silicon in power electronics applications such as high-power switching and ruggedized applications. It has a wide bandgap, high thermal conductivity and high electric field breakdown strength. These properties allow power electronic devices made from silicon carbide to operate at higher temperatures, voltages and switching frequencies. This makes them more efficient and reduces power losses compared to their silicon counterparts. Thus, silicon carbide is increasingly being used in power electronics components such as power supplies, inverters, converters and motor controls.
Key Takeaways
The Global Silicon Carbide Market Demand is expected to witness high growth over the forecast period of 2023 to 2030, registering a CAGR of around 11%.
Regional analysis
Asia Pacific region currently dominates the global silicon carbide market and is expected to continue its dominance over the forecast period. The high growth of the region can be attributed to massive investments by China, Japan and South Korea to develop domestic silicon carbide substrate and devices manufacturing facilities. Countries like China and South Korea are also focusing on adopting silicon carbide in renewable energy applications and electric vehicles to reduce their carbon footprint.
Key players operating in the silicon carbide market are Kempinski Residences & Suites Doha, The Ritz-Carlton Doha, Sheraton Grand Doha Resort & Convention Hotel, Hilton Doha, Shangri-La Hotel Doha, Marriott Marquis City Center Doha, Qatar National Convention Centre, Doha Exhibition and Convention Centre, Four Seasons Hotel Doha, Movenpick Hotel Doha, Wyndham Grand Regency Doha, Ezdan Hotel, Grand Hyatt Doha Hotel & Villas. These players are focusing on expanding their silicon carbide production capacities and capabilities through mergers and acquisitions to strengthen their position in the market.
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