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The global silicon carbide market is expected to witness a CAGR of 18.5% during the forecast period. The rising demand from steel manufacturing and steel processing industry as it is used as a deoxidizing agent and is a major raw material in refractories production along with robust growth from the electronics industry in the midst of COVID-19 will accelerate the growth of the silicon carbide market. Furthermore, the increased adoption of renewable energy sources for power generation globally will accelerate the demand for silicon carbide semiconductors owing to its tremendous speed, exceptional toughness over silicon. The technological development in commercial facets of silicon carbide semiconductors and rising demand for SiC devices in the power electronics industry will foster market growth. In addition, SiC-based devices offer benefits like compact size, enhanced electrical performance, power management, and assembled to have high reliability, resulting in use in small devices Nevertheless, the increasing prominence of electric vehicles will create opportunities for growth in the silicon carbide market.

The silicon carbide market refers to the industry segment that deals with the production, distribution, and application of silicon carbide (SiC) materials. Silicon carbide is a compound composed of silicon and carbon and is known for its exceptional properties, including high thermal conductivity, high strength, low thermal expansion, and excellent chemical resistance. It is widely used in various industries for diverse applications.

The silicon carbide market has experienced significant growth in recent years due to several factors, including:

Increasing demand for electric vehicles (EVs): Silicon carbide is a key material used in the production of power electronics and semiconductor devices for EVs. SiC-based components offer higher efficiency, lower energy losses, and improved thermal management compared to traditional silicon-based alternatives. The growing adoption of EVs worldwide is driving the demand for silicon carbide in the automotive industry.

Growing demand for renewable energy: The shift towards clean and renewable energy sources, such as solar and wind power, has fueled the demand for silicon carbide. SiC-based power electronics are used in inverters and converters for efficient energy conversion and grid integration. The expansion of the renewable energy sector is driving the growth of the silicon carbide market.

Power transmission and distribution: Silicon carbide plays a crucial role in high-voltage power transmission and distribution systems. SiC-based devices enable higher voltage operation, improved power efficiency, and reduced power losses. The demand for silicon carbide is driven by the need for efficient power generation and transmission infrastructure.

Industrial applications: Silicon carbide is used in a wide range of industrial applications due to its superior properties. It is employed in abrasive materials, cutting tools, refractories, ceramics, and heating elements. The industrial sector contributes to the demand for silicon carbide across multiple industries, including metal fabrication, construction, and electronics.

Technological advancements: Continuous advancements in silicon carbide production and processing technologies have led to improvements in material quality, scalability, and cost-effectiveness. These advancements have expanded the range of applications and increased the adoption of silicon carbide in various industries.

The COVID-19 pandemic has affected economies and industries in many countries owing to lockdowns, travel bans, and business shutdowns. Moreover, companies have announced delays in product deliveries and a decline in future sales of the product. Thus, it had impacted the silicon carbide market globally.

Browse 63 market data Tables and 40 Figures spread through 180 Pages and in-depth TOC on " Silicon carbide Market Industry Insight by Type (Black Silicon Carbide and Green Silicon Carbide), by Device Type (SIC Discrete Device (SIC Diode and SIC MOSFET), SIC Bare Die, and SIC Module), by Application (Power Grid Devices, Flexible AC Transmission Systems (FACTs), High Voltage Direct Current Systems (HVCDs), Power Supplies and Inverters, RF Devices & Cellular Base Stations, Lighting Control Systems, Industrial Motor Drives, Flame Detectors, EV Motor Drives, EV Charging Stations, Electronic Combat Systems, Wind Turbine, Solar Power Systems, and Others), by Industry Vertical (Energy & Power, Automotive, Renewable Power Generation, Defense, Power Electronics, Aerospace, Telecommunication, and Others (Space Research and Nuclear Power)), and Region - Global Forecast to 2030"

By application, the EV motor is projected to witness highest CAGR during the forecast period.

The EV motor drive segment is anticipated to witness a high CAGR owing to the rising prominence of silicon carbide devices in electric vehicles as it offers better battery management and decreases weight and size. Furthermore, silicon carbide devices operate well at high voltages and temperatures, making them ideal for electric vehicles. The demand for silicon carbide-based semiconductor devices is growing in response to the growing demand for efficient semiconductor devices.

Global Silicon Carbide Market Segmentation Analysis

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“APAC to hold the largest regional market share in silicon carbide market.”

APAC dominates the silicon carbide market as they are the largest producer and consumer of consumer electronics, initiatives by government and continuous projects, and the increasing demand for smart consumer electronic products. Furthermore, the increased adoption of silicon carbide devices in automotive, power electronics, energy and renewable power generation will fuel the growth in the region.

Some of the major players in the global Silicon Carbide market include Infineon Technologies AG, WOLFSPEED, INC., ROHM CO., LTD, STMicroelectronics, Fuji Electric Co., Ltd., Semiconductor Components Industries, LLC, GE, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Microchip Technology Inc., and Renesas Electronics Corporation.

Scope of the Report

Global Silicon Carbide Market Coverage

Type Insight and Forecast 2018-2030

• Black Silicon Carbide
• Green Silicon Carbide

Device Type Insight and Forecast 2018-2030

• SIC Discrete Device
  • SIC Diode
  • SIC MOSFET
• SIC Bare Die
• SIC Module

Application Insight and Forecast 2018-2030

• Power Grid Devices
• Flexible AC Transmission Systems (FACTs)
• High Voltage Direct Current Systems (HVCDs)
• Power Supplies and Inverters
• RF Devices & Cellular Base Stations
• Lighting Control Systems
• Industrial Motor Drives
• Flame Detectors
• EV Motor Drives
• EV Charging Stations
• Electronic Combat Systems
• Wind Turbine
• Solar Power Systems
• Others

Industry Vertical Insight and Forecast 2018-2030

• Energy & Power
• Automotive
• Renewable Power Generation
• Defense
• Power Electronics
• Aerospace
• Telecommunication
• Others (Space Research and Nuclear Power)

Geographical Segmentation

Silicon Carbide Market by Region

North America

• By Type
• By Device Type
• By Application
• By Industry Vertical
• By Country – U.S., Canada, and Mexico

Europe

• By Type
• By Device Type
• By Application
• By Industry Vertical
• By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

• By Type
• By Device Type
• By Application
• By Industry Vertical
• By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

• By Type
• By Device Type
• By Application
• By Industry Vertical
• By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries