Silicon Carbide Power Semiconductor Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Silicon Carbide Power Semiconductor Market in 2021:

The global silicon carbide power semiconductor market is expected to reach a market size of USD 758.2 million in 2021, with a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The market is witnessing significant growth due to the increasing demand for energy-efficient devices and the adoption of electric vehicles.

COVID-19 Impact on the Silicon Carbide Power Semiconductor Market:

The outbreak of the COVID-19 pandemic has had a mixed impact on the silicon carbide power semiconductor market. While the initial wave of the pandemic led to disruptions in the supply chain and manufacturing operations, the market rebounded quickly due to the growing demand for devices in sectors such as automotive, industrial, and renewable energy.

Silicon Carbide Power Semiconductor Dynamics:

The silicon carbide power semiconductor market is driven by factors such as the increasing focus on energy efficiency, the growing adoption of electric vehicles, and the rise in demand for renewable energy sources. Technological advancements in silicon carbide materials and the development of new applications are also contributing to the market growth.

Segments and Related Analysis:

By Type:

The silicon carbide power semiconductor market can be segmented into Schottky Barrier Diodes, Power MOSFETs, Junction FETs, Bipolar Junction Transistors, and others. Among these, Power MOSFETs are expected to dominate the market due to their high efficiency and low switching losses.

By Application:

The market can also be segmented based on applications such as Automotive, Industrial, Consumer Electronics, Aerospace & Defense, and Others. The automotive sector is expected to witness significant growth in the silicon carbide power semiconductor market due to the increasing adoption of electric vehicles.

By Region Analysis:

North America:

North America is expected to hold a significant market share in the silicon carbide power semiconductor market due to the presence of key market players and the increasing investments in R&D activities. The region is witnessing rapid growth in sectors such as automotive and industrial, driving the demand for silicon carbide power semiconductors.

Europe:

Europe is also expected to witness considerable growth in the silicon carbide power semiconductor market, driven by the increasing focus on renewable energy sources and the adoption of electric vehicles. The region is investing heavily in infrastructure development and sustainable technologies, boosting the demand for silicon carbide power semiconductors.

Asia Pacific:

Asia Pacific is anticipated to emerge as a lucrative market for silicon carbide power semiconductors due to the rapid industrialization, urbanization, and growing demand for consumer electronics in countries like China, India, and Japan. The region's focus on energy efficiency and sustainability is expected to drive market growth in the coming years.

Key Market Players and Competitive Landscape:

Some of the key players in the silicon carbide power semiconductor market include Infineon Technologies AG, ON Semiconductor Corporation, Cree, Inc., STMicroelectronics N.V., and ROHM Semiconductor. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and gain a competitive edge.

Recent Happenings in the Silicon Carbide Power Semiconductor Market:

- In June 2021, Infineon Technologies AG announced the launch of its latest silicon carbide MOSFETs for electric vehicle applications, aiming to deliver high efficiency and performance in power electronics.

- In August 2021, ON Semiconductor Corporation unveiled a new range of silicon carbide diodes for industrial and automotive applications, providing high reliability and efficiency in power systems.

- In November 2021, Cree, Inc. expanded its silicon carbide production capacity to meet the growing demand for power semiconductors in electric vehicles and renewable energy applications.

- In January 2022, STMicroelectronics N.V. introduced a new family of silicon carbide power modules for industrial and automotive applications, offering enhanced performance and reliability in power conversion systems.

- In April 2022, ROHM Semiconductor collaborated with leading automotive manufacturers to develop advanced silicon carbide power semiconductors for next-generation electric vehicles, focusing on improving energy efficiency and reducing carbon emissions.