Silicon Carbide Market Size, Industry Share & Trends – 2032

The Silicon Carbide Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Silicon Carbide Global Market Report 2024, The silicon carbide market size has grown rapidly in recent years. It will grow from $2.29  billion in 2023 to $2.7  billion in 2024 at a compound annual growth rate (CAGR) of 17.7%.  The  growth in the historic period can be attributed to growth in the electronics and semiconductor industry, high-temperature and high-power applications, silicon carbide’s superior material properties, adoption in automotive power electronics, renewable energy conversion and storage, military and aerospace applications..

The silicon carbide market size is expected to see rapid growth in the next few years. It will grow to $5.05  billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.  The growth in the forecast period can be attributed to expansion of electric vehicle production, wide bandgap semiconductors for energy efficiency, 5g communication and rf devices, solar inverters and power management, quantum technologies and superconductors, sic power devices for industrial applications.. Major trends in the forecast period include sic-on-insulator (sicoi) technology for integrated circuits, sic substrates for high-power density applications, sic-based optical devices and sensors, sic composite materials for aerospace, sic-based quantum computing components, sic power modules for grid integration..

Emerging demand for electric vehicles is significantly driving the growth of the silicon carbide market. Electric vehicles (EVs) use rechargeable batteries that produce very little noise and no exhaust, making them environmentally friendly. SiC is a semiconductor material used in electric vehicles because it has a higher thermal conductivity, can handle high voltages up to 1200 volts, and increases efficiency while lowering the vehicle’s weight and cost. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4% points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million.  Therefore, the emerging demand for electric vehicles is projected to propel the growth of the silicon carbide market going forward.

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The silicon carbide market covered in this report is segmented –

1) By Product: Black Silicon Carbide, Green Silicon Carbide

2) By Device Type: SiC Discrete Device, SiC Bare Die

3) By Application: Steel, Automotive, Aerospace, Military And Defense, Electrical And Electronics, Healthcare, Other Applications

Strategic partnerships and collaboration are shaping the silicon carbide market. Key players operating in the silicon carbide market are focusing on partnerships and collaborations to improve efficiency and cost savings, expand value propositions, and extend their growth in new areas to be a leader in the industry. For instance,  in November 2021, Qorvo, a US-based semiconductor company, acquired UnitedSiC, a US-based manufacturer of silicon carbide power semiconductors. The deal broadens Qorvo’s presence into fast-growing areas such as circuit protection, electric vehicles (EVs), renewables, industrial power, and data centre power.

The silicon carbide market report table of contents includes:

 

1. Executive Summary
2. Silicon Carbide Market Characteristics
3. Silicon Carbide Market Trends And Strategies
4. Silicon Carbide Market – Macro Economic Scenario
5. Global Silicon Carbide Market Size and Growth

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31. Global Silicon Carbide Market Competitive Benchmarking
32. Global Silicon Carbide Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Silicon Carbide Market
34. Silicon Carbide Market Future Outlook and Potential Analysis
35. Appendix

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