Silicon Carbide Power Semiconductor Market Outlook 2024-2033: Trends and Projections

The silicon carbide power semiconductor  from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Silicon Carbide Power Semiconductor  Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The silicon carbide power semiconductor market size has grown exponentially in recent years. It will grow from $0.99 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%.  The growth in the historic period can be attributed to SiC power devices being used in electric vehicle charging systems, SiC power devices operating at higher temperatures, the expanding consumer electronics industry, advanced electronic components used in power, and the expanding automotive and renewable energy sector.

The silicon carbide power semiconductor market size is expected to see exponential growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%.  The growth in the forecast period can be attributed to the prevalence of SiC discrete devices, the increase in the demand for consumer electronics and wireless communications, the rising penetration of electronic vehicles, the growing demand for energy-efficient battery-powered portable devices, and the advent of SiC power semiconductors. Major trends in the forecast period include technological advancements, new competitors to gain technology, the surge in innovations, product innovations, and technology launches.

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Scope Of Silicon Carbide Power Semiconductor  Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Silicon Carbide Power Semiconductor  Market Overview

Market Drivers –
The rising penetration of electric vehicles is expected to drive the growth of the silicon carbide power semiconductor market going forward. An electric vehicle (EV) is a type of vehicle that uses one or more electric motors for propulsion. The penetration of electric vehicles is due to technological innovation, regulatory support, consumer demand, and industry investment. Silicon carbide (SiC) power semiconductors play a crucial role in electric vehicles (EVs) by improving efficiency, reducing weight, and enhancing overall performance compared to traditional silicon-based semiconductors. Their adoption continues to grow as EV manufacturers seek to optimize the performance of their vehicles and improve the driving experience for consumers. For instance, in March 2022, according to an article published by the Department of Energy, a US-based government agency, sales of new light-duty plug-in electric vehicles, encompassing both all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), nearly doubled from 308,000 in 2020 to 608,000 in 2021. Therefore, the rising penetration of electric vehicles drives growth in the silicon carbide power semiconductor market.

Market Trends –
Major companies operating in the silicon carbide power semiconductor market focus on developing innovative products, such as silicon carbide MOSFETs, to offer high performance and reliability in industrial applications. Silicon Carbide MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors) are power semiconductor devices that utilize silicon carbide (SiC) as the semiconductor material in their construction. For instance, in November 2023, Nexperia B.V., a Netherlands-based semiconductor company, launched discrete 1200 V MOSFETs, a silicon carbide MOSFETs. These new devices promise to revolutionize high-voltage applications with their unique blend of features. Designed to optimize efficiency and reliability, Nexperia’s silicon carbide MOSFETs boast ultra-low switching losses and enhanced thermal performance, ensuring robust operation even under demanding conditions.

The silicon carbide power semiconductor market covered in this report is segmented –
1) By Type: Metal-Oxide Semiconductor Field-Effect Transistors (MOSFETs), Hybrid Modules, Schottky Barrier Diodes (SBDS), Insulated Gate Bipolar Transistors (IGBT), Bipolar Junction Transistor (BJT), Pin Diode, Junction FET (JFET), Other Types
2) By Voltage Range: 301-900 V, 901-1700 V, Above 1701 V
3) By Wafer Type: SiC Epitaxial Wafers, Blank SiC Wafers
4) By Application: Electric Vehicles (EV), Photovoltaics, Power Supplies, Industrial Motor Drives, Electric Vehicles Charging Infrastructure, RF Devices, Other Applications
5) By End-User: Industrial, Automotive, Energy And Power, Information Technology And Telecom, Transportation, Aerospace And Defense, Other End-Users

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Regional Insights –
Asia-Pacific was the largest region in the silicon carbide power semiconductor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the silicon carbide power semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the silicon carbide power semiconductor market are Samsung Electronics Co. Ltd., Panasonic Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Eaton Corporation plc, Texas Instruments Inc., STMicroelectronics N.V., Infineon Technologies AG, BorgWarner Inc., NXP Semiconductors N.V., Renesas Electronics Corporation, Danfoss A/S, Microchip Technology Inc., ON Semiconductor Corporation, Fuji Electric Co. Ltd., ROHM Co. Ltd., Littelfuse Inc., Microsemi Corporation, Wolfspeed Inc., GeneSiC Semiconductor Inc.

Table of Contents
1. Executive Summary
2. Silicon Carbide Power Semiconductor  Market Report Structure
3. Silicon Carbide Power Semiconductor  Market Trends And Strategies
4. Silicon Carbide Power Semiconductor  Market – Macro Economic Scenario
5. Silicon Carbide Power Semiconductor  Market Size And Growth
…..
27. Silicon Carbide Power Semiconductor  Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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