Silicon Carbide Semiconductor Device Market 2024-2033: Trends, Analysis & Growth Forecast

The silicon carbide semiconductor device market size has grown exponentially in recent years. It will grow from $1.59 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth in the historic period can be attributed to early development in silicon carbide (sic), demand for high-temperature applications, power electronics evolution, telecommunications and rf applications, military and aerospace applications..

The silicon carbide semiconductor device market size is expected to see exponential growth in the next few years. It will grow to $4.52 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The growth in the forecast period can be attributed to growth in electric vehicles (evs), renewable energy expansion, 5g network deployment, industrial and motor drives, growth in power transmission.. Major trends in the forecast period include increasing power density requirements, adoption in automotive industry, expansion in power electronics, rapid advancements in manufacturing, proliferation of renewable energy..

Market Overview -
A silicon carbide semiconductor device refers to a silicon carbide substrate, a primary electrode, the first barrier layer and an interconnecting layer. These devices are small, robust and very efficient for developing power electronic devices in batteries and detectors.

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Rising Demand For Electric Vehicles To Drive Market Growth
The increasing demand for electric vehicles is expected to propel the growth of the silicon carbide semiconductor device market going forward. An electric vehicle refers to a motorized vehicle that works on electricity from a battery and that can be externally charged. Silicon carbide semiconductor device is beneficial in electric vehicle (EV) powertrains as it provides higher power densities and switching efficiency, as a result, increasing demand for electric vehicles increases the demand for silicon carbide semiconductor devices. For instance, in September 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric vehicles increased in 2021 compared to the previous year. Further, sales nearly doubled to 6.6 million (a sales share of approximately 9%) compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Furthermore, according to the Net Zero Emissions by 2050 Scenario, there would be more than 300 million electric cars on the road by 2030 with 60% of all new car sales. Therefore, the increase in demand for electric vehicles drives the silicon carbide semiconductor device market.

Competitive Landscape -
Major companies operating in the silicon carbide semiconductor device market report are Infineon Technologies India Private Ltd., ROHM Co. Ltd., STMicroelectronics, Semiconductor Components Industries LLC, Wolfspeed Inc., Toshiba Corporation, TT Electronics PLC, Mitsubishi Electric Corporation, Microsemi Corporation, Allergo Microsystems Inc., Powere*x Inc., Microchip Technology Corporation, Hitachi Power Semiconductor Device Ltd., Semikron, Global Power Technologies Group, Texas instruments Inc., NXP Semiconductors N.V., ON Semiconductor Corporation, United Silicon Carbide Inc., GeneSiC Semiconductor Inc., Danfoss A/S, Fuji Electric Co. Ltd., II-VI Incorporated, Xiamen Sanan Integrated Circuit Co.Ltd., Shanghai Hanxin Technology, Century Jinguang, BYD Semiconductor Co. Ltd., InventChip Technology Co. Ltd., CRRC Corporation Limited, Renesas Electronics Vietnam Co.Ltd. .

Technological Advancements Driving Innovation In Silicon Carbide Semiconductor Device Market
Technological advancements have emerged as the key trend gaining popularity in the silicon carbide semiconductor device market. Major companies operating in the silicon carbide semiconductor device market are developing technological advancements to strengthen their position in the market. For instance, in September 2022, AIXTRON, a Germany-based that produces silicon carbide semiconductor devices, launched the next generation G10-SiC 200 mm system for silicon carbide epitaxy with wafer technology. The new G10-SiC 200 mm system offers a versatile dual wafer size configuration of 9x150 and 6x200 mm. This feature supports a wide range of device structures, including single- and double-drift layer structures that adhere to strict 150-mm uniformity requirements of sigma values less than 2% for doping and thickness.

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Key Segments -
The silicon carbide semiconductor device market covered in this report is segmented -
1) By Type: SIC Diode, SIC Transistor, Other Types
2) By Wafer Size: 1 Inch To 4 Inches, 6 Inches, 8 Inches, 10 Inches And Above
3) By End-User: Automotive, Consumer Electronics, Aerospace And Defense, Medical Devices, Data And Communication Devices, Energy And Power, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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