With 32.6% CAGR, Silicon Carbide Market Growth to Surpass USD 17.2 billion

The silicon carbide market is estimated to be worth USD 4.2 billion in 2024 and is projected to reach USD 17.2 billion by 2029, growing at a CAGR of 32.6% during the forecast period. The increasing adoption of SiC in electric vehicles is expected to drive the market growth of silicon carbide. Furthermore, the surge in adoption of SiC devices in telecommunication applications is anticipated to provide growth opportunities for market players that offer silicon carbide devices.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=439

In recent years, due to technological evolution, new SiC based technologies such as 4th Gen SiC MOSFETs and 8-inch SiC wafer have been emerging in the silicon carbide market. 4th Gen SiC MOSFETs have the potential to offer low switching loss and enable high switching frequencies that enhances the overall efficiency of SiC devices. Whereas an 8-inch SiC wafer offers large usable area which potentially reduces the cost of SiC applications significantly. The emergence of new technologies also creates new applications for SiC devices, which is expected to create growth opportunities for market players offering SiC devices in the next five years.

The up to 150 mm wafer size market is expected to have the largest market share during the forecast period. This is attributed to the growing adoption of SiC wafer that are sized upto 150 in power electronics due to their crystal quality. The superior structural integrity and uniformity of the crystal lattice in the SiC material is important for a reliable performance in power electronics applications. It also proves to optimize targeted performance and ensure the quality of next-generation power devices.

The automotive segment accounted for the largest market size during the forecast period. This is attributed to the increasing adoption of electric and hybrid vehicles and electrified powertrains, which drives the demand for SiC devices. The growing utilization of high-efficiency devices in automotive applications extends the operational duration of battery-powered vehicles and decreases electricity consumption in wireless base stations. Consequently, these devices are gaining popularity due to their lightweight construction and compact size, which enhances efficiency and reduces charging time.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=439

Key players in the silicon carbide market with a strong geographical presence are STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Semiconductor Components Industries, LLC (US), WOLFSPEED, INC. (US), and ROHM Co., Ltd. (Japan). These players focus on organic and inorganic growth strategies to strengthen their position in the silicon carbide market.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.