SiC power semiconductor Market Size, Share, Industry, Forecast and outlook (2024-2031)

SiC power semiconductor Market is Segmented By Component(SiC Discrete, SiC Modules, SiC Power Integrated Circuit), By Application(Power Supplies, Electric Vehicles, Renewable Energy Systems, Industrial Motor Drives, Others), By End-User(Power Supplies, Energy and Power, Consumer Electronics, Industrial, Telecommunications, Aerospace and Defense, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

SiC power semiconductor Market Overview

The global SiC power semiconductor market reached USD YY million in 2022 and is projected to witness lucrative growth by reaching up to USD YY million by 2031. The market is growing at a CAGR of 33.10% during the forecast period (2024-2031).

SiC power semiconductors are Silicon Carbide (SiC) material electronic products. They are used in high-power and high-temperature applications as an alternative to traditional Silicon-based power semiconductors. SiC power semiconductors offer several advantages over Silicon, such as higher switching frequency, lower power loss, higher thermal stability, and higher voltage capabilities. These features make SiC power semiconductors suitable for high-performance power electronics systems such as electric vehicles, renewable energy systems and industrial motor drives.

SiC Power Semiconductor Market Scope and Summary

SiC power semiconductor Market Trends

Increased demand for high-performance power electronics systems 

Increased demand for high-performance power electronics systems is driving the growth of the global SiC power semiconductor market. High-performance power electronics systems require efficient and reliable power Components to meet the growing demand for energy-saving and high-power applications. SiC power semiconductors offer several advantages over traditional Silicon-based power semiconductors, such as higher switching frequency, lower power loss, higher thermal stability and higher voltage capabilities. As a result, SiC power semiconductors are becoming increasingly popular in high-performance power electronics systems across various end-user industries, including automotive, energy & power, consumer electronics, industrial and telecommunications.

Lack of technical expertise in designing SiC into power electronics

Lack of technical expertise in designing and integrating SiC power semiconductors into power electronics systems hinders the growth of the global SiC power semiconductor market. Integrating SiC power semiconductors into power electronics systems requires specialized knowledge and expertise, which is not widely available in the market. The design and integration process can be complex and time-consuming, leading to increased costs and project delays for end-user industries. The lack of technical expertise makes it difficult for some end-user industries, particularly small and medium-sized enterprises, to adopt SiC power semiconductors and fully realize their benefits. To overcome this challenge, market players are investing in research and development to improve the design and integration process of SiC power semiconductors and increase their adoption across various end-user industries.

SiC Power Semiconductor Market Segment Analysis

The global SiC power semiconductor market is segmented based on component, application, end-user and region.

Owing to their ability to offer high efficiency and performance in high-power applications, SiC power integrated circuits captures the majority of market shares in the global market

Power integrated circuits (ICs) are an important component of the global silicon carbide (SiC) power semiconductor market because they offer several advantages over traditional power electronic components. SiC power semiconductors, in general, offer higher efficiency, faster switching speedsand higher power density compared to traditional silicon-based power components. Power ICs, in particular, offer the added advantage of integration, which means that several discrete components can be integrated into a single package.

Source: DataM Intelligence Analysis (2023)

SiC power semiconductor Market Geographical Penetration

The larger consumer base and higher presence of global players in the region in the region supplement the growth of the product market in Asia-Pacific

The Asia-Pacific region currently dominates the global SiC power semiconductor market due to the presence of major players in countries such as China and Japan, as well as the growing demand for high-efficiency power electronics in countries such as India and South Korea. Additionally, the growing adoption of electric vehicles in the region contributes to Asia-Pacific's SiC power semiconductor market. The favorable government policies and initiatives that promote the adoption of electric vehicles and renewable energy are also supporting the growth of the SiC power semiconductor market in Asia-Pacific.

Source: DataM Intelligence Analysis (2023)

SiC power semiconductor Market Companies and Competitive Landscape

The major global players include STMicroelectronics NV, Infineon Technologies AG, SemiQ Inc., Microchip Technology, GeneSiC Semiconductor Inc., Danfoss A/S, Microsemi Corporation, Toshiba Corporation, Mitsubishi Electric Corporation and Fuji Electric Co. Ltd.

COVID-19 Impact on SiC power semiconductor Market

By Component

• SiC Discrete
• SiC Modules
• SiC Power Integrated Circuit

By Application

• Automotive 
• Consumer Electronics
• Aerospace and Defense
• Industrial

By End-User

• Power Supplies
• Energy and Power 
• Consumer Electronics
• Industrial
• Telecommunications
• Aerospace and Defense 
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On December 1, 2022, For the technology of manufacturing SiC substrates, STMicroelectronics and Soitec collaborated. The next phase of their collaboration on Silicon Carbide (SiC) substrates has been announced by STMicroelectronics and Soitec (Euronext Paris), two industry leaders in the design and production of innovative semiconductor materials. Over the next 18 months, ST will qualify for Soitec's SiC substrate technology. The objective of this collaboration is for ST to utilize Soitec's SmartSiC technology for its upcoming 200mm substrate production, feeding its business of producing devices and modules. Volume production is anticipated in the medium term.
• On March 16, 2022, For the marketing and distribution of Silicon Carbide (SiC) power modules for industrial vehicles, aviation and military applications, GE Aviation announced a new channel partner, Digi-Key Electronics. They are designed for high voltage power generation, DC-DC power converter and inverter applications that need the highest power density, efficiencies and dependability, such as industrial, aviation and military. They are offered in 1200V and 1700V SiC power modules.
• On June 9, 2021, The next-generation Common Redundant Power Supply (CRPS) solutions will use Wolfspeed 650V silicon carbide MOSFETs from Cree, Inc., the world leader in silicon carbide technology through its Wolfspeed business. Shenzhen Gospower Digital Technology Co., Ltd. (brand: Gospower) is a national high-tech enterprise and a leader in power electronics converters. Gospower will use Wolfspeed's silicon carbide technology to achieve power efficiencies that will strengthen China's overall power server industry and better meet the nation's digital storage needs as the demand for cloud-based storage continues to grow quickly.

The global SiC power semiconductor market report would provide approximately 61 tables, 63 figures and 190 Pages.