Dublin, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The "Global Silicon Carbide Market with COVID-19 Impact Analysis by Device(SiC Discrete, SiC Bare Die, and SiC Module), Wafer Size, Application, Vertical (Power Electronics, Automotive, Telecommunications, and Energy & Power), and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global silicon carbide market is expected to grow from USD 899 million in 2021 to USD 2,113 million by 2026; it is expected to grow at a CAGR of 18.7% during 2021-2026.
Key factors fueling this market's growth include growing demand for SiC Devices in power electronics; higher mechanical, electrical and thermal properties than regular Silicon; and growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production. Growing implementation of SiC devices in automotive and power devices applications and increasing demand for hybrid and electric cars create a strong demand for silicon carbide for efficient industrial operations in the midst of COVID-19.
Automotive vertical to witness the highest CAGR in silicon carbide market during 2021-2026
The silicon carbide market for automotive vertical is expected to grow with the highest CAGR during the forecast period. Advancements in EVs/HEVs require progress on the electrification of powertrains, which will boost the demand for silicon carbide devices. The growth is attributed to the increasing investment of business giants such as Tesla, Mercedes-Benz, and Mitsubishi on the manufacturing and development of on-board chargers (OBCs) and inverters for EV and plug-in hybrid EV (PHEV). These SiC devices are light in weight and are available in a compact size, thus increasing efficiency by reducing the charging time of the aforementioned vehicles.
APAC is expected to hold the largest share of silicon carbide market by 2026
The silicon carbide market in APAC is expected to grow at the highest CAGR during the forecast period attributed to the increased use of these silicon carbide devices in the automotive, power electronics, energy, and renewable power generation verticals. China, Japan, South Korea, and India are the major markets for EVs/HEVs in APAC. According to IEA outlook 2020 report, China alone accounted for a share of 47% of the global sales of electric buses in 2019, which contributed significantly to the dominance of APAC. Initiatives taken by several governments of countries in APAC to promote the use of these vehicles are expected to further drive the market in the near future.
This report offers detailed insights into the silicon carbide market, by device type, wafer size, application, vertical, and region. Based on device type, the silicon carbide market has been segmented into SiC discrete devices (SiC diode and SiC MOSFET); SiC Bare Die; and SiC module. By wafer size, the silicon carbide market has been divided into 2-inches, 4-inches, and 6-inches & above. By application, the silicon carbide market has been categorized into power grid devices; flexible AC transmission systems (FACTS); high-voltage direct current systems; power supplies and inverters; RF devices & cellular base stations; lighting control systems; industrial motor drives; flame detectors; EV motor drives; EV charging stations; electronic combat systems; wind turbines; solar power systems; and others (astronomical, pyrometer, nuclear, and atomic sciences applications). Based on vertical, the silicon carbide market has been segmented into energy & power; automotive; renewable power generation; defense; power electronics; telecommunications; and others (space research and nuclear power). The study forecasts the size of the market in 4 regions - North America, Europe, APAC, and RoW.
Growing Demand for SiC Devices in Power Electronics
Higher Mechanical, Electrical, and Thermal Properties Than Regular Silicon
Growing Investments by Governments, Private Organizations, Research Institutes, and Manufacturers to Increase SiC Production
High Material and Fabrication Costs of SiC
Growing Implementation of SiC Devices in Automotive and Power Device Applications
Increasing Demand for Hybrid and Electric Cars
Material Defects, Design Complexities, and Packaging Issues in SiC Power Devices
Disruptions in Supply Chain of Semiconductor Devices due to COVID-19
ROHM Co. Ltd.
Genesic Semiconductor Inc.
Bruckewell Technology Ltd.
Mitsubishi Electric Corporation
Alpha Power Solutions Ltd. (APS)
Ween Semiconductors Co. Ltd.
Tankeblue Semiconductors Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/inrv3w
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