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SIC SEMICONDUCTOR POWER DEVICES MARKET REPORT OVERVIEW
The SiC Semiconductor Power Devices Market Size is Projected to be worth US$ 4497.5 Million in 2023. The Market is likely to Surpass US$ 26264 Million by 2032 at a CAGR of 19.3% During the Forecast period [2024-2032].
The compound semiconductor SiC, or silicon carbide, is made up of silicon and carbide. In power electronics, a power semiconductor device is a semiconductor that is employed as a switch or rectifier. This kind of gadget is also known as a power device, or power IC when it's utilized in an integrated circuit.
In order to minimize energy loss and extend the lifespan of solar and wind energy power converters, semiconductors also employ SiC. For instance, in order to improve efficiency, power density, and reliability, photovoltaic energy primarily needs semiconductor devices with high power, low loss, faster switching, and stability. In order to fulfill the growing energy demand, SiC devices offer a viable answer to photovoltaic energy requirements. This factor has augmented the SiC Semiconductor Power Devices market growth.
COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown
The World-wide COVID-19 outbreak has been unparalelled and astonishing, with the market getting an exposure higher-than-predicted demand across all regions contrast to pre-pandemic levels. The drastic market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Globally, the pandemic epidemic caused economic unrest in various sectors. The lockdown all over the globe imposed by governments to cease the virus's spread more as they damaged plenty of industries and caused disruptions to supply chains and manufacturing operations worldwide. This is because a significant fragment of manufacturing involves labor on factory floors, where workers collaborate closely to increase productivity.
LATEST TRENDS
"Automotive industry to Drive Market Growth"
Investigations investigating the application of silicon carbide (SiC) devices in vehicle powertrains are underway. But as a result of recent developments, it is increasingly turning into a workable answer. Businesses employ SiC in their existing vehicle architectures as a rapid charging solution. Furthermore, as the cost and range of electric vehicles decrease, they are increasingly seen on public roads.
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SIC SEMICONDUCTOR POWER DEVICES MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Inhibitors, Diodes Type & Transistor Type amongst which the leading segment is the Diodes Type.
- Diodes Type: An electrical device with two terminals is a diode. Most semiconductors used to make diodes are silicon, while germanium is also occasionally used.
- Transistor Type: An electronic signal can be switched or amplified using a transistor, a semiconductor device.
By Application
Based on application the global market can be categorized into (Automotive, Consumer Electronics, Industrial, Medical, and Railways) amongst which the leading segment is the Automotive.
- Automotive: With its ultra-low switching losses and remarkable performance, SiC revolutionizes automotive and transportation systems.
- Consumer Electronics: SiC has several advantages over silicon, one of which being ten times stronger electric field breakdown in the consumer eletronics.
- Industrial: SiC Semiconductor is highly significant in the field of industrial ceramics.
- Medical: SiC devices provide more efficient, lighter, and more compact products for biocompatible applications by providing lower energy losses and higher power densities.
- Railways: Power converters with low losses and reduced size for use in industry applications, including photovoltaic inverters, railway vehicle converters, and inverters.
DRIVING FACTORS
"Increase in Renewable Energy to Boost the Market"
The government's initiatives supporting renewable energy and electric vehicles, the need for higher power density and reliability in electronic systems, advancements in SiC material and device technology, and the growing demand for energy-efficient power electronics are all contributing factors to the market's growth.
"Innovations to Expand the Market"
The CIRCUITS program aims to create inventive and dependable circuits by utilizing semiconductors and inventive topologies. Investments aimed at lowering the cost of manufacturing SiC power electronics could bolster these trends and increase the range of SiC-based products with greater robustness.
RESTRAINING FACTOR
"Incompetent technology to Impede Market Growth"
Furthermore, using high frequencies causes parasitic capacitance and inductance to increase excessively, which prevents the SiC-based power source from reaching its maximum potential. Updates to production facilities might be necessary for the widespread use of SiC, but this cannot be accomplished at the current rate of development.
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SIC SEMICONDUCTOR POWER DEVICES MARKET REGIONAL INSIGHTS
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
"Asia Pacific Dominating the Market due to Numerous Market Share"
When it comes to the expansion of the global semiconductor market—which is further encouraged by government policies—the Asia Pacific region leads the SiC power semiconductor market. The growing consumer electronics market is credited with the expansion. SiC power semiconductors are utilized in battery management systems, power supply, and adapters to increase energy efficiency.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive"
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
LIST OF MARKET PLAYERS PROFILED
- Infineon technologies AG (Germany)
- Texas instruments Inc. (U.S.)
- STMicroelectronics NV (Switzerland)
- NXP semiconductor (Netherlands)
- ON Semiconductor Corporation (U.S.)
INDUSTRIAL DEVELOPMENT
July 2022: SemiQ announced the launch of its 2nd Generation Silicon Carbide power switch, a 1200V 80mΩ SiCMOSFET, expanding its portfolio of SiCpower devices. The new MOSFET complements the company's existing SiCrectifiers at 650V, 1200V, and 1700V, which bring high efficiency to high-performance applications like electric vehicles.
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 4497.5 Million in 2023 |
Market Size Value By |
US$ 26264 Million by 2032 |
Growth Rate |
CAGR of 19.3% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
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What value is the SiC Semiconductor Power Devices is expected to touch by 2032?
The global SiC Semiconductor Power Devices market is expected to reach USD 76.35 million by 2032.
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What CAGR is the SiC Semiconductor Power Devices expected to exhibit by 2032?
The SiC Semiconductor Power Devices market is expected to exhibit a CAGR of 19.3% by 2032.
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Which are the driving factors of the SiC Semiconductor Power Devices?
Increase in Renewable Energy & Innovations are some of the driving factors of the market.
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What are the key semiconductor SiC Semiconductor Power Devices segments?
The key market segmentation that you should be aware of, which include, based on Type Diodes Type & Transistor Type, By Application Automotive, Consumer Electronics, Industrial, Medical, and Railways.
