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SiC power semiconductor Market Subjected to Expand Moderately by 2023

The market for SiC power semiconductor is projected to cross the USD 1,359 Mn and expand at a noteworthy CAGR of 26.3% over the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a detailed study. The global SiC power semiconductor market was valued at USD 345.2 Mn in 2017.

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Desirable features of SiC power devices such as higher critical electrical field, higher thermal conductivity, higher operating temperature, and higher current density allows SiC power devices to handle much power density as compared to traditional silicon counterparts. Major semiconductor companies have turned to the use of SiC as an ideal alternative which has spurred the growth of the global SiC power semiconductor market.
Rise in a number of energy efficiency projects to cater to the augmenting energy problems across the globe has induced high demand for SiC power semiconductors. The governments in multiple countries, especially in developing countries where energy crisis is an area of huge concern. SiC power devices exhibit advanced properties as compared to silicon and are utilized in solar power generation. SiC power semiconductors eliminate various issues associated with material limitations of silicon.
Enhanced power handling capacity, high thermal conductivity, and lower conduction loss properties of SiC power semiconductors have led to the expansion of the application range of these devices across various industry verticals which incites substantial growth in the global SiC power semiconductor market.
Being a relatively new technology, SiC power semiconductor market is met by certain challenges which are yet to be addressed. High cost of fabrication, expensive and bulky packaging, and complexities associated with the design and lack of expertise for the same are few impediments to the growth of the global SiC power semiconductor market.
Availability of gallium-nitride (GaN)-based power semiconductors as a substitute to SiC power semiconductors is expected to limit the growth of the global SiC power semiconductor market over the forecast period. Meanwhile, the introduction of 5G mobile communications is expected to create ample growth opportunities over the forecast period.
The global SiC power semiconductor market has been segmented based on device, wafer size, application, and end user.
By device, the global SiC power semiconductor market has been segmented into SiC discrete devices and SiC bare die devices. The SiC discrete devices segment has been further segmented into MOSFET, diode, and module.
By wafer size, the global SiC power semiconductor market has been segmented into 2-inch, 4-inch, and 6-inch and above.
By application, the global SiC power semiconductor market has been segmented into RF devices & cellular base stations, power supply & inverter, power grids, EV motors, industrial motor drives, railway traction, and others.
By end user, the global SiC power semiconductor market has been segmented into telecommunication, energy & power, automotive, industrial, electronics, and others.

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Regional Outlook
North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW) are the key markets for SiC power semiconductor.
APAC is the largest market for SiC power and is expected to dominate the global market throughout the forecast period. Expansion of 4G and LTE network has resulted in the proliferation of RF and cellular base station in the region. The rise in a number of energy efficiency projects coupled with government initiatives to develop solar power in the region acts as a plus for the growth of the market. In addition, the region has attracted massive investments from major players which fosters market growth.
Europe is a significant market driven by a thriving automotive industry in the region. The automotive industry generates substantial demand for SiC semiconductors since they allow for overall cost reduction.
North America market accounts for a 25% share of the global market. Presence of significant silicon carbide manufacturers and high investment on R&D activities drives the market in North America.
Competitive Analysis
Mitsubishi Electric Corporation, STMicroelectronics NV, Cree Inc., ON Semiconductor, Infineon Technologies AG, and others are the eminent players in the global SiC power semiconductor market. The global SiC power semiconductor market is highly competitive where the growth of the vendors majorly depends on conditions such as government support, and industry development. In a bid to gain a competitive edge over the market, the market participants are focusing on R&D and expansion of product line to provide energy efficient and cost-effective components.

About Market Research Future:

Market Research Future (MRFR) is a reliable firm that undertakes an extensive analysis of markets in various domains. Our teams of research analysts gather relevant data through painstaking primary and secondary research that aims to give clients a complete outlook on markets of their interest. The data is compared against third-party agencies and reputed organizations for estimating valuations and revenue projections.

MRFR’s goal in providing a comprehensive coverage of the market replete with latest trends, niches, developments, and insights can be lucrative for business needs. We aim to push our clients to the forefront by guiding them with astute information for making informed decisions. Our market intelligence can track down key issues in industries and be modified as per the fluctuations in economic scenarios. The reports are customized and offered as per a specific region or country and adhere to latest policies.

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