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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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.
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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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.
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