Austin, TX, USA, Oct. 21, 2024 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Silicon Carbide Semiconductor Market Size, Trends and Insights By Component (Schottky Diodes, FET/MOSFET Transistors, Integrated Circuits, Rectifiers/Diodes, Power Modules, Others), By Product (Optoelectronic Devices, Power Semiconductors, Frequency Devices, Others), By Wafer Size (1 inch to 4 inches, 6 inches, 8 inches, 10 inches & above), By End-User (Automotive, Consumer Electronics, Aerospace & Defense, Medical Devices, Data & Communication Devices, Energy & Power, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.
“According to the latest research study, the demand of global Silicon Carbide Semiconductor Market size & share was valued at approximately USD 2,158.1 Million in 2023 and is expected to reach USD 2,557.3 Million in 2024 and is expected to reach a value of around USD 11,783.1 Million by 2033, at a compound annual growth rate (CAGR) of about 18.5% during the forecast period 2024 to 2033.”
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Silicon Carbide Semiconductor Market: Growth Factors and Dynamics
- Rising Demand for Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs): The increasing adoption of EVs and HEVs globally drives the demand for Silicon Carbide Semiconductors in power electronics, owing to their ability to improve energy efficiency and extend driving range.
- Expansion of Renewable Energy Sector: The growth of renewable energy sources such as solar and wind power necessitates efficient power conversion technologies, spurring the demand for Silicon Carbide Semiconductors in inverters and converters for grid integration.
- Advancements in Power Electronics: Silicon Carbide Semiconductors offer higher power density, lower switching losses, and improved thermal conductivity compared to traditional silicon-based semiconductors, driving their adoption in power electronic applications such as inverters, converters, and motor drives.
- Increased Focus on Energy Efficiency: With a growing emphasis on energy conservation and sustainability, industries are adopting Silicon Carbide Semiconductors to reduce energy losses and improve system efficiency in various applications, including industrial motor drives and power supplies.
- Emerging Applications in Aerospace and Defense: Silicon Carbide Semiconductors are increasingly utilized in aerospace and defense applications for their ability to withstand high temperatures, radiation, and harsh environments, driving market growth in this sector.
- Technological Advancements and Cost Reductions: Continuous advancements in manufacturing processes and economies of scale contribute to cost reductions in Silicon Carbide Semiconductor production, making them more competitive and accessible for a wider range of applications, fueling market growth.
- Growing Demand for High-Frequency and High-Temperature Applications: Silicon Carbide Semiconductors are preferred for high-frequency and high-temperature applications due to their superior performance characteristics, including high breakdown voltage and thermal conductivity. This drives their adoption in industries such as telecommunications, RF devices, and automotive power electronics.
- Expansion of 5G Infrastructure: The deployment of 5G networks requires high-performance semiconductor components capable of handling increased data traffic and operating at high frequencies. Silicon Carbide Semiconductors play a crucial role in 5G infrastructure, enabling efficient power amplification and signal processing, thus contributing to market growth.
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Silicon Carbide Semiconductor Market: Partnership and Acquisitions
- In 2023, WOLFSPEED, INC. revealed a wafer supply agreement valued at USD 2 billion with Renesas Electronics Corporation, a provider of advanced semiconductor solutions. Renesas will secure a 10-year supply commitment for silicon carbide bare and epitaxial wafers from Wolfspeed, enabling Renesas to scale production of silicon carbide power semiconductors starting in 2025.
- In 2021, ON Semiconductor Corporation (ON Semi) announced an agreement to acquire SiC and sapphire materials manufacturer GT Advanced Technologies Inc. This strategic move aims to bolster ON Semi’s SiC supply chain, enabling it to meet growing customer demand for Silicon Carbide-based solutions.
- In 2022, ON Semiconductor Corporation (ON Semi) expanded its presence in the Czech Republic by launching an extended silicon carbide fabrication facility. This strategic expansion enhances ON Semi’s manufacturing capabilities, allowing it to meet the increasing demand for silicon carbide-based semiconductor solutions.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 2,557.3 Million |
| Projected Market Size in 2033 | USD 11,783.1 Million |
| Market Size in 2023 | USD 2,158.1 Million |
| CAGR Growth Rate | 18.5% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Component, Product, Wafer Size, End-User and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
(A free sample of the Silicon Carbide Semiconductor report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Silicon Carbide Semiconductor report has been modified to include the COVID-19 impact study prior to delivery.)
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Silicon Carbide Semiconductor Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Silicon Carbide Semiconductor Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic led to disruptions in global supply chains, affecting the availability of raw materials, components, and semiconductor manufacturing equipment, thereby impacting the production of Silicon Carbide Semiconductors.
- Delayed Investments and Project Deployments: Economic uncertainties and lockdown measures resulted in delayed investments and project deployments across various industries, affecting the demand for Silicon Carbide Semiconductors in applications such as electric vehicles, renewable energy, and telecommunications.
- Resumption of Production and Supply Chain Operations: As economic activities gradually resume, semiconductor manufacturers focus on ramping up production and restoring supply chain operations to meet the pent-up demand for Silicon Carbide Semiconductors.
- Accelerated Adoption of Electric Vehicles (EVs) and Renewable Energy: Governments worldwide prioritize investments in EV infrastructure and renewable energy projects as part of economic recovery plans, driving the demand for Silicon Carbide Semiconductors in power electronics and energy conversion systems.
- Technological Advancements and Innovation: Semiconductor companies continue to invest in research and development to enhance the performance and efficiency of Silicon Carbide Semiconductors, driving innovation in areas such as material science, device design, and manufacturing processes.
- Strategic Partnerships and Collaborations: Collaboration between semiconductor manufacturers, technology providers, and industry stakeholders fosters innovation and accelerates the adoption of Silicon Carbide Semiconductors in emerging applications such as 5G networks, electric vehicles, and industrial automation.
- Diversification of End-Use Applications: Semiconductor companies explore new markets and applications for Silicon Carbide Semiconductors beyond traditional sectors such as automotive and power electronics, tapping into opportunities in sectors like aerospace, healthcare, and consumer electronics to diversify revenue streams and mitigate risks.
In conclusion, the COVID-19 pandemic has had a mixed impact on the Silicon Carbide Semiconductor Market, with some challenges and opportunities arising from the pandemic.
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Key questions answered in this report:
- What is the size of the Silicon Carbide Semiconductor market and what is its expected growth rate?
- What are the primary driving factors that push the Silicon Carbide Semiconductor market forward?
- What are the Silicon Carbide Semiconductor Industry’s top companies?
- What are the different categories that the Silicon Carbide Semiconductor Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Silicon Carbide Semiconductor market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2024−2033
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Silicon Carbide Semiconductor Market – Regional Analysis
The Silicon Carbide Semiconductor Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:
- North America: In North America, the Silicon Carbide Semiconductor market is driven by the increasing adoption of electric vehicles (EVs) and renewable energy solutions. Trends include the integration of Silicon Carbide technology in EV charging infrastructure, grid modernization projects, and data center applications. Additionally, partnerships between semiconductor manufacturers and automotive companies drive innovation in Silicon Carbide-based power electronics for EVs, contributing to market growth in the region.
- Europe: In Europe, the Silicon Carbide Semiconductor market is influenced by initiatives to achieve carbon neutrality and promote sustainable energy solutions. Trends include the deployment of Silicon Carbide-based power electronics in renewable energy projects, smart grid systems, and industrial automation applications. Moreover, collaborations between semiconductor firms and government agencies drive research and development efforts to accelerate the adoption of Silicon Carbide technology in key sectors such as automotive and aerospace.
- Asia-Pacific: In the Asia-Pacific region, the Silicon Carbide Semiconductor market experiences significant growth due to the region’s dominance in semiconductor manufacturing and rapid technological advancements. Trends include the expansion of Silicon Carbide production capacity, the emergence of innovative applications in consumer electronics and telecommunications, and the adoption of Silicon Carbide technology in electric vehicle production and energy infrastructure projects. Additionally, strategic partnerships between semiconductor companies and government entities drive market development initiatives in the region.
- LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, the Silicon Carbide Semiconductor market is characterized by a focus on industrial automation, energy efficiency, and infrastructure development. Trends include the utilization of Silicon Carbide technology in oil and gas exploration, renewable energy projects, and smart city initiatives. Furthermore, collaborations between Silicon Carbide manufacturers and local governments drive investments in sustainable energy solutions and digital transformation, fostering market growth opportunities in the region.
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List of the prominent players in the Silicon Carbide Semiconductor Market:
- Cree Inc.
- Infineon Technologies AG
- ROHM Co. Ltd.
- STMicroelectronics N.V.
- ON Semiconductor Corporation
- Microchip Technology Inc.
- Norstel AB
- Toshiba Corporation
- General Electric Company
- Fairchild Semiconductor International Inc.
- Renesas Electronics Corporation
- Alpha & Omega Semiconductor Inc.
- United Silicon Carbide Inc.
- Ascatron AB
- GeneSiC Semiconductor Inc.
- Others
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The Silicon Carbide Semiconductor Market is segmented as follows:
By Component
- Schottky Diodes
- FET/MOSFET Transistors
- Integrated Circuits
- Rectifiers/Diodes
- Power Modules
- Others
By Product
- Optoelectronic Devices
- Power Semiconductors
- Frequency Devices
- Others
By Wafer Size
- 1 inch to 4 inches
- 6 inches
- 8 inches
- 10 inches & above
By End-User
- Automotive
- Consumer Electronics
- Aerospace & Defense
- Medical Devices
- Data & Communication Devices
- Energy & Power
- Others
Click Here to Get a Free Sample Report of the Global Silicon Carbide Semiconductor Market @ https://www.custommarketinsights.com/report/silicon-carbide-semiconductor-market/
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
This Silicon Carbide Semiconductor Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Silicon Carbide Semiconductor Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Silicon Carbide Semiconductor Market? What Was the Capacity, Production Value, Cost and PROFIT of the Silicon Carbide Semiconductor Market?
- What Is the Current Market Status of the Silicon Carbide Semiconductor Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Silicon Carbide Semiconductor Market by Considering Applications and Types?
- What Are Projections of the Global Silicon Carbide Semiconductor Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Silicon Carbide Semiconductor Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Silicon Carbide Semiconductor Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Silicon Carbide Semiconductor Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Silicon Carbide Semiconductor Industry?
Click Here to Access a Free Sample Report of the Global Silicon Carbide Semiconductor Market @ https://www.custommarketinsights.com/report/silicon-carbide-semiconductor-market/
Reasons to Purchase Silicon Carbide Semiconductor Market Report
- Silicon Carbide Semiconductor Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Silicon Carbide Semiconductor Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Silicon Carbide Semiconductor Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Silicon Carbide Semiconductor Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Silicon Carbide Semiconductor market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Silicon Carbide Semiconductor market analysis.
- The competitive environment of current and potential participants in the Silicon Carbide Semiconductor market is covered in the report, as well as those companies’ strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Silicon Carbide Semiconductor market should find this report useful. The research will be useful to all market participants in the Silicon Carbide Semiconductor industry.
- Managers in the Silicon Carbide Semiconductor sector are interested in publishing up-to-date and projected data about the worldwide Silicon Carbide Semiconductor market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Silicon Carbide Semiconductor products’ market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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