Silicon Carbide Market for Semiconductor Application to grow by USD 3,336.31 million from 2022 to 2027

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07 Aug, 2023, 03:00 ET

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NEW YORK, Aug. 7, 2023 /PRNewswire/ -- The silicon carbide market for the semiconductor application is estimated to grow at a CAGR of 22.1% between 2022 and 2027. The market size is forecast to increase by USD 3,336.31 million, according to Technavio. APAC is estimated to contribute 40% to the growth of the global market during the forecast period. The rapid growth of the electronics sector in developing countries such as India and China, along with the increasing adoption of electric vehicles in these regions is increasing the demand for silicon carbide (SiC) devices. Japan`s goal of achieving 20% to 30% electric vehicle ownership by 2030 has also contributed to this demand. Therefore, the regional market is expected to experience significant growth during the forecast period. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Company LandscapeThe silicon carbide market for the semiconductor application market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key companies, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Driver

The increase in demand for SiC fibers in the aerospace sector is a key factor driving market growth. SiC fibers offer valuable properties such as high heat resistance, chemical stability, lightweight, and durability, making them suitable for a variety of applications in the aerospace industry. In addition, they are used for insulation in heat engines, turbine nanotubes, thermal insulation in ceramic matrix composites (CMC), and as a replacement for metal alloys. Moreover, the use of SiC fibers in aircraft engines contributes to weight reduction, fuel efficiency, and environmental and economic benefits for aircraft manufacturers. The increasing demand for aircraft materials containing SiC fibers is driven by countries upgrading their defense fleets. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

Power inverters for electric vehicles are a major trend in the market. SiC-based automotive inverters are essential for efficient energy management in electric vehicles, leading to reduced energy losses and improved vehicle performance. Growing environmental concerns over petroleum-based air pollution and the advancement of alternative energy sources are expected to increase the demand for SiC-based inverters in the automotive industry, supporting the development of electric and hybrid vehicles. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

The high manufacturing and processing cost of SiC semiconductors is a significant challenge restricting market growth. SiC semiconductors are more expensive to manufacture than traditional silicon-based semiconductors, mainly due to the high cost of SiC materials, processing technology, and limited economies of scale. However, its unique properties make it a good choice for electric vehicles (EVs), where the benefits outweigh the high price. Thus, high manufacturing and processing costs are expected to restrict market growth during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Profiles

The silicon carbide market for semiconductor application market report includes information on the product launches, sustainability, and prospects of leading companies including ABB Ltd., Allegro MicroSystems Inc., Asahi Kasei Corp., BAE Systems Plc, Fuji Electric Co. Ltd., II VI Inc., Infineon Technologies AG, Littelfuse Inc., Microchip Technology Inc., Mitsubishi Electric Corp., Navitas Semiconductor Inc., NXP Semiconductors NV, ON Semiconductor Corp., Qorvo Inc., Renesas Electronics Corp., ROHM Co. Ltd., STMicroelectronics NV, Toshiba Corp., TT Electronics Plc, and Wolfspeed Inc..

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Market Segmentation

The market is segmented by product (power electronics, optoelectronic devices, and frequency devices), application (automotive, energy and power, aerospace and defense, data and communication devices, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa).

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Silicon Carbide Market for Semiconductor Application Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 22.1%

Market growth 2023-2027

USD 3,336.31 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

21.56

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 40%

Key countries

US, China, Japan, Taiwan, and UK

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Allegro MicroSystems Inc., Asahi Kasei Corp., BAE Systems Plc, Fuji Electric Co. Ltd., II VI Inc., Infineon Technologies AG, Littelfuse Inc., Microchip Technology Inc., Mitsubishi Electric Corp., Navitas Semiconductor Inc., NXP Semiconductors NV, ON Semiconductor Corp., Qorvo Inc., Renesas Electronics Corp., ROHM Co. Ltd., STMicroelectronics NV, Toshiba Corp., TT Electronics Plc, and Wolfspeed Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio