The silicon carbide market is poised to witness a CAGR of 7.5% during the forecast period. Over this projection period, the silicon carbide market share is estimated to reach a net worth of USD 5.8 Billion by 2032 improving from the current valuation of USD 2.8 Billion in 2022.
Silicon carbide reduces power system loss by 50%, owing to which the adoption of silicon carbide is increasing in various applications such as industrial motor drives, power supply and inverters, lighting control, and others.
Various factors such as the surge in demand for motor drives, compact system size, and the increase in utility of silicon carbide in the cellular base station and radio frequency devices are some factors that are expected to be driving the growth of the silicon carbide market during the forecast period.
| Attributes | Details |
|---|---|
| Silicon Carbide Market Value in 2022 | USD 2.8 Billion |
| Silicon Carbide Market Value in 2032 | USD 5.8 Billion |
| Silicon Carbide Market CAGR (2022 to 2032) | 7.5% |
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Silicon carbide is a semiconductor, which assists the system in reducing size and power loss by 50 %, owing to which, silicon carbide is expected to replace other silicon-based semiconductors and transistors from the market.
On the other hand, the price of silicon carbide ranges approximately from USD 800 to USD 2,000 per ton which is very high compared to other alternatives available in the market. Therefore, the high cost is the major factor restraining the silicon carbide market growth. Also, defects in material and issues related to the package are the other challenge faced by some. However, the market is likely to upkeep modest growth during the forecast period.
Telecommunication components manufacturers are the major end users creating the maximum silicon carbide market opportunities across the globe. The ongoing advancement in this area is poised to strengthen the silicon carbide market's key trends and opportunities in the coming days.
The regional market players in the North American region, according to the global market study report on silicon carbide report, contribute a fair share of 23.7% in the overall revenue generation.
In North America, particularly in the USA, the demand for silicon carbide has remained substantial owing to the presence of a number of electronics and semiconductor device manufacturers. In the coming days, the silicon carbide market opportunities in this geographical are expected to remain profitable given the increasing demand for computer-based microchips around the world.
As per the silicon carbide market analysis report by FMI, the Asia Pacific region contributes the largest share of 26.8% in the overall market. Asia Pacific holds the major market for cellular base station and radio frequency devices, due to which, the Asia Pacific region captures the largest market share regarding revenue for the silicon carbide market. And it is also expected to continue its dominance during the forecast period.
Further, owing to the support of government FDI on investment in countries such as India and China is becoming a key attraction for the silicon carbide market players to invest in the Asia Pacific region. In addition to the above, in China, continuous development in electric vehicles and EV charging are anticipated to cater to new avenues for silicon carbide market growth in forthcoming years.
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With the proliferation of semiconductor manufacturers around the world, the sales of silicon carbide have accelerated in the present times attracting new players in the market. Several start-ups have surfaced in this regard, especially in developing nations of the Asia Pacific, further boosting the global silicon carbide market. These players rely on improving the product and creating more use cases to broaden gains from diverse end-user segments.
In stark contrast, most of the silicon carbide key players have acquired long-term partnerships with electronics and semiconductor devices market players. Apart from that, diversifying silicon sources by establishing manufacturing units near mining locations is a very lucrative option for the silicon carbide market's major players.
Recent Developments in the Global Silicon Carbide Market
Among the start-up and key players, the latter has a stronghold on the silicon carbide market, which makes the market consolidated in nature.
| Attributes | Details |
|---|---|
| Growth Rate | CAGR of 7.5% from 2022 to 2032. |
| The base year for Estimation | 2022 |
| Historical Data Available for | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis. |
| Segments Covered | Product Type, Wafer Size, Application, End User Verticals, Region |
| Regions Covered | North America; Latin America; Asia Pacific; Japan; Western Europe; Eastern Europe; Middle East & Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
| Key Companies Profiled | Pilegrowth Tech S.R.L.; Ascatron AB; United Silicon Carbide, Inc.; Basic 3C, Inc.; Toshiba Corporation; Bruckewell Technology Corporation; Tankeblue Semiconductor Co. Ltd.; Central Semiconductor Corporation; STMicroelectronics N.V.; Cree Inc. (Wolfspeed); DOW Corning Corporation; Sanken Electric Co., Ltd.; Fuji Electric Co.; Ltd., Saint-Gobain Silicon Carbide; General Electric; Rohm Semiconductor; Genesic Semiconductor Inc.; Global Power Technologies Group; Renesas Electronics Corporation; Graphensic AB; On Semiconductor; Infineon Technologies AG; Norstel AB; Microsemi Corporation; Monolith Semiconductor Inc. |
| Customization | Available upon Request |
The silicon carbide market is anticipated to register a CAGR of 7.5% through 2032.
The silicon carbide market is estimated around USD 2.8 Billion in 2022.
The silicon carbide market is poised to be valued at USD 5.8 Billion by 2032.
The Asia Pacific region captures a share of 26.8% of the silicon carbide market.
| Expected Base Year Value (2024) | USD 2,073.72 million |
|---|---|
| Anticipated Forecast Value (2034) | USD 21,418.23 million |
| Estimated CAGR (2024 to 2034) | 26.30% |
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