Silicon Carbide Market size to hit USD 29 Bn. by 2030 at a CAGR 29.3 percent says Maximize Market Research

Silicon Carbide Market size to hit USD 29 Bn. by 2030 at a CAGR 29.3 percent says Maximize Market Research
Silicon Carbide Market
Global Silicon Carbide Market size was valued at USD 4.8 Bn. in 2023 and the total Silicon Carbide revenue is expected to grow by 29.3% from 2024 to 2030, reaching nearly USD 29 Bn.

Global Silicon Carbide Market in Asia Pacific is to grow rapidly during the forecast period. Global Silicon Carbide Market analysis has been done by dividing the market into two main segments: Component and Application.

Maximize Market Research a leading Electronics research firm has published a market intelligence report on the Global Silicon Carbide Market. As per the report, the total market opportunity by 2030 is expected to be USD 29 Bn. The total market was valued at USD 4.8 Bn. in 2023 and it is expected to grow at a CAGR of 29.3 percent during the forecast period.

Market Size in 2023: USD 4.8 Billion

Market Size in 2030: USD 29 Billion

CAGR: 29.3 percent

Forecast Period: 2024-2030

Base Year: 2023

Number of Pages: 224

No. of Tables: 135

No. of Charts and Figures: 190

Segment Covered: By Product Type and Application

Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

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Silicon Carbide Market Report Scope and Research Methodology

The research methodology for the Silicon Carbide Market has a main part, ensuring that the analysis is complete and correct. The first step starts with setting limits and goals for the study; this might involve deciding which regions or areas to look at, what parts of applications to consider, as well as identifying market forces driving demand. The second step includes gathering data from primary and secondary sources thoroughly. Primary research is the process of collecting information straight from industry experts, important people in the project, and those who are active in the market. It is done using methods like surveys, interviews, or focus groups.

Secondary research, on the other hand, is about data that already exists. This is done by looking at industry reports, company websites, and official publications from the government or academic journals. The main purpose of this type of research is to confirm findings from primary sources, widen the analysis scope, and bring in the historical background for understanding market movements at present.

Silicon Carbide Market Overview

Silicon carbide (SiC) is a compound consisting of silicon and carbon atoms, known for its strong properties such as good heat conductivity, strength, and resistance to corrosion or wear. It provides enhanced functionality compared to standard materials and thus finds application across various industrial sectors. In the market of silicon carbide, some companies manufacture and sell this material in forms such as grains, powders, or wafers. The growth trend is connected to a higher demand for superior-quality materials across various sectors. People desire silicon carbide due to its special features such as it boasts great thermal conductivity combined with strength plus the capability to withstand harsh settings.

Silicon Carbide Market Dynamics

SiC, which displays superior thermal conductivity and a wide bandgap, is highly beneficial for applications requiring energy efficiency. The increasing requirement of energy-saving devices in various sectors such as automotive, power electronics, or renewable power sources has led to the utilization of SiC-based solutions. As the world moves towards electric mobility, there is predicted to be more need for SiC-based power electronics inside vehicles.

Silicon Carbide (SiC) is greatly efficient and reliable in renewable energy systems, specifically for components such as solar inverters or wind turbines. Its high efficiency and dependability make it a favored selection in these systems. With the global rise of renewable energy usage, there may be more demand for power electronics using SiC. The trend is explained because the recognition of how the silicon carbide industry enhances energy conversion and system effectiveness is growing. The coming of 5G networks has increased the requirement for components that handle high frequencies and power levels. Devices built with SiC demonstrate unique advantages in this field, such as less loss of power and more operating frequencies.

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Silicon Carbide Market Regional Insights

The Silicon Carbide Market was dominated by the Asia Pacific region and held the largest market share in the year 2023. The Asia-Pacific region is a big player in the global SiC semiconductors industry. The countries from these regions are the key manufacturing centers for SiC wafers, devices, and components. The swift growth of industries like electric vehicles (EV), consumer electronics (CE), and telecommunications has also resulted in an increasing requirement for SiC-based semiconductor solutions within this region. China, as the primary Silicon Carbide exporter, and Japan with South Korea emerging as major powers in the worldwide semiconductor industry have witnessed notable economic advancement in this region. In context with silicon carbide manufacturing capabilities, it has seen dynamic progress over a decade that encourages the establishment of downstream sectors that further elevate SiC penetration in this area. The United States, Germany, Japan, South Korea, India, and Poland are the top importers of the silicon carbide market.

Silicon Carbide Market Segmentation

By Product Type

  • Black Silicon Carbide
  • Green Silicon Carbide
  • Others

The silicon carbide (SiC) market is segmented by product type into two main sections, which are Green SiC and Black SiC. The Green SiC, produced from petroleum coke and silica sand, has a very good hardness and resistance to abrasion. This makes it useful for making abrasive tools, grinding wheels, or being used as refractory material among other things. It is also notable that Black SiC, which comes from petroleum coke and silica sand and is made by smelting, has qualities like superb heat conduction along with limited growth under high temperatures; these features are advantageous for its use in areas connected to abrasives as well as those of refractories and metallurgical industry.

By Application

  • Steel
  • Automotive
  • Aerospace
  • Military & Defense
  • Electrical & Electronics
  • Healthcare
  • Others

In the silicon carbide (SiC) market, segmentation is based on application. This includes key sectors such as Power Electronics, Steel, Automotive as well as Aerospace and Defense. The power electronics section is among the broadest used applications. SiC-based power devices are gaining prominence due to their enhanced efficiency, better heat management, and superior power density when compared with traditional semiconductor materials reliant exclusively on silicon. The power electronics, which are SiC-based, have a broad utilization in electric vehicles (EVs), renewable energy systems, industrial power supplies, and grid applications.

Silicon Carbide Market Key Competitors include:

  • Wolfspeed
  • ON Semiconductor Corporation
  • United Silicon Carbide Inc.
  • GeneSiC Semiconductor Inc.
  • Alpha and Omega Semiconductor
  • Littelfuse Inc.
  • Microsemi Corporation (Microchip Technology)
  • Powerex Inc.
  • General Electric Company
  • AGSCO Corporation
  • Infineon Technologies AG
  • STMicroelectronics N.V.
  • Ascatron AB
  • Danfoss Group
  • ROHM Co. Ltd.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • WeEn Semiconductors
  • Sumitomo Electric Industries Ltd.

Key questions answered in the Global Silicon Carbide Market are:

  • What is the expected CAGR of the Silicon Carbide Market during the forecast period?
  • What was the Silicon Carbide Market Size in 2023?
  • What is the expected Silicon Carbide Market size in 2030?
  • What are the global trends in the Silicon Carbide Market?
  • What are the upcoming industry applications and trends for the Silicon Carbide Market?
  • What recent industry trends can be implemented to generate additional revenue streams for the Silicon Carbide Market?
  • What growth strategies are the players considering to increase their presence in the Silicon Carbide Market?
  • What major challenges could the Silicon Carbide Market face in the future?
  • Who held the largest market share in the Silicon Carbide Market?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2023)
  • Past Pricing and price curve by region (2018 to 2023)
  • Market Size, Share, Size & Forecast by Different Segment | 2023−2030
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
  • Market Segmentation – A detailed analysis by Product Type and Application.
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

Maximize Market Research is leading Electronics research firm, has also published the following reports:

Semiconductor Materials MarketThe total market size was valued at USD 60.52 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 4.65 percent from 2024 to 2030, reaching USD 83.19 Bn. The technological advancement of wireless communication are driving the semiconductor materials market growth.

Semiconductor Components MarketThe total market size was valued at USD 729.35 Bn in 2023 and the total revenue is expected to grow at a CAGR of 6.5 percent from 2024 to 2030, reaching USD 1133.4 Bn. Technological advancements in the semiconductor industry are expected to drive market growth.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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