New report published by QY Research which offers insights on the global Silicon Carbide Power Semiconductors market. The Silicon Carbide Power Semiconductors market has been experiencing steady growth graph since past years. During the 2017-2025 timeline, the global market for Silicon Carbide Power Semiconductors is expected to reflect a 3.7x increase in the revenue growth. In 2017 the global Silicon Carbide Power Semiconductors market was valued at US$ 316 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 1,164 Mn growing at a value CAGR of 17.68% throughout the period of forecast.
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Global Silicon Carbide Power Semiconductors Market: Market Driver and Restraint
Silicon carbide is a semiconductor developed by the combination of silicon and carbon. It exhibits a level of hardness that is approximately equivalent to a diamond, which enables SiC semiconductors to operate in extreme conditions. Moreover, characteristics of silicon carbide such as higher breakdown electric field strength, wider band gap, lower thermal expansion, and resistance to chemical reaction, enable it to gain an edge over traditional silicon semiconductors in the power semiconductors market. The energy required by silicon carbide electrons to jump from the valence band to the conduction band is three times to that of the silicon power semiconductor. This property enables SiC-based electronic devices to withstand higher voltages and temperatures than their silicon counterparts. Furthermore, they carry much higher current, i.e., almost five times that of their silicon counterparts; therefore, they offer lower switching loss and lower ON resistance, which results in lower power loss.
Growing demand for power electronics that drives the growth of the SiC power devices market. Power electronics ensures control and conversion of electrical power effectively and efficiently. Increasing demand for power electronics across various industry verticals, such as aerospace, medical, and defense, plays a crucial role in increasing the adoption of SiC power devices. Moreover, growing demand for SiC-based photovoltaic cells in developing countries, including China, Brazil, and India, fuels the growth of SiC-based power semiconductors. One of the major restraints associated with this market is the huge wafer cost required for producing silicon carbide-based semiconductors. Moreover, challenges associated with designing of SiC MOSFETs are impediments in the production of SiC power semiconductors.
On the other hand, increase in the number of modern applications requiring SiC power devices offers lucrative opportunities for the market. In the automotive sector, traction inverters in electric vehicles are subjected to high thermal and load cycling. SiC has increased reliability and higher efficiency, ability to operate at higher temperatures, reduced size, and higher voltage capabilities, which make it ideal for application in the electric vehicle industry.
Global Silicon Carbide Power Semiconductors Market: Forecast by Type
On the basis of power module, the power product segment occupied the highest market share of 61.2% in 2017. According to industry vertical, use of silicon carbide power modules is expected to grow at the fastest CAGR of 20.5% in the automotive sector during the forecast period.
Global Silicon Carbide Power Semiconductors Market: Forecast by Region
In 2017, the Asia-Pacific region constituted the highest share in the global silicon carbide power semiconductors market. This region is expected to grow at the fastest rate during the forecast period.
Global Silicon Carbide Power Semiconductors Market: Key Players
The key players operating in the silicon carbide power semiconductors market are Infineon Technologies AG, Microsemi Corporation, General Electric, Power Integrations, Toshiba Corporation, Fairchild Semiconductor, STMicroelectronics, NXP Semiconductors, Tokyo Electron Limited, Renesas Electronics Corporation, ROHM, and Cree, Inc.
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