The presence of a broad consumer base and high industrial virility in the region act as catalysts for the growth of the silicon carbide market.īreakdown of primaries The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. High adoption of silicon carbide in electric vehicles is anticipated to provide potential growth opportunities for silicon carbide vendors in the region. The majority of silicon carbide startups operating in North America cater mainly to the domestic market. North America is a home to major silicon carbide manufacturers and technology providers such as GeneSiC Semiconductor Inc., General Electric (US), and Microchip Technology Inc. North America is expected to witness the second highest CAGR of 36.1% during the forecast period. North America to register growth at second highest CAGR This adoption rate of EV is expected to have a growth in the coming years, with sales of ~21 million EVs by 2025. According to the World Economic Forum, 10.6 million electric vehicles were sold. Electric vehicle (EV) sales increased in every region as production increased, oil prices hiked and targeted policies to reduce vehicle emissions have become stringent. Its unique properties make it suitable for these applications, and SiC-based components are expected to play an important role in the future of EVs and other electric vehicles. SiC is gaining traction in automotive applications as the industry is shifting toward more efficient and sustainable transportation. The rising use of high-efficiency SiC devices in automotive applications increases the operating time of battery-powered vehicles and reduces electricity consumption at wireless base stations and similar applications. The rising adoption of EVs/HEVs and electrified powertrains will boost the demand for silicon carbide devices. Furthermore, its features such as reduced size and cost, increased switching frequency, and high switching speed are widely used in power supplies for photovoltaic (PV) power conditioners, industrial equipment, traction drives, and others.Īutomotive segment is likely to grow at higher CAGRĪutomotive segment is expected to experience the highest CAGR of 38.2% during the forecast period.
SiC modules improve the efficiency of the device, facilitating high-frequency operations above 100 kHz. These modules are used in DC-DC solar inverters. SiC modules provide power supply efficiency with simpler cooling measures, small peripheral components for higher frequency operation, and supreme endurance. SiC module segment is expected to experience the higher CAGR of 38.1% % during the forecast period.
SiC module segment by wattage to register growth at higher CAGR These wafers can be used in a variety of SiC devices as SiC MOFETS and SiC modules as they are 50% thinner than the standard silicon wafers. The market for >150 mm and above wafer size is still in the process of gaining traction, and there are very few players that offer and manufacture them. These fabrications take place in fully depreciated 150 mm fabs. Most SiC power electronics, such as Schottky barrier diodes and MOSFETs, are built using 150 mm wafers. The market for >150 mm wafers is expected to grow at a higher CAGR of 123.5% during the forecast period. >150 mm segment is expected to grow at higher CAGR during forecast period Higher mechanical, electrical, and thermal properties of SiC than regular silicon is driving the growth of the silicon carbide market, whereas availability of substitute materials such as gallium nitride are restraining the growth of silicon carbide market. The global silicon carbide market was valued at USD 1.8 billion in 2022 and is projected to reach USD 11.1 billion by 2028 it is expected to register a CAGR of 36.4% during the forecast period.
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