According to a recent report published by Allied Market Research, titled, Silicon Carbide Power Semiconductors Market: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global silicon carbide power semiconductors market was valued at $302 million in 2017 and is projected to reach $1,109 million by 2025, registering a CAGR of 18.1% from 2018 to 2025.
At present, the Asia-Pacific dominates the market, followed by Europe and North America. China dominated the global silicon carbide power semiconductors market in 2017, while the UK is expected to lead at a significant growth rate in Europe during the forecast period, i.e., 2018-2025.
The major advantages of silicon carbide power semiconductors over traditional silicon semiconductors are their wider bandgap, higher breakdown electric field, thermal conductivity, and saturated electron drift velocity. These properties enable SiC devices to operate at higher temperatures, withstand very high voltages, minimize energy loss, and operate at high frequencies (RF and microwave). Moreover, the high switching frequency of SiC power devices allows the size of the power electronics system to be comparatively smaller than power modules designed with silicon devices.
Increasing demand for efficient power electronics across various industry verticals, such as automotive, industrial, IT & telecom, electronics, and aerospace & defense, drives the growth of silicon carbide power semiconductors. Moreover, there is growing demand for efficient power electronics systems in renewable energy systems such as solar and wind energy power plants. The installation of renewable energy systems has been increasing, owing to the increased government support and initiatives. This drives the market for silicon carbide power semiconductors. In addition, with the increasing government support for the penetration of electric vehicles, there is growing demand for SiC power devices in automotive electronics, fueling the silicon carbide power semiconductors market. The establishment of 5G infrastructure during the forecast period is expected to provide lucrative opportunities for the growth of silicon carbide power semiconductors.
Key Findings of the Silicon Carbide (SiC) Power Semiconductors Market:
- The power product segment generated the highest revenue in terms of power module for the global silicon carbide power semiconductors market in 2017.
- In 2017, the IT & telecom segment was the highest revenue contributor in the industry vertical category.
- The Asia-Pacific region is anticipated to exhibit the highest CAGR during the forecast period.
- In 2017, the Asia-Pacific contributed the highest market revenue, followed by Europe, North America, and LAMEA.
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.