From GlobeNewswire: 2024-11-12 09:06:00

The Silicon Carbide market was valued at USD 3.34 Billion in 2023 and is projected to reach USD 7.64 Billion by 2032, growing at a CAGR of 9.68%. Demand is driven by applications in industrial and EV sectors, with major players like Cree, Infineon, and STMicroelectronics leading the market.

Silicon Carbide offers high thermal conductivity, hardness, and electrical conductivity, making it popular in power electronics, automotive components, and industrial machinery. SiC technology boosts EV powertrain efficiency, with Tesla utilizing it to increase driving range by 10% and reduce energy losses by up to 50%.

Black Silicon Carbide dominated revenue in 2023, driven by industrial applications like abrasives and steel production. Green SiC is expected to grow rapidly due to its high purity and performance in advanced electronics, especially in power devices for electric vehicles and renewable energy systems.

Asia Pacific leads the SiC market, with a 56% share in 2023, driven by strong manufacturing bases in China, Japan, South Korea, and India. The region’s focus on EVs, renewables, and advanced manufacturing propels SiC growth, especially in solar inverters and EV charging infrastructure.

Recent developments include STMicroelectronics launching fourth-generation SiC MOSFET technology for advanced power applications, and Wolfspeed introducing a 2300V baseplate-less SiC power module for renewable energy and fast-charging sectors. The SiC market is poised for further expansion with the increasing demand for energy-efficient solutions and advanced manufacturing technologies. The Silicon Carbide market is expected to see growth trends in production capacity, technology advancements, energy efficiency, and supply chain metrics by region from 2020 to 2023. The market segmentation by product and application, along with regional analysis, will provide a competitive landscape for companies in the industry.

For more information on the Silicon Carbide market growth outlook, visit the SNS Insider website. They are a leading market research and consulting agency providing clients with current and accurate market data, consumer insights, and opinions to make confident decisions in a changing market landscape. Contact [email protected] for customization research needs.



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