Silicon Carbide Market Size, Share, Opportunities, And Trends By System Type (Sintered Silicon Carbide, Nitride Bonded Silicon Carbide, Reaction Bonded Silicon Carbide), By Application (Brakes & Clutches, Solar Panels, Turbines, Semiconductors, Deoxidizing Agent, Light Emitting Diodes, Others), By Industry Vertical (Automotive, Energy, Steel Industry, Electronics, Others), And By Geography - Forecasts From 2023 To 2028

Silicon Carbide Market is projected to grow at a CAGR of 28.43% to reach US$10.487 billion in 2028 from US$1.82 billion in 2021.

Market Overview:

A semiconductor base material made of pure silicon and pure carbon is known as silicon carbide or SiC. SiC is being aggressively developed by many manufacturers for use in data centers, solar energy systems, and electric vehicles, among other things. High voltages and high temperatures are produced by each of these efficiency-focused systems. To cut carbon emissions brought on by power inefficiencies at higher voltages, there is a major global drive to adopt SiC instead of alternative materials. Even though solar energy and electric vehicles are leading the way in the use of SiC.

Growth Factors:

• Expansion in the semiconductor industry eventually boosts SiC demand

A significant contribution to the electromobility breakthrough and support for digitalization in the industrial sector is made by silicon carbide semiconductors, which help advance the power electronics in batteries and sensors. They are made to be lightweight, strong, and very effective. In several crucial applications, silicon carbide (SiC) semiconductors process electricity more effectively than conventional semiconductors. According to the Semiconductor Industry Association, China dominated the semiconductor industry in 2021 with total chip sales of USD 192.5 billion, a rise of 27.1% from the previous year (Source: Semiconductor.org). Major chipmakers are also making large investments in the nation to increase chip production thereby opening new facilities. Also, Wolfspeed, Inc., the industry pioneer in Silicon Carbide technology, formally launched its cutting-edge Mohawk Valley Silicon Carbide fabrication facility in Marcy, New York, in April 2022. By officially opening this brand-new chip fabrication facility, they are establishing New York as the country's leading semiconductor production center. The growth in the semiconductor market will eventually result in high demand for silicon carbide.

• Growth in the automotive industry

SiC has gained popularity in the automobile industry because of the need for superior quality, dependability, and efficiency. SiC is adept at meeting high-voltage requirements. By improving the efficiency of the entire system, particularly the inverter system, silicon carbide has the potential to extend the range of electric vehicles. This is because it conserves more energy overall for the vehicle and reduces the size and weight of the battery management systems. For instance, a pioneer in developing and producing cutting-edge semiconductor materials, Soitec (Euronext Paris) showed its first 200mm silicon carbide SmartSiC wafer in May 2022. With the release, Soitec can expand its line of SiC products beyond 150mm, advance the research and development of its SmartSiC wafers, and meet the expanding needs of the automobile industry.

• Increasing efficiency in the solar power industry

Solar-generated direct current is transformed by inverters into alternating current that is compatible with the grid. A portion of the energy used for conversion is wasted as heat. Modern silicon inverters have an efficiency of 98%, whereas SiC inverters can function at roughly 99% over a wide range of power levels and can produce frequency with the highest quality. Although the 1% improvement in efficiency may not seem like much, it represents a 50% reduction in energy loss. A 1% improvement in efficiency would result in 600 megawatts of extra solar power per year and cost savings throughout the device, given that there are 60 gigawatts of installed solar power in the United States (Source: energy.gov). The development of extremely effective solar PV for residential use is one area in particular where Silicon Carbide has had a favourable influence on the sustainability of solar power generation designs. For instance, lighter, more compact, and more effective solar inverters are made possible by substituting a 650V SiC MOSFET for a Si MOSFET. In comparison to silicon, this also results in a significant decrease in system losses and a cheaper cost per watt. Additionally, compared to their Silicon counterparts, Silicon Carbide MOSFETs produce less heat.

Key developments:

• September 2022: Three silicon carbide (SiC)-based power modules in transfer molded technology have been released by Onsemi, a pioneer in intelligent power and sensing technologies, and are designed for use in on-board charging and high voltage (HV) DCDC conversion in all sorts of electric vehicles (EV). The APM32 series is the first of its type and is created exclusively for high-power 11-22kW onboard chargers. It incorporates SiC technology into a transfer molded packaging to increase efficiency and reduce charge time for EVs.
• April 2022: A new CoolSiC technology is presented by Infineon Technologies AG. The popular Easy module family, combined with discrete packages, is used to implement the cutting-edge silicon carbide (SiC) chip in a vastly expanded range. High flexibility is provided by the M1H chip, which makes it ideal for solar energy systems with inverters that must satisfy peak demand.
• January 2022: There are two silicon carbide (SiC) MOSFET Dual Modules that have been released by Toshiba Electronic Devices & Storage Corporation. The new modules can be mounted alongside popular silicon (Si) IGBT modules. Their low energy loss properties are ideal for industrial equipment, such as converters and inverters for rail cars, and renewable energy power generation systems, which require higher efficiency and smaller sizes.

Covid-19 impact

We were able to work remotely, learn remotely, treat illnesses remotely, place online orders for commodities, and keep connected over the past year while the COVID-19 epidemic was still sweeping the globe. Semiconductors allowed the wheels of the world's economy, healthcare system, and general civilization to keep turning as much of the world went dark. While this industry among one of the silicon carbide factories has experienced considerable success in 2021, there are still many obstacles to overcome. The most notable of these is the widespread global scarcity of semiconductors. A rippling supply-demand mismatch was felt all over the world as a result of the unanticipatedly growing demand for semiconductors required for the pandemic response and major changes in chip demand for other items like vehicles. The semiconductor industry will be shipping more semiconductors every month than ever before which will increase the demand for silicon carbide thanks to deliberate efforts to enhance output in response to rising demand.

Silicon Carbide Market Scope:

Segmentation

• By type
  • Sintered Silicon Carbide
  • Nitride Bonded Silicon Carbide
  • Reaction Bonded Silicon Carbide
• By application
  • Brakes & Clutches
  • Solar Panels
  • Turbines
  • Semiconductors
  • Deoxidizing Agent
  • Light Emitting Diodes
  • Others
• By industry vertical
  • Automotive
  • Energy
  • Steel Industry
  • Electronics
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others