SiC Wafer Market is projected to grow at a CAGR of 21.60% to reach US$1.299 billion in 2029

sic wafer market

The SiC wafer market is expected to grow at a CAGR of 21.60% with a market valuation of US$0.331 billion in 2022 and is expected to reach a market value of US$1.299 billion by 2029.

The production of SiC wafers has been steadily increasing over the years and the industry has been booming in recent times with its applications increasing in demand. For instance, factors such as rapid growth in the automotive industry need shorter charge times, longer ranges, and better performance. Also, it has benefits in various industries such as its high thermal conductivity, low switching losses, improved power density, increased bandwidth capabilities, and effective and efficient functioning at high temperatures. The production is predicted to rise with increasing applications of SiC wafers.

As per the report, the SiC wafer market is expected to grow significantly.

Silicon carbide semiconductors better known as SiC Wafers have a wide bandgap of silicon carbide which makes it perfectly compatible with high-power applications. SiC wafers are widely used in several industries due to their hardness, stability under heat and high voltage current, and wide bandgap. It was discovered in 1893 as an industrial abrasive for automotive brakes and grinding wheels. Also, the hardness of SiC as it is the second hardest material in the world provides stability under high voltage current and heat, this material is being widely used in several industries.

The development and innovation in semiconductor technology across several industries is one of the growth factors in the SiC wafers market. The traditional silicon-based power semiconductors are outdated now and new SiC power semiconductors outperform them and are compatible with current industry standards. They help power modules become smaller and more energy-efficient. Most power semiconductor devices have 6-inch diameter but innovations are being made for 8-inch diameter power semiconductors. Also, the rise in demand for solar energy is leading to a lot of research and development to be done to harness its power efficiently. For instance, key players in the ecosystem industry provide SiC devices for solar power systems such as ON Semiconductor and WOLFSPEED INC. with a wide range of such as SiC diodes and SiC MOSFETs. Further, In September 2022, AIXTRON announced the release of their next-generation G10-SiC 200 mm silicon carbide epitaxy product solution which is based on the proven G5 WW C 150 mm platform, and the new G10-SiC system provides a dual wafer size option that may be customized.

Renewable energy alternatives are a huge trend in the market these days as people are switching over to more sustainable options for responsible power generation and creating a sustainable future. Solar power is one of the fastest-growing renewable energy resources among users and industries. But to use this energy resource, the precision and reliability should be very high. In recent years, there has been a notable increase in the production of SiC wafers in emerging economies with technological advancements in various fields. They have a diverse set of end-users and can cater to all their needs for instance, the SmartSiC technology from Soitec allows power electronics equipment to increase the energy economy of electric vehicles and work much better. SiC power semiconductor helps power modules become more energy-efficient and smaller.

The SiC wafer market can be categorized into 3 main sizes: 2 to 4 inches, 6 inches, and 8 to 12 inches. The 6-inch wafer size category is anticipated to show the most growth in the silicon carbide or SiC wafer market as they provide scalability and cost-effectiveness to the manufacturers to produce their devices and improve the overall efficiency and functioning of the device. Hence, the SiC market is anticipated to grow over the forecast period with the availability of different sizes of SiC wafers catering to different end-user’s needs.

The SiC wafer market can be segmented based on the application, namely communication, power & energy, automotive, and consumer electronics. The silicon carbide or SiC wafer market is anticipated to grow significantly in the power and energy segment. SiC wafers are becoming more and more popular in the power and energy industry because of their outstanding qualities, which include wide bandgap and high thermal conductivity. Hence, the growth in renewable power energy sources and a wide variety of applications for SiC wafers across the globe is predicted to grow the market for SiC wafers in the forecast period.

The silicon carbide (SiC) wafer market is expanding significantly in the Asia Pacific area due to several important factors. The need for SiC wafers in a variety of applications is due to the region’s rapid industrialization, especially in nations like China, Japan, South Korea, and Taiwan. The Asia Pacific region which has major key players offering silicon carbide devices such as Toshiba Corporation from Japan, TanKeBlue Co. Ltd. From China, and Renesas Electronics Corporation from Japan are making significant innovations in SiC wafers technology which will increase its demand in the market globally and in the Asia Pacific region. Also, the growing innovations in the automotive industry and electric vehicle’s popularity among people is what will create various new opportunities for innovation in SiC wafer technology.

The market for SiC wafers is supported by key players such as Wolfspeed Inc., STMicroelectronics, Infineon Technologies, TankeBlue, Atecom Technology Co Ltd, SK Siltron Co Ltd, SiCrystal GmbH, Xiamen Powerway Advanced Material Co Ltd and Silicon Valley Microelectronics Inc.

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This analytics report segments the SiC wafer market on the following basis:

  • By Size
    • 2 to 4 inches
    • 6 inches
    • 8 to 12 inches
  • By Application
    • Communication
    • Power & Energy
    • Automotive
    • Consumer Electronics
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Others