Silicon Carbide Market: By Product, By Device, By Wafer Type, By Application and Geography

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Silicon Carbide Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Black Silicon Carbide and Green Silicon Carbide), By Device (SiC Discrete Device, and SiC Module), By Wafer Type (Up To 150 mm, and less than 150 mm), By Application (Automotive, Energy and Power, Industrial, Transportation, Telecommunication, and Others) and Region

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Silicon Carbide Market size was valued at US$ 4,287.3 million in 2023 and is projected to grow at a CAGR of 11.9% from 2024 to 2030. The silicon carbide is a semiconductor material made of silicon and carbon used to create high-voltage devices such as electrical vehicles, power supplies, motor control circuits, and inverters. The key factor that will eventually grow the deployment of silicon carbide devices in EVs is the increasing demand for power electronics.

In addition, there is a growing demand for renewable energy systems with increasing initiatives and investments in silicon carbide for semiconductor devices. For instance, The United States Department of Energy, an advanced research projects agency energy has announced huge funding of US$ 30 million for 21 projects as part of creating new innovative and reliable circuits using semiconductors. Also, the competition in the electric vehicle in the automobile industry will help to provide certain advantages to silicon carbide-based devices.

However, the high efficacy of the alternative technologies for power electronics and the high cost of silicon carbide devices will affect the market growth. Furthermore, the market growth of silicon carbide for semiconductor devices has registered significant growth in the automotive industry. Advancements such as industrial automation and robotics provides  huge opportunities for the silicon carbide for the semiconductor devices industry.

Silicon Carbide Market Key Developments:

  • In Dec 2023, STMicroelectronics N.V. made an agreement with Li Auto, a China-based manufacturer of premium electric vehicles. By this agreement, STMicroelectronics will supply SiC MOSFET devices to support Li Auto's strategy around high voltage battery electrical vehicles in various segments of the market.
  • In Sep 2022, one of the world's leading producers of semiconductor wafers, SK Siltron, said in that it will invest US$ 1.65 billion by 2026. At the Gumi National Industrial Complex, new wafer manufacturing facilities will be established with US$ 0.7 billion of this investment
  • In May 2022, SK Siltron expanded its business with its newly built factory in Bay City, USA. This development is expected to allow for the annual manufacture of over 100,000 silicon carbide sheets.
  • In Aug 2022, Infineon Technologies AG and II-VI Incorporated signed a multi-year supply agreement for silicon carbide (SiC) wafers. In Sept 2022, On Semiconductor announced that it is expanding its silicon carbide (SiC) facility in Roznov, Czech Republic.

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Global Silicon Carbide Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

11.9%

Largest Market

North-America

Fastest Growing Market

Asia-Pacific

Silicon Carbide Market Dynamics

As industrial automation and robotics depend on high-performance electronic components, they are important market drivers for silicon carbide (SiC). SiC is superior to conventional silicon-based devices in several ways, including better power density, quicker switching rates, and increased efficiency in industrial automation and robotics applications.

Furthermore, strong performance and dependability are required from electronic components in industrial applications due to their harsh conditions. SiC is ideally suited for use in industrial automation and robotics applications due to its resistance to high temperatures, voltage spikes, and demanding working conditions. Automation technologies are being used by companies more and more to increase productivity and reduce operational costs for industries. In response to the growing need for clean technology, several companies are venturing into the SiC power semiconductor sector.

For instance, the State University of New York Polytechnic Institute (SUNY Poly) spin-off NoMIS Power Group stated in April 2021 that it intends to design, produce, and market SiC power semiconductor devices, modules, and services for offering assistance to power management product developers.

Global Silicon Carbide Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 4,287.3 million

Market CAGR

11.9%

By Product

  • Black Silicon Carbide
  • Green Silicon Carbide

By Wafer Type

  • Up TO 150 mm
  • less than 150 mm

By Device Type

  • SiC Discrete Device
    • SiC MOSFETs
    • SiC Diodes
  • Sic Module

By Application

  • Automotive
  • Energy and power
  • Industrial
  • Transportation
  • Telecommunication
  • Others

Key Features of the Report

  • The silicon carbide market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenarios.

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Frequently Asked Questions

The global silicon carbide market size was valued at US$ 4,287.3 million in 2023 and is projected to grow at a CAGR of 11.9% from 2024 to 2030.

Increasing demand for hybrid and electric cars are the key opportunity in the global market. The demand for silicon carbide will increase due to reduce consumption of fossil fuels and awareness about sustainable solution.

Growing demand for silicon carbide in power electronics, inverters will drive the global market growth. However, high material and fabrication cost may hamper the global market growth.

The growing prices of raw materials can hamper the global market growth. There are many factors in making it costlier such as lesser number of foundry and fab facilities. Moreover, the assembly, testing, and packaging, are costlier due to the lack of advanced technology.

The growing demand for electrical vehicles, the rapid expansion of renewable energy sources, and the increasing adoption of industrial automation and robotics are some key factors fueling the market growth.

1.Executive Summary
2.Global Silicon Carbide Market Introduction 
2.1.Global Silicon Carbide Market  - Taxonomy
2.2.Global Silicon Carbide Market  - Definitions
2.2.1.Product
2.2.2.Wafer Type
2.2.3.Device type
2.2.4.Application
2.2.5.Region
3.Global Silicon Carbide Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Silicon Carbide Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Silicon Carbide Market  By Product, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Black Silicon Carbide
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Green Silicon Carbide
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
6.Global Silicon Carbide Market  By Wafer Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Up TO 150 mm
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. less than 150 mm
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
7.Global Silicon Carbide Market  By Device type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. SiC Discrete Device
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Sic Module
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
8.Global Silicon Carbide Market  By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. Automotive
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Energy and power
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Industrial
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Transportation
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Telecommunication
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
8.6. Others
8.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.6.3. Market Opportunity Analysis 
9.Global Silicon Carbide Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. North America
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.1.3. Market Opportunity Analysis 
9.2. Europe
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.2.3. Market Opportunity Analysis 
9.3. Asia Pacific (APAC)
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.3.3. Market Opportunity Analysis 
9.4. Middle East and Africa (MEA)
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.4.3. Market Opportunity Analysis 
9.5. Latin America
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.5.3. Market Opportunity Analysis 
10.North America Silicon Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Black Silicon Carbide
10.1.2.Green Silicon Carbide
10.2.  Wafer Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Up TO 150 mm
10.2.2.less than 150 mm
10.3.  Device type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.SiC Discrete Device
10.3.2.Sic Module
10.4.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Automotive
10.4.2.Energy and power
10.4.3.Industrial
10.4.4.Transportation
10.4.5.Telecommunication
10.4.6.Others
10.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.5.1.United States of America (USA)
10.5.2.Canada
11.Europe Silicon Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Black Silicon Carbide
11.1.2.Green Silicon Carbide
11.2.  Wafer Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Up TO 150 mm
11.2.2.less than 150 mm
11.3.  Device type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.SiC Discrete Device
11.3.2.Sic Module
11.4.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.Automotive
11.4.2.Energy and power
11.4.3.Industrial
11.4.4.Transportation
11.4.5.Telecommunication
11.4.6.Others
11.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.5.1.Germany
11.5.2.France
11.5.3.Italy
11.5.4.United Kingdom (UK)
11.5.5.Spain
12.Asia Pacific (APAC) Silicon Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Black Silicon Carbide
12.1.2.Green Silicon Carbide
12.2.  Wafer Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Up TO 150 mm
12.2.2.less than 150 mm
12.3.  Device type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.SiC Discrete Device
12.3.2.Sic Module
12.4.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.Automotive
12.4.2.Energy and power
12.4.3.Industrial
12.4.4.Transportation
12.4.5.Telecommunication
12.4.6.Others
12.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.5.1.China
12.5.2.India
12.5.3.Australia and New Zealand (ANZ)
12.5.4.Japan
12.5.5.Rest of APAC
13.Middle East and Africa (MEA) Silicon Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Black Silicon Carbide
13.1.2.Green Silicon Carbide
13.2.  Wafer Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Up TO 150 mm
13.2.2.less than 150 mm
13.3.  Device type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.SiC Discrete Device
13.3.2.Sic Module
13.4.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Automotive
13.4.2.Energy and power
13.4.3.Industrial
13.4.4.Transportation
13.4.5.Telecommunication
13.4.6.Others
13.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.5.1.GCC Countries
13.5.2.South Africa
13.5.3.Rest of MEA
14.Latin America Silicon Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
14.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.1.1.Black Silicon Carbide
14.1.2.Green Silicon Carbide
14.2.  Wafer Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.2.1.Up TO 150 mm
14.2.2.less than 150 mm
14.3.  Device type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.3.1.SiC Discrete Device
14.3.2.Sic Module
14.4.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.4.1.Automotive
14.4.2.Energy and power
14.4.3.Industrial
14.4.4.Transportation
14.4.5.Telecommunication
14.4.6.Others
14.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.5.1.Brazil
14.5.2.Mexico
14.5.3.Rest of LA
15. Competition Landscape
15.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
15.2.1.STMicroelectronics N.V.
15.2.2.Semiconductor Components Industries
15.2.3.WOLFSPEED, INC
15.2.4.ROHM Co Ltd
15.2.5.Fairchild Semiconductor International, Inc
15.2.6.Fuji Electric Co, Ltd
15.2.7.Littelfuse, Inc
15.2.8.Microsemi Corporation (Microchip Technology Inc)
16. Research Methodology 
17. Appendix and Abbreviations 

Key Market Players

  • STMicroelectronics N.V.
  • Semiconductor Components Industries
  • WOLFSPEED, INC
  • ROHM Co Ltd
  • Fairchild Semiconductor International, Inc
  • Fuji Electric Co, Ltd
  • Littelfuse, Inc
  • Microsemi Corporation (Microchip Technology Inc)

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