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 Forecast 2020-2031

Silicon Carbide Market size was valued at US$ 4,797.5 million in 2024 and is expected to reach US$ 10,539.6 million by 2031, growing at a significant CAGR of 11.9% from 2025-2031. 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.