Market Outlook 2031
- The global SiC power device market size was valued at US$ 1.3 Bn in 2022
- It is estimated to expand at a CAGR of 19.3% from 2023 to 2031 and reach US$ 6.3 Bn by the end of 2031
Analysts’ Viewpoint
Silicon carbide (SiC) power devices have emerged as the most viable choice for next-generation, low-loss semiconductors due to their low on-resistance, superior high-frequency, high-temperature, and high-voltage performance. Silicon Carbide (SiC) allows designers to use fewer components, which further helps reduce design complexity. Silicon carbide (SiC) is gaining traction as an alternative material among manufacturers, as compared to silicon material, particularly in wide bandgap applications. This material provides a unique combination of higher power efficiency and withstand voltage, smaller size, lighter weight, and reduced total system cost.
Key manufacturers of SiC power devices are engaged in the development of various types of SiC power devices to improve power saving in applications across various end-use industries. Growing demand for smaller size, lower weight, and higher efficiency silicon carbide (SiC) power devices among various end-use manufacturers in Asia Pacific is projected to fuel the SiC power device market share held by the region in the upcoming years.
Introduction
Power semiconductor devices are extensively used for the management and control of electrical energy. The improved performance of power devices has resulted in cost savings and increased efficiency, leading to reduced use of fossil fuels and less environmental damage. Usage of SiC power semiconductors is anticipated to rise exponentially due to its critical efficiency properties, which enable cost savings while boosting system performance in numerous applications such as solar inverters, e-mobility, EV chargers, and motor drives.
Increase in Need for Highly Reliable Power Systems Driving Silicon Carbide (SiC) Power Device Market Growth
The need for high reliability power systems has created growth opportunity for manufacturers of SiC MOSFETs because they offer high efficiency in applications across various end-use industries. Efficiency is important along with robustness, compactness, and light weight for medium voltage conversion systems. These SiC properties contribute significantly to reducing overall system maintenance and operating costs.
Silicon Carbide allows lighter, smaller, and more cost-effective designs, converting energy more efficiently, and supports a wide range of end-use applications. For instance, WOLFSPEED, INC. Gen3, 3300 V Bare Die silicon carbide MOSFETs provide benefits at both die levels and the system.
Traction systems, industrial motor drives, and industrial uninterruptible power supplies (UPS), need high reliable power systems to work in harsh environment. Silicon carbide MOSFETs enable designers to build systems with higher efficiency, higher operating temperatures, smaller form factors, and reduced design complexity. Consequently, high demand for SiC MOSFETs due to their high reliability is anticipated to propel the SiC power device industry.
Rise in Demand for Silicon Carbide Power Devices from Automotive Sector
Power devices are an important component in hybrid and electric vehicles. Silicon carbide (SiC) holds great potential for numerous automotive applications, especially for battery electric vehicles. It can extend runtime per charge as compared to silicon, reduce battery charge time and contribute to the overall efficiency by providing the same runtime with less battery capacity and lighter weight.
Top automotive manufacturers such as Tesla and Toyota, are using silicon carbide (SiC) technology in their electric vehicles, which is estimated to boost the production of power devices in the semiconductor industry. For instance, according to India Brand Equity Foundation, in India, the electric vehicle market is estimated to reach US$ 7.09 Bn by 2025 and grow to reach US$ 206 billion by 2030. Consequently, the demand for silicon carbide (SiC) power devices is estimated to increase significantly in the near future.
For instance, in December 2022, STMicroelectronics launched silicon-carbide (SiC) high-power modules to increase the driving range and performance of electric vehicles. This new module is designed for vehicle manufacturers to develop electric vehicle traction applications.
High Demand for MOSFET SiC Power Devices
In terms of product type, the global SiC power device industry segmentation comprises diode, power module, MOSFETs, and gate driver. The MOSFETs segment held 32.13% share in 2022. It is likely to maintain the status quo and expand at a growth rate of 19.8% during the forecast period. MOSFETs offer superior performance, reliability, and ease of use for system designers. It provides higher temperature operation, an increased critical breakdown strength (10x that of silicon), reduced switching losses, and higher switching frequencies.
Therefore, components and devices that used silicon carbide (SiC) MOSFETs are more efficient, are easier to keep cool, have a higher current density, use smaller peripheral components (such as filters, inductors, capacitors, and transformers), and are more compact in size. Silicon carbide MOSFETs are highly reliable, more lightweight and rugged than traditional silicon counterparts.
Rise in Application of 600V – 1000V SiC Power Devices
In terms of voltage, the 600V-1000V segment held 31.89% of the global SiC power device market share in 2022. It is likely to maintain the status quo and expand at a growth rate of 19.8% during the forecast period. 600V-1000V dominates the global SiC Power Device market because it supports the need for DC power supplies ranging from several hundred watts to tens of kilowatts, which includes applications such as solar inverters, automotive traction inverters, electric vehicle (EV) charging, uninterruptible power supplies (UPSs) and server power supply units (PSUs).
Regional Outlook
According to the latest regional SiC power device market analysis, Asia Pacific held a prominent share of 44.23% of the global market in 2022. North America accounted for 26.12% share in 2022.
Asia Pacific dominated the global SiC power device business due to high demand from electronics and semiconductor, automotive, medical, and others industries in the region. Additionally, increasing demand for SiC power devices from overseas countries in North America and Europe are estimated to positively impact the Asia Pacific SiC power device market forecast.
The North America market is anticipated to grow during the forecast period, as major players in the region are focusing on the introduction of new products and forming strategic partnerships to expand their business.
Analysis of Key Players in SiC Power Device Market
The global SiC power device business is consolidated with a small number of large-scale vendors controlling a majority of the market share. Majority of companies are following the latest market trends and spending significantly on expansion of product portfolios and mergers and acquisitions. Key players are focusing on product launches, and developing a worldwide distribution network to increase their market share. Coherent Corp, Fuji Electric Co., Ltd, Infineon Technologies AG, Microchip Technology Inc., Mitsubishi Electric Corporation, ON Semiconductor Corp, Renesas Electronics Corporation, ROHM Co. Ltd, Toshiba Electronic Devices & Storage Corporation, WOLFSPEED, INC, are a few prominent companies operating in the global market.
Key Developments
- In March 2023, Mitsubishi Electric Corporation announced that it had constructed a new wafer plant to increase manufacturing of silicon carbide (SiC) power semiconductors to boost its SiC power semiconductor business. The new wafer plant is expected to help respond fast due to increasing demand for SiC power semiconductors for electric vehicles.
- In December 2022, Toshiba Electronic Devices & Storage Corporation developed SiC metal oxide semiconductor field effect transistor (MOSFET) to offer both low on-resistance and high reliability.
- In March 2022, Microchip Technology unveiled 3.3 kV Silicon Carbide (SiC) power devices. This is estimated to help designers to develop lighter, smaller, and efficient solutions for renewable energy, electrified transportation, aerospace, and industrial applications.
Key players in the SiC power device market report have been profiled based on various parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
1. Preface
- Market and Segments Definition
- Market Taxonomy
- Research Methodology
- Assumption and Acronyms
2. Executive Summary
- Global SiC Power Device Market Overview
- Regional Outline
- Industry Outline
- Market Dynamics Snapshot
- Competition Blueprint
3. Market Dynamics
- Macro-economic Factors
- Drivers
- Restraints
- Opportunities
- Key Trends
- Regulatory Framework
4. Associated Industry and Key Indicator Assessment
- Parent Industry Overview - Global Semiconductor Industry Overview
- Supply Chain Analysis
- Pricing Analysis
- Technology Roadmap
- Industry SWOT Analysis
- Porter’s Five Forces Analysis
5. Global SiC Power Device Market Analysis, by Product Type
5.1. SiC Power Device Market Size (US$ Bn) and Volume (Billion Units) Analysis & Forecast, by Product Type, 2017-2031
- Diode
- Power Module
- MOSFETs
- Gate Driver
5.2. Market Attractiveness Analysis, by Product Type
6. Global SiC Power Device Market Analysis, by Voltage
6.1. SiC Power Device Market Size (US$ Bn) and Volume (Billion Units) Analysis & Forecast, by Voltage, 2017-2031
- Up to 600V
- 600V- 1000V
- 1000V -1500V
- Above 1500V
6.2. Market Attractiveness Analysis, by Voltage
7. Global SiC Power Device Market Analysis, by Application
7.1. SiC Power Device Market Size (US$ Bn) Analysis & Forecast, by Application, 2017-2031 Inverter/Converter
- Power Supply
- Motor Drive
- Photovoltaic/Energy Storage Systems
- Flexible AC Transmission Systems (FACTs)
- RF Devices & Cellular Base Stations
- Others
7.2. Market Attractiveness Analysis, by Application
8. Global SiC Power Device Market Analysis, by End-use Industry
8.1. SiC Power Device Market Size (US$ Bn) Analysis & Forecast, by End-use Industry, 2017-2031
- Aerospace & Defense
- Consumer Electronics
- IT & Telecommunication
- Automotive & Transportation
- Others
8.2. Market Attractiveness Analysis, by End-use Industry
9. Global SiC Power Device Market Analysis and Forecast, by Region
9.1. SiC Power Device Market Size (US$ Bn) and Volume (Billion Units) Analysis & Forecast, by Region, 2017- 2031
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
9.2. Market Attractiveness Analysis, by Region
10. North America SiC Power Device Market Analysis and Forecast
10.1. Market Snapshot
10.2. SiC Power Device Market Size (US$ Bn) and Volume (Billion Units) Analysis & Forecast, by Product Type, 2017-2031
- Diode
- Power Module
- MOSFETs
- Gate Driver