- Black SiC
- Green SiC
- Others
Silicon Carbide Market size is valued at USD 3,482.5 million in 2022 and is poised to grow at a CAGR of 11.9% from 2023 to 2029. The global market provides a detailed overview of the global silicon carbide market, and that can be segmented by product, by device, by crystal structure, by application, and by end user. By product, the global silicon carbide market has been segmented into Black SiC, Green SiC and Others. Black SiC segment is likely to be the largest and fastest-growing segment in terms of type. Based on device, the global silicon carbide market is segmented into SiC Discrete Devices, SiC MOSFET, SiC Diode, SiC Module, and Thyristors. Among these, the SiC Discrete Devices segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on crystal structure, the global silicon carbide market is segmented into Zinc Blende (3C-SIC), Wurtzite (4H-SIC), Wurtzite (6H-SIC) and Rhombohedral (15R-SIC). The Zinc Blende (3C-SIC) segment accounts for the largest share in 2021. Based on the application, the segment has been segregated into Power Grid Device, RF Device & Cellular Base Station, High-Voltage, Direct Current (HVCD), Flexible Ac Transmission Systems (FACTS), Lighting Control, Power Supply and Inverter, Flame Detector, Industrial Motor Drive, EV Motor Drive, Flame Detector, Electronic Combat System, Solar Energy, Wind Energy and Others.
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Growing demand for silicon carbide devices in power electronics, various advantages of silicone carbide such as higher mechanical, electrical and thermal properties than regular Silicon are anticipated to propel the market growth over the forecast years. Moreover, the growing investments by governments, private organizations, and manufacturers to increase SiC production is boosting the global market growth over the forecast years.
The fastest-growing segment of the global silicon carbide market is SiC discrete devices. It is attributed to the increasing demand for SiC discrete devices for various applications such as RF and cellular base station, power supplies, and inverters.
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.