Global Silicon Carbide Semiconductor Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the global Silicon Carbide Semiconductor Market is expected to record a CAGR of 18.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 2,557.3 Million. By 2033, the valuation is anticipated to reach USD 11,783.1 Million.

The Silicon Carbide Semiconductor Market encompasses the production, distribution, and utilization of semiconductors made from silicon carbide, a wide bandgap material known for its superior electrical and thermal properties.

These semiconductors find application in various industries, including automotive, aerospace, power electronics, and telecommunications, due to their ability to operate at higher temperatures and voltages with lower power losses.

The market is driven by the increasing demand for energy-efficient and high-power electronic devices, as well as the ongoing advancements in silicon carbide semiconductor technology, propelling its adoption across diverse sectors.

Silicon Carbide Semiconductor Market – Significant Growth Factors

The Silicon Carbide Semiconductor Market presents significant growth opportunities due to several factors:

• Demand for Electric Vehicles (EVs): The shift towards electric mobility is a significant driver for the Silicon Carbide Semiconductor Market. EVs require efficient power electronics for motor control and battery management, whereas silicon carbide semiconductors offer higher efficiency, enabling longer driving ranges and faster charging times.

• Growth in the Renewable Energy Sector: The expansion of renewable energy sources like solar and wind power drives the demand for silicon carbide semiconductors in power conversion and grid integration systems. These semiconductors enable higher efficiency and reliability in inverters and converters, facilitating the integration of renewable energy into the grid.

• Industrial Automation and IoT: The increasing adoption of industrial automation and Internet of Things (IoT) devices drives the demand for silicon carbide semiconductors in power electronics and sensor applications. These semiconductors offer higher power density and temperature tolerance, enhancing the performance and reliability of industrial automation systems and IoT devices.

• Telecommunications Infrastructure Upgrades: The deployment of 5G networks and the expansion of telecommunications infrastructure drive the demand for silicon carbide semiconductors in high-frequency and high-power applications. These semiconductors enable efficient power amplification and signal processing in base stations and network equipment, supporting the growth of wireless communications.

• Penetration into New Applications: Silicon carbide semiconductors have the opportunity to penetrate new applications beyond traditional markets, such as aerospace, medical devices, and consumer electronics. Advancements in manufacturing processes and cost reduction efforts can make silicon carbide technology more accessible to a wider range of industries.

Silicon Carbide Semiconductor Market – Mergers and Acquisitions

The Silicon Carbide Semiconductor Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Silicon Carbide Semiconductor Market include:

• In 2024, Infineon Technologies AG expanded its wafer supply agreement with Wolfspeed, Inc., valued at USD 20 billion. Infineon will provide 150 mm SiC wafers to Wolfspeed for the production of Silicon Carbide (SiC) devices.

• In 2023, STMicroelectronics N.V. entered an agreement with Li Auto, a Chinese manufacturer of premium electric vehicles. STMicroelectronics will supply SiC MOSFET devices to support Li Auto’s strategy for high-voltage battery electric vehicles (BEVs) across diverse market segments.

• In 2023, Semiconductor Components Industries, LLC (onsemi) and BorgWarner Inc. announced a strategic collaboration valued at approximately USD 1 billion to deliver innovative and sustainable mobility solutions based on Silicon Carbide (SiC). BorgWarner intends to integrate Onsemi’s EliteSiC 1200 V and 750 V power devices into its VIPER power modules.

These mergers and acquisitions helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Silicon Carbide Semiconductor Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Silicon Carbide Semiconductor Market – Significant Threats

The Silicon Carbide Semiconductor Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Supply Chain Disruptions: Disruptions in the supply chain, including shortages of raw materials, disruptions in manufacturing processes, or logistical challenges, can impact the availability and cost of silicon carbide semiconductor components, hindering market growth and delaying project timelines.

• Technological Challenges: Despite advancements, silicon carbide semiconductor technology still faces technical challenges such as defects in crystal structure, process variability, and reliability issues. These challenges may limit the performance, yield, and scalability of silicon carbide devices, posing a threat to their widespread adoption.

• Competition from Other Semiconductor Materials: Silicon carbide semiconductors face competition from alternative materials such as gallium nitride (GaN) and silicon (Si) in certain applications. Competing materials may offer comparable performance characteristics or cost advantages, potentially limiting the market share and growth prospects of silicon carbide semiconductors.

• Regulatory and Compliance Risks: Evolving regulatory requirements, compliance standards, and trade policies can introduce uncertainty and compliance costs for manufacturers and suppliers of silicon carbide semiconductors. Changes in regulations related to environmental standards, product safety, or trade tariffs may impact production costs and market access, posing risks to market players.

Category-Wise Insights:

By Component

• Schottky Diodes: Schottky diodes are semiconductor devices with a low forward voltage drop and fast switching characteristics, ideal for high-frequency applications. In the Silicon Carbide Semiconductor Market, trends include the growing demand for Schottky diodes in power supplies, solar inverters, and RF applications due to their high efficiency and reliability, as well as advancements in manufacturing processes to improve performance and reduce costs.

• FET/MOSFET Transistors: Field-Effect Transistors (FET) and Metal-Oxide-Semiconductor Field-Effect Transistors (MOSFET) are key components in power electronics for switching and amplifying electrical signals. In the Silicon Carbide Semiconductor Market, trends include the increasing adoption of SiC FET/MOSFET transistors in electric vehicles, renewable energy systems, and industrial motor drives due to their high voltage capability, low on-resistance, and fast switching speeds, driving market growth.

• Integrated Circuits: Integrated Circuits (ICs) in Silicon Carbide Semiconductor Market encompass a wide range of functionalities, including analog, digital, and mixed-signal circuits integrated onto a single chip. Trends include the development of SiC-based ICs for applications such as power management, signal processing, and sensor interfaces, driven by advancements in SiC process technology, packaging techniques, and design methodologies to meet the increasing demand for high-performance, compact, and energy-efficient systems.

• Rectifiers/Diodes: Rectifiers and diodes are semiconductor devices that allow current to flow in one direction, commonly used in power supplies and voltage regulation circuits. In the Silicon Carbide Semiconductor Market, trends include the adoption of SiC rectifiers/diodes in high-voltage, high-frequency applications such as power factor correction, switch-mode power supplies, and motor drives, driven by their superior characteristics such as low reverse recovery time, high temperature stability, and low switching losses, enabling improved system efficiency and reliability.

• Power Modules: Power modules in the Silicon Carbide Semiconductor Market are pre-packaged assemblies of power semiconductor devices, including SiC MOSFETs, diodes, and integrated circuits, designed for high-power and high-voltage applications. Trends include the increasing demand for SiC power modules in automotive traction inverters, renewable energy converters, and industrial motor drives due to their compact size, reduced weight, and improved thermal performance compared to traditional silicon-based modules, enabling higher power density and system efficiency.

• Others: Other components in the Silicon Carbide Semiconductor Market encompass a variety of specialized devices and subsystems, including gate drivers, sensors, and protection circuits. Trends in this segment include the development of advanced SiC-based components for emerging applications such as wireless power transfer, electric vehicle charging, and grid-tied energy storage, driven by the need for higher efficiency, reliability, and integration in modern electronic systems.

By Product

• Optoelectronic Devices: Optoelectronic devices based on silicon carbide (SiC) offer high-speed performance and efficiency in applications such as light-emitting diodes (LEDs), photodetectors, and optical sensors. Trends include the increasing adoption of SiC-based LEDs for lighting and display applications, as well as advancements in SiC photovoltaic devices for solar energy conversion.

• Power Semiconductors: Silicon carbide power semiconductors enable high-voltage, high-current applications with reduced energy losses and enhanced thermal management. Trends include the growing demand for SiC-based power modules in electric vehicles, renewable energy systems, and industrial motor drives due to their superior efficiency and reliability compared to traditional silicon-based counterparts.

• Frequency Devices: Silicon carbide frequency devices, including RF transistors and diodes, offer superior performance at high frequencies and temperatures. Trends include the adoption of SiC-based RF devices in telecommunications infrastructure, wireless communication systems, and radar applications due to their high power handling capability, low noise figure, and excellent thermal conductivity.

• Others: Other silicon carbide semiconductor products encompass a wide range of devices, including sensors, switches, and integrated circuits (ICs), catering to diverse applications in aerospace, healthcare, and consumer electronics. Trends in this segment include the development of SiC-based sensors for harsh environments, SiC switches for power management, and SiC-based ICs for automotive and industrial automation.

By Wafer size

• 1 inch to 4 inches: Silicon Carbide Semiconductor wafers ranging from 1 inch to 4 inches are commonly used in niche applications due to their smaller size. Trends in this segment include the development of compact devices for specialized industries such as aerospace and telecommunications, where space constraints are critical. Additionally, advancements in manufacturing processes aim to improve yield rates and reduce costs to make smaller wafers more economically viable.

• 6 inches: Silicon Carbide Semiconductor wafers of 6 inches diameter are widely utilized in various industries for power electronics applications. Trends in this segment focus on enhancing production efficiency and yield rates to meet the growing demand for larger wafers. Additionally, investments in research and development aim to optimize the performance characteristics of devices fabricated on 6-inch wafers, driving advancements in power efficiency and reliability.

• 8 inches: Silicon Carbide Semiconductor wafers with an 8-inch diameter are gaining traction in the market due to their larger size and scalability. Trends in this segment include the adoption of 8-inch wafers for mainstream power electronics applications, such as electric vehicles and renewable energy systems. Additionally, advancements in manufacturing technologies aim to increase the throughput and reduce the production costs of 8-inch wafers, making them more competitive.

• 10 inches & above: Silicon Carbide Semiconductor wafers larger than 10 inches in diameter represent the latest trend in wafer size, offering significant scalability and cost advantages. Trends in this segment focus on the development of advanced manufacturing processes capable of producing high-quality, large-diameter wafers with minimal defects. Additionally, the adoption of 10-inch and larger wafers enables the fabrication of larger semiconductor devices, supporting the demand for high-power applications such as grid-level energy storage and industrial motor drives.

By End User

• Automotive: In automotive, Silicon Carbide Semiconductors enhance electric vehicle (EV) performance, enabling higher power density and improved efficiency in motor drives and battery management systems. Trends include the integration of Silicon Carbide technology in next-generation EV platforms, autonomous vehicles, and charging infrastructure, driven by the automotive industry’s shift towards electrification and sustainability.

• Consumer Electronics: Silicon Carbide Semiconductors power high-performance consumer electronics devices, offering faster switching speeds and reduced power losses. Trends include the adoption of Silicon Carbide technology in smartphones, laptops, and gaming consoles to improve energy efficiency, extend battery life, and enable higher processing capabilities, catering to the demand for advanced, energy-efficient electronics in the consumer market.

• Aerospace & Defense: In aerospace and defense, Silicon Carbide Semiconductors provide robust performance in harsh environments, offering reliability and durability for critical applications. Trends include the integration of Silicon Carbide technology in aircraft avionics, radar systems, and missile guidance systems to enhance performance, reduce weight, and improve efficiency, addressing the stringent requirements of the aerospace and defense sectors for high-performance semiconductor solutions.

• Medical Devices: Silicon Carbide Semiconductors play a vital role in medical devices, offering high power density and temperature tolerance for medical imaging, diagnostics, and surgical equipment. Trends include the adoption of Silicon Carbide technology in advanced medical devices such as MRI machines, CT scanners, and ultrasound systems to improve image quality, increase processing speed, and enhance patient care, driving innovation in the healthcare industry.

• Data & Communication Devices: Silicon Carbide Semiconductors enable high-speed data transmission and processing in data centers, telecommunications, and networking devices. Trends include the integration of Silicon Carbide technology in high-bandwidth data servers, 5G infrastructure, and optical communication systems to meet the increasing demand for faster data speeds, lower latency, and greater bandwidth capacity in the digital communication ecosystem.

• Energy & Power: In the energy and power sector, Silicon Carbide Semiconductors facilitate efficient power conversion and distribution in renewable energy systems, grid infrastructure, and industrial applications. Trends include the adoption of Silicon Carbide technology in solar inverters, wind turbines, and power converters to improve energy efficiency, reduce system losses, and enable smart grid functionalities, driving the transition towards sustainable energy solutions.

• Others: In other industries and applications, Silicon Carbide Semiconductors offer diverse benefits such as high temperature tolerance, radiation resistance, and superior electrical properties. Trends include the exploration of Silicon Carbide technology in niche markets such as automotive aftermarket, industrial automation, and scientific research, where specialized semiconductor solutions are required to address specific performance and reliability requirements, unlocking new opportunities for Silicon Carbide Semiconductor adoption.

Report Scope

Silicon Carbide Semiconductor Market – Regional Analysis

The Silicon Carbide Semiconductor Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

• North America: In North America, the Silicon Carbide Semiconductor market is driven by the increasing adoption of electric vehicles (EVs) and renewable energy solutions. Trends include the integration of Silicon Carbide technology in EV charging infrastructure, grid modernization projects, and data center applications. Additionally, partnerships between semiconductor manufacturers and automotive companies drive innovation in Silicon Carbide-based power electronics for EVs, contributing to market growth in the region.

• Europe: In Europe, the Silicon Carbide Semiconductor market is influenced by initiatives to achieve carbon neutrality and promote sustainable energy solutions. Trends include the deployment of Silicon Carbide-based power electronics in renewable energy projects, smart grid systems, and industrial automation applications. Moreover, collaborations between semiconductor firms and government agencies drive research and development efforts to accelerate the adoption of Silicon Carbide technology in key sectors such as automotive and aerospace.

• Asia-Pacific: In the Asia-Pacific region, the Silicon Carbide Semiconductor market experiences significant growth due to the region’s dominance in semiconductor manufacturing and rapid technological advancements. Trends include the expansion of Silicon Carbide production capacity, the emergence of innovative applications in consumer electronics and telecommunications, and the adoption of Silicon Carbide technology in electric vehicle production and energy infrastructure projects. Additionally, strategic partnerships between semiconductor companies and government entities drive market development initiatives in the region.

• LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, the Silicon Carbide Semiconductor market is characterized by a focus on industrial automation, energy efficiency, and infrastructure development. Trends include the utilization of Silicon Carbide technology in oil and gas exploration, renewable energy projects, and smart city initiatives. Furthermore, collaborations between Silicon Carbide manufacturers and local governments drive investments in sustainable energy solutions and digital transformation, fostering market growth opportunities in the region.

Competitive Landscape – Silicon Carbide Semiconductor Market

The Silicon Carbide Semiconductor Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• Cree Inc.
• Infineon Technologies AG
• ROHM Co. Ltd.
• STMicroelectronics N.V.
• ON Semiconductor Corporation
• Microchip Technology Inc.
• Norstel AB
• Toshiba Corporation
• General Electric Company
• Fairchild Semiconductor International Inc.
• Renesas Electronics Corporation
• Alpha & Omega Semiconductor Inc.
• United Silicon Carbide Inc.
• Ascatron AB
• GeneSiC Semiconductor Inc.
• Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

Several new players have entered the Silicon Carbide Semiconductor market with innovative solutions and technologies. Companies like Wolfspeed, a Cree Company, and United Silicon Carbide, Inc., have introduced cutting-edge Silicon Carbide devices tailored to specific applications, challenging established players.

However, key market dominators like Infineon Technologies AG, ON Semiconductor Corporation, and STMicroelectronics N.V. maintain their leading positions through extensive research, product diversification, and strategic partnerships. Their robust portfolios, global presence, and established customer relationships solidify their dominance in the Silicon Carbide Semiconductor market.

The Silicon Carbide Semiconductor Market is segmented as follows:

By Component

• Schottky Diodes
• FET/MOSFET Transistors
• Integrated Circuits
• Rectifiers/Diodes
• Power Modules
• Others

By Product

• Optoelectronic Devices
• Power Semiconductors
• Frequency Devices
• Others

By Wafer Size

• 1 inch to 4 inches
• 6 inches
• 8 inches
• 10 inches & above

By End-User

• Automotive
• Consumer Electronics
• Aerospace & Defense
• Medical Devices
• Data & Communication Devices
• Energy & Power
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America