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According to a new report, published by KBV research, The Global Silicon Carbide Semiconductor Devices Market size is expected to reach $5.2 billion by 2028, rising at a market growth of 20.3% CAGR during the forecast period.
The Power Semiconductors segment acquired maximum revenue share in the Global Silicon Carbide Semiconductor Devices Market by Product in 2021 thereby, achieving a market value of $3.6 billion by 2028. Silicon carbide semiconductor devices are ideal for power semiconductors because they have a broad range of fundamental properties, like a wide band gap. Additionally, the equipment's size is reduced and is more dependable at switching frequencies and higher voltages because of the available wide band gap. For instance, electric vehicle makers are using silicon carbide components to reduce the battery's size and achieve energy and cost efficiency in chargers, inverters, and auxiliary loads.
The Energy & Power segment is showcasing a CAGR of 20.6% during (2022 - 2028). SiC semiconductor products have many advantages in the energy and power sector. For instance, silicon carbide semiconductor devices like diodes and MOSFETs in electric vehicle charging lower system costs, reduce component size, and improve power efficiency. Furthermore, silicon carbide is perfect for use in power distribution and utility systems, including transmission systems, renewable energy infrastructure, and distribution grids due to its characteristics like a wide band gap, greater energy efficiency, and decreased cooling requirements.
The 1 inch to 4 inches segment is generating highest revenue share in the Global Silicon Carbide Semiconductor Devices Market by Wafer Size in 2021 thereby, achieving a market value of $2.2 billion by 2028. The thickness of the 1- 4 inch SiC wafers is approximately 350 micrometers. They come in P-type and N-type varieties. Power devices like Insulated Gate Bipolar Transistors (IGBT) are produced using SiC wafers' P-type substrate. In contrast, nitrogen is deposited on the N-type substrates to increase conductivity in power electronics. Additionally, the cost-effective 1 to 4-inch SiC wafers may be mass-manufactured, and the demand is anticipated to primarily come from industrial applications.
The Integrated Circuits segment has shown the growth rate of 20.7% during (2022 - 2028). Due to the availability of a wide band gap, integrated circuits (IC) based on silicon carbide (SiC) can operate continuously at high temperatures. Systems with digitally controlled actuators and sensors would be made possible by advancements in very large-scale integrated (VLSI) circuits based on SiC, like HT microcontrollers. The growing use of SiC in manufacturing VLSI circuits is the primary factor propelling the segment's growth.
The Asia Pacific market dominated the Global Silicon Carbide Semiconductor Devices Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.9 billion by 2028. The Europe market is exhibiting a CAGR of 20% during (2022 - 2028). Additionally, The North America market would display a CAGR of 19.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Allegro Microsystems, Inc. (Sanken Electric Co., Ltd.), Infineon Technologies AG, ROHM Co., Ltd., STMicroelectronics N.V., ON Semiconductor Corporation, FUJI ELECTRIC CO., LTD., TT Electronics plc., Mitsubishi Electric Corporation, Toshiba Corporation, and Wolfspeed, Inc.
By End Use
By Wafer Size