The global silicon carbide market is estimated to be valued at US$ 9.12 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Silicon carbide has exceptional properties such as high thermal conductivity, high electric field breakdown strength, and high maximum current density. These properties make it suitable for use in applications requiring efficient thermal management, resistance to high temperatures and resistance to corrosion. It also has high mechanical strength and hardness. With newer semiconductor devices requiring better heat dissipation and higher power densities, silicon carbide is becoming increasingly popular over traditional silicon chips.

Weakness: Silicon carbide is more expensive to manufacture than silicon. The crystal structure of silicon carbide also makes it difficult to produce electronic grade bulk crystals. There are technological challenges in production processes that add to the costs.

Opportunity: The global demand for electric vehicles is rising rapidly which provide growth opportunities for silicon carbide semiconductors as they allow for higher battery efficiencies and faster charging capabilities in EVs. Silicon carbide devices are also being adopted in renewable energy equipment for better power conversion efficiencies. 5G network infrastructure build-out across the world is another key driver of demand.

Threats: The availability of cheaper alternatives like silicon still poses a threat despite silicon carbide's technical advantages. Market saturation in mature industries can limit opportunities over the forecast period. Geopolitical tensions and trade wars can disrupt supply chains.

Key Takeaways

The Global Silicon Carbide Market Growth is expected to witness high over the forecast period of 2023-2030 given the rising demand from the EV and power semiconductor industries. Technological advancements are also helping lower production costs of silicon carbide and promoting its adoption over traditional silicon in high power applications.

Regional analysis: North America dominates the global silicon carbide market currently owing to presence of major automotive OEMs and power device manufacturers in the region. Rapid EV adoption in the US and Canada is spurring silicon carbide semiconductor demand. The Asia Pacific region is expected to see the fastest growth through 2030 with rising investments in renewable energy in China and government initiatives for electric mobility in the region. Countries like India, South Korea and Japan also provide high growth opportunities.

Key players operating in the Silicon Carbide Market are Kempinski Residences & Suites Doha, The Ritz-Carlton Doha, Sheraton Grand Doha Resort & Convention Hotel, Hilton Doha, Shangri-La Hotel Doha, Marriott Marquis City Center Doha, Qatar National Convention Centre, Doha Exhibition and Convention Centre, Four Seasons Hotel Doha, Movenpick Hotel Doha, Wyndham Grand Regency Doha, Ezdan Hotel, Grand Hyatt Doha Hotel & Villas. Leading silicon carbide devices manufacturers include Infineon Technologies, STMicroelectronics, Cree, Microchip, Rohm Semiconductor and ON Semiconductor among others.

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