The Growing Silicon Carbide Market Is Driven By Increasing Demand For Power Semiconductor Devices
The silicon carbide market is witnessing significant growth owing to its wide range of applications in power semiconductors, automotive, and aviation industries. Silicon carbide semiconductor devices have several advantages over traditional silicon-based devices such as better efficiency, higher temperature operation, and faster switching. They allow designers to make smaller, lighter, and more durable power electronics for various industries.
The global Silicon Carbide Market Forecast is estimated to be valued at US$ 10.51 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031. Silicon carbide is used in power devices, RF devices, and optical applications owing to its high breakdown electric field strength, wide bandgap, high thermal conductivity, and high saturation electron drift velocity. Manufacturers are focusing on developing new silicon carbide-based power devices targeted at high-power, high-frequency, and harsh environment applications to drive the market growth.
Key Takeaways
Key players operating in the silicon carbide market are Infineon Technologies AG, Cree Inc., Rohm Semiconductor, STMicroelectronics, General Electric, Fuji Electric Co., Ltd., Toshiba Corporation, and Microchip Technology. These players are focusing on investments in R&D, new product launches, and expanding their production capacities to strengthen market position.
The growing demand for electric vehicles and fast charging infrastructure is creating opportunities for silicon carbide devices. They allow for more compact power electronics with better energy efficiency. Several automotive OEMs are collaborating with silicon carbide device manufacturers for product development.
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