SiC Wafer Market Size (2024 - 2029)

SiC Wafer Market Analysis

The SiC Wafer Market size is estimated at USD 0.81 billion in 2024, and is expected to reach USD 2.43 billion by 2029, growing at a CAGR of 24.70% during the forecast period (2024-2029).

SiC wafers are specialized semiconductor materials known for their exceptional properties. Composed of silicon and carbon, these wafers offer significant advantages over traditional silicon wafers, making them invaluable for a range of high-performance applications.

• A recent report from Aalborg University in Denmark forecasts that annual revenues from power semiconductor devices will more than double by 2030. This growth is expected, as these advanced electronic components are crucial in addressing significant challenges on the path to an energy-efficient society, particularly decarbonization and digitization. Similar to the essential role of semiconductor integrated circuits (ICs) in computers, data storage, and communication, power semiconductors are integral to modern power electronics. Their applications include renewable power generation and transmission, electromobility, automated factories, energy-efficient data centers, smart cities, smart homes, and more.
• WBG semiconductors have received increasing attention as promising materials for high-voltage, low-loss, and fast-switching power devices. Among the WBG semiconductors, SiC, GaN, Ga2O3, aluminum nitride (AIN), and diamond are considered to be potential materials for the next generations of power semiconductors. In recent years, significant advancements in material quality, innovative device designs, and improved process capabilities have driven the progress of SiCs, resulting in a broad range of technology demonstrators and commercial products now available in the market.
• The global auto industry is undergoing a sea change, with implications for the energy sector, as electrification is set to avoid the need for 5 million barrels of oil a day by 2030. Market trends and policy efforts in major car markets support a bright outlook for EV sales. Under the IEA Stated Policies Scenario (STEPS), the global outlook for the share of electric car sales based on existing policies and firm objectives has increased to 35% in 2030, up from less than 25% in the previous outlook.
• In the production flow, specialized SiC wafers and substrates are developed and processed in a fab, resulting in SiC-based power semiconductors. Many SiC-based power semiconductors are used in power electronics, where the devices convert and control the electricity in systems.
• A larger wafer size offers more dies per unit area. The extra space to fabricate more dies enables semiconductor fabrication plants and OSATs (outsourced semiconductor assembly and test) to manufacture, test, or assemble more dies in a specific time. This increases the rate at which new products can be fabricated or assembled. To some extent, increasing wafer size also impacts the supply chain positively.

SiC Wafer Market Segmentation

SiC is a silicon-carbon semiconductor compound that belongs to the wide-bandgap class of materials. The semiconductor's strong physical bond provides excellent mechanical, chemical, and thermal stability. The wafering process involves converting a solid SiC puck into an epi- or device-ready prime wafer.

The SiC wafer market is segmented by wafer size (2-, 3-, and 4-inch, 6-inch, and 8- and 12-inch), by application (power, radio frequency (RF) and other applications), by end-user industry (telecom and communications, automotive and electric vehicles (EVs), photovoltaic/power supply/energy storage, industrial [UPS and motor drives], other end-user industries), and by geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts for value (USD) for all the segments mentioned above have been provided.