Silicon Carbide Power Semiconductor Market - Growth, Trends, and Forecast (2019 - 2024)

The Silicon Carbide Power Semiconductor Market is segmented by End-user Industry (Automotive, Consumer Electronics, IT and Telecommunication, Military and Aerospace, Power, and Industrial) and Geography.

Market Snapshot

cagr
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

28%

Key Players:

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Market Overview

The silicon carbide (SiC) power semiconductor market is expected to register a CAGR of 28% during the forecast period of 2019 - 2024. The increase in the trend of consumer electronics usage is expected to drive the silicon carbide power semiconductor market during the forecast period.

  • While the conventional materials, such as silicon and gallium arsenide, have been in the market for semiconductors from the 1970s, the wide or high bandgap materials, such as aluminum nitride, gallium nitride, boron nitride, diamond, and silicon carbide, have made their way in high-temperature and power switching applications.
  • As SiC is used for high power applications due to the wide bandgap, the semiconductors employ SiC for reduced energy loss and longer life of the solar and wind energy power converters.
  • Owing to this, the US Department of Energy’s (DOE) Advanced Research Projects Agency-Energy (ARPA-E) announced USD 30 million in funding for 21 innovative projects as a part of the Creating Innovative and Reliable Circuits Using Inventive Topologies and Semiconductors (CIRCUITS) program.
  • To meet the customers' expectations with these electric vehicles (EVs), such as range, charge-time, and performance, they require power electronic devices capable of efficient and effective operation at elevated temperatures. Hence, the power modules are being developed using wide bandgap SiC technologies.
  • As the use of SiC power semiconductor has increased drastically, there is a shortage of silicon wafers globally. This factor can pose a challenge to the growth of the SiC power semiconductor market during the forecast period.  

Scope of the Report

SiC (silicon carbide) is a compound semiconductor composed of silicon and carbide. SiC provides a number of advantages over silicon, including the 10x breakdown of electric field strength, 3x band gap, and a wider range of p and n-type control required for device construction.

By End-user Industry
Automotive
Consumer Electronics
IT and Telecommunication
Military and Aerospace
Power
Industrial
Other End-user Industries
Geography
North America
Europe
Asia-Pacific
Rest of the World

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Key Market Trends

Power Integrated Circuits to Grow at a Significant Rate

  • The power industry is one of the significant markets for SiC power semiconductors, especially owing to their high efficiency at low power. The growing adoption of solar power, which has long sold silicon carbide diodes to pair with silicon switches, is not only saving energy consumption but also helping to invent many new applications with its small size.
  • The growing adoption of solar power is also playing a vital factor in the growth of SiC power semiconductors. For instance, in March 2018, Saudi Arabia and Japanese SoftBank signed a non-binding MoU to build the world’s largest photovoltaic (PV) solar project by 2030.
  • Furthermore, the increasing government involvement in promoting automation in the power industry is expected to develop the market for SiC semiconductors too. For instance, in August 2018, California passed a bill to extend USD 800 million in incentives for behind-the-meter batteries.
graph

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Asia-Pacific Will Grow Significantly Over the Forecast Period

  • Asia-Pacific is dominating the global SiC power semiconductor market, as the region is dominating the global semiconductor market, which is further supported by government policies. Additionally, the region is the largest producer and consumer of consumer electronics and the demand for smart consumer electronic products is exponentially growing in the region.
  • The region is also a huge market for renewable power energy, especially solar and wind. The national governments, especially in Southeast Asia, are also playing a vital role in the adoption of solar infrastructure in the region. The increasing rate of government support is also attracting many foreign players in the region.
  • Both power and automotive are the major end-user industries for SiC power semiconductors. Hence, the growing advancements in the region are also fueling innovation. This aforementioned factor is further helping in the growth of the regional SiC power semiconductor market.
heatmap

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Competitive Landscape

The major players include Infineon technologies AG, Texas Instruments Inc., ST Microelectronics NV, Hitachi Power Semiconductor Device Ltd, NXP semiconductor, Fuji Electric Co. Ltd, Semikron International GmbH, Cree Inc., ON Semiconductor Corporation, Mitsubishi Electric Corporation, and others. As several of the vendors are offering these sensors and are engaged in advancing them, the competition in the market is high.

  • January 2019 - Infineon Technologies AG is addressing the fast-growing demand for SiC solutions. Infineon Technologies extended its portfolio of CoolSiC MOSFET power modules for UPS and energy storage applications. It launched new devices in the 1200V CoolSiC MOSFET family. The CoolSiC Easy 2B power modules enable the engineers to reduce system costs by increasing power density.

Major Players

  1. Infineon technologies AG
  2. Texas instruments Inc.
  3. STMicroelectronics NV
  4. NXP semiconductor
  5. ON Semiconductor Corporation

* Complete list of players covered available in the table of contents below

MC

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Increase in the Demand for Consumer Electronics and Wireless Communications

      2. 4.3.2 Growing Demand for Energy-Efficient Battery-Powered Portable Devices

    4. 4.4 Market Restraints

      1. 4.4.1 Silicon Wafer Shortages Globally

    5. 4.5 Value Chain / Supply Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. TECHNOLOGY SNAPSHOT

  6. 6. MARKET SEGMENTATION

    1. 6.1 By End-user Industry

      1. 6.1.1 Automotive

      2. 6.1.2 Consumer Electronics

      3. 6.1.3 IT and Telecommunication

      4. 6.1.4 Military and Aerospace

      5. 6.1.5 Power

      6. 6.1.6 Industrial

      7. 6.1.7 Other End-user Industries

    2. 6.2 Geography

      1. 6.2.1 North America

      2. 6.2.2 Europe

      3. 6.2.3 Asia-Pacific

      4. 6.2.4 Rest of the World

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Infineon technologies AG

      2. 7.1.2 Texas instruments Inc.

      3. 7.1.3 ST Microelectronics NV

      4. 7.1.4 NXP semiconductor

      5. 7.1.5 ON Semiconductor Corporation

      6. 7.1.6 Renesas Electronic Corporation

      7. 7.1.7 Broadcom Limited

      8. 7.1.8 Hitachi Power Semiconductor Device Ltd

      9. 7.1.9 Toshiba Corporation

      10. 7.1.10 Mitsubishi Electric Corporation

      11. 7.1.11 Fuji Electric Co. Ltd

      12. 7.1.12 Semikron International

      13. 7.1.13 Cree Inc.

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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