The global silicon carbide market is expected to reach US$3.07 billion in 2023, growing at a CAGR of 25.44%, for the duration spanning 2019-2023. The factors, such as, escalating production of automobiles, accelerating demand for consumer electronics, increasing production of smartphones, growing urbanization and rapid expansion of the steel industry are expected to drive the market. However, growth of the market would be challenged by defects in silicon carbide materials, challenges in designing SiC MOFSETs and issues in packaging silicon carbide power devices. A few notable trends include increasing electric vehicle stock, rising demand for EV charging stations and fast growth of chassis, body and safety system.
The global silicon industry is concentrated with radio frequency (RF) devices, used across various end-use industries. RF devices are highly demanded for the production several wireless gadgets including router, Bluetooth devices, FM radios, wireless talkies, and radars. Moreover, SiC power devices are also occupying the market with a considerable share, owing to the rising demand, particularly from automobiles and E&E industry.
The fastest growing regional market is China, owing to the expansion of certain end-markets that use silicon carbide materials for various purposes on a large scale. In addition, E&E industry is expanding vividly over years, contributing to SiC market significantly as the demand for SiC power devices is growing for the use in AC and DC high-voltage applications. Owing to such factors, China is likely to maintain a significant position in the global silicon carbide market in coming years.
Scope of the report:
· The report provides a comprehensive analysis of the global silicon carbide market, further segmented on the basis of Product, Device Type and End-Use Industries.
· The major regional market (China) has been analyzed.
· The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
· The competitive landscape of the market, along with the company profiles of leading players Saint-Gobain, NXP Semiconductors, Infineon Technologies, Renesas Electronics, ROHM Semiconductor and Cree are also presented in detail.
Key Target Audience:
· Silicon Carbide Manufacturers
· Raw Material Suppliers
· End Users (Automotive, Aerospace, E&E, Construction Military and Healthcare)
· Industrial Consultants
· Investment Banks
· Government Bodies & Regulating Authorities