CHICAGO, Feb. 28, 2020 /PRNewswire/ -- According to the new market research report "Silicon Carbide Market by Device (SiC Discrete Device and Bare Die), Wafer Size (4 Inch, 6 Inch and Above, and 2 Inch), Application (Power Supplies and Inverters and Industrial Motor Drives), Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Silicon Carbide Market size is estimated to grow from USD 749 million in 2020 to USD 1,812 million by 2025, at a CAGR of 19.3%. The size-reduction feature facilitated by SiC-based devices is one of the primary factors fueling the growth of this market.
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"The SiC discrete device segment accounted for a larger share of silicon carbide market in 2019"
SiC discrete device accounted for a larger share of the silicon carbide industry in 2019. The growth of this segment is attributed to the increasing demand for SiC discrete devices for use in numerous applications, including power grid devices, high-voltage direct current systems (HVDC), power supplies and inverters, and RF & cellular base station applications.
"Demand for 6 Inch and above is expected to grow at the highest CAGR during the forecast period"
The 6 inch and above segment is projected to lead the silicon carbide market between 2020 to 2025 exhibiting the fastest CAGR. Its ability to produce a large number of devices in a single batch is expected to drive the growth of the segment. Moreover, they are much superior compared to 2- and 4-inch silicon carbide wafer sizes.
"Power supplies and inverters application accounted for the largest share of silicon carbide industry in 2019"
The power supplies and inverters application held the largest share of the silicon carbide market in 2019. The growth is attributed to the increasing demand for highly efficient and stable power supplies such as power modules, uninterruptible power supply (UPS), and wireless charging devices in automotive, power electronics, renewable power generation, and telecommunication sectors.
"The demand for silicon carbide is expected to witness the highest gains from the automotive vertical during the forecast period"
The automotive vertical is expected to grow at the highest CAGR during the forecast period. The growth is attributed to the increasing investments by business giants such as Tesla, Mercedes-Benz, and Mitsubishi in the manufacturing and development of on-board chargers (OBCs) and inverters for EV and plug-in hybrid EV (PHEV).
Browse in-depth TOC on "Silicon Carbide Market"
67 - Tables
45 - Figures
145 - Pages
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"APAC is expected to grow at highest CAGR during the forecast period"
APAC is expected to grow at the highest CAGR during the forecast period. The growth of the silicon carbide market in APAC is attributed to the presence of regional vendors in China, Japan, and South Korea, offering low-cost solutions, which in turn causes a decline in prices of silicon carbide devices. Additionally, the increase in the mass production of electric vehicles in the aforementioned countries supports the growth of the market.
Infineon Technologies AG (Munich, Germany), CREE, INC. (North Carolina, US), ROHM Co., Ltd. (Kyoto, Japan), STMicroelectronics N.V. (Geneva, Switzerland), and Fuji Electric Co., Ltd. (Tokyo, Japan), are the key players in the silicon carbide market. These players are increasingly undertaking strategies such as product launches & developments, expansions, partnerships, agreements, contracts, collaborations, and acquisitions to increase their market share.
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