Northbrook, IL 60062 -- (SBWIRE) -- 12/14/2022 -- Silicon carbide market is expected to reach USD 2,113 million by 2026 at a CAGR of 18.7% during the forecast period.
Growing implementation of SiC devices in automotive and power devices applications and increasing demand for hybrid and electric cars create a strong demand for silicon carbide for efficient industrial operations in the midst of COVID-19.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=439
Silicon Carbide Market by APAC Region
APAC is expected to hold a significant share of silicon carbide market
The market in APAC held the largest size in 2020 and is estimated to continue to do so during the forecast period. China, Japan, South Korea, and India are the major markets for EVs/HEVs in APAC.
According to IEA outlook 2020 report, China alone accounted for a share of 47% of the global sales of electric buses in 2019, which contributed significantly to the dominance of APAC. Initiatives taken by several governments of countries in APAC to promote the use of these vehicles are expected to further drive the market in the near future.
Silicon Carbide Market by Application
Power supplies and inverters application held the largest share of silicon carbide market
The dominance of the segment is attributed to the growing demand for highly efficient and stable power supplies such as power modules, uninterruptible power supplies (UPS), and wireless charging devices in automotive, power electronics, renewable power generation, and telecommunications sectors.
Moreover, SiC devices allow users to operate in the double-conversion mode to maintain high efficiencies. Using these devices in UPS can facilitate in size reduction, increase in power quality, and reduction in cost.
Silicon Carbide Market Dynamics:
Driver: Growing Demand for SiC Devices in power electronics
Power electronics play a crucial role in the global electrical infrastructure. In the power electronics industry, numerous power devices are available, which convert alternating current to direct current (or vice versa) in the systems.
Also, they are designed to minimize energy loss and increase the efficiency of the system. SiC devices such as Sic diodes and modules are compound semiconductors composed of silicon and carbide. They offer several advantages such as wide bandgap, high drift velocity, high breakdown voltage, large critical electric field, and high thermal conductivity, and are capable of working at higher current density and temperatures.
Request Sample:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=439
Opportunity: Increasing demand for hybrid and electric cars
Hybrid and electric vehicles are gaining traction as they are more digitally connected than conventional vehicles. Also, they reduce the consumption of fossil fuels, such as petrol and diesel, reduce global warming and ecological damage, and offer superior fuel efficiency.
Additionally, due to COVID-19, the automotive industry has been witnessing a slowdown in demand for hybrid, electric, and autonomous vehicles. However, their demand is likely to be higher than that of any other vehicle type in the post-COVID-19 period.