SiC-On-Insulator and Other Substrates Market by Substrate Type (Semi-insulating SiC Substrates, Conductive SiC Substrates), Wafer Size (100mm, 150mm and 200mm), Application (Power Devices, RF Devices) and Region - Global Forecast to 2029
[138 Pages Report] The SiC-on-insulator and other substrates market is estimated to be worth USD 99 million in 2024 and is projected to reach USD 149 million by 2029, at a CAGR of 8.5% during the forecast period. The surging demand for power devices and thermal management solutions is a major driver contributing to the market growth of SiC-on-insulator and other substrates. This is attributed towards the growing requirement for electrical and thermal conductivity which can be achieved through the integration of SiC wafers. Additionally, the growing adoption of SiC substrates in electric vehicles is attributed towards the increasing need for high power densities, fast charging, extended driving ranges and reduced overall system-level cost of ownership, thereby contributing towards the market growth of SiC-on-insulator and other substrates globally
SiC-On-Insulator and Other Substrates Market Forecast to 2029
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SiC-On-Insulator and Other Substrates Market Dynamics
Driver: Surging demand for power devices and thermal management solutions
The ongoing technological advancements, growing demand for consumer and automotive electronics, surging need for renewable energy expansions and industrial automation drives the demand for power devices and thermal management solutions. The increasing demand for SiC wafers in power devices and thermal management solutions is attributed to the growing requirement for electrical and thermal conductivity, which makes them highly suitable for diverse applications. Therefore, the surging demand for power devices and thermal management solutions is expected to drive the market growth of SiC-on-insulator and other substrates.
Restraint: High costs of SiC Substrates
The high costs associated with SiC substrates hinder the growth of SiC-on-insulator and other substrates market. The costs involved in producing SiC substrates can be a limiting factor for the widespread adoption of SiC-on-insulator technology. The production costs of SiC substrates are influenced by various factors such as prices of raw materials, energy consumption during the production process, and the complex manufacturing methods involved in creating SiC substrates. The initial high costs of SiC substrates can impact the overall cost-effectiveness of SiC-on-insulator solutions which makes them less accessible or economically viable for certain applications, which hinders the market adoption of SiC-on-insulator technology.
Opportunity: The escalating need for SiC-on-substrates based photovoltaic systems
Various SiC polytypes such as 4H-, and 6H- are emerging as attractive photonic materials. Recently, SiC has gained significant attention in the field of photonics due to its unique photonic properties such as low towo-photon absorption and optical transparency, there is a presence of a growing demand for advanced SiC-on-insulator and SiC based platforms to cater to the photonics applications. These advanced platforms have the potential to be used in the manufacturing process of large-scale integration of linear, nonlinear optical systems, quantum devices and integrated quantum photonic circuits. As a result, SiC-on-insulators and other substrates in photonics industry are an emerging market.
Challenge: Process complexities related to SiC-on-insulator and other substrates
Crucial factors such as the fabrication process, material properties, and thermal conductivity in SiC-on-insulators poses challenges in the manufacturing process of SiC-on-insulator devices. Moreover, production of SiC products is expensive which contributes towards the overall expense of manufacturing SiC-on-insulator substrate. Complexities can arise in the fabrication process of manufacturing SiC-on-insulator due to aspects such as ion-cutting, layer transferring, and wafer bonding of crystalline SiC to create an integrated photonic material platform. Moreover, material properties, particularly the requirement for high-quality amorphous silicon carbide deposited at low temperatures for effective hybrid photonic integration, are critical considerations which may impede the market growth of SiC-on-insulator and other substrates.
SiC-On-Insulator and Other Substrates Market Ecosystem
The prominent players in the SiC-on-insulator and other substrates market are Wolfspeed, Inc. (US), SICC Co., Ltd. (China), SOITEC (France), Coherent Corp. (US), GlobalWafers Co., Ltd. (Taiwan). These companies perform organic and inorganic growth strategies to expand themselves globally by providing SiC-on-insulator and other substrates.
Conductive SiC substrates to register the highest CAGR in the SiC-on-insulator and other substrates market during the forecast period.
The presence of several companies such as Wolfspeed, Inc. (US), Coherent Corp. (US), SOITEC. (France), SICC Co. (China), Ltd., and Xiamen Powerway Advanced Material Co., Ltd. (China) offer conductive SiC substrates that are extensively used in power devices. Additionally, the growing implementation of SiC-on-insulator and other substrates in power electronics is expected to drive the market growth of conductive SiC substrates in the SiC-on-insulator and other substrates market.
Power devices held the largest market size in the SiC-on-insulator and other substrates market during the forecast period.
The unique properties of SiC enable the development of smaller devices that operate at higher voltages, switch faster, and run cooler. Moreover, SiC materials exhibit a significantly higher critical breakdown voltage than Si, which enables the creation of thin drift layers and higher doping concentrations. This results in lower on-resistance for a given die area and voltage rating, contributing to improved efficiency through decreased power loss in power devices. Therefore, power devices are expected to have the largest market size in the SiC-on-insulator and other substrates during the forecast period.
Asia Pacific held for the largest share of the SiC-on-insulator market in 2023.
Asia Pacific is expected to dominate the SiC-on-insulator and other substrates market during the forecast period. The presence of established several key players companies such as SICC Co., Ltd. (China), TankeBlue (China) and Ruttonsha International Rectifier (RIR) (India), government-led initiatives for increasing the adoption of electric vehicles are the major factors driving the market growth in Asia Pacific.
SiC-On-Insulator and Other Substrates Market by Region
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Key Market Players
The major players in the SiC-on-insulator and other substrates companies include Wolfspeed, Inc. (US), SICC Co., Ltd. (China), SOITEC (France), Coherent Corp. (US), GlobalWafers Co., Ltd. (Taiwan). These companies have used both organic and inorganic growth strategies such as product launches, partnerships, agreements, collaborations, contracts, acquisitions, cooperations, and expansions to strengthen their position in the market.
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Report Metric |
Details |
Market size available for years |
2020–2029 |
Base year considered |
2023 |
Forecast period |
2024–2029 |
Forecast units |
Value (USD Million/Billion) |
Segments covered |
By Substrate Type, Application and Region |
Geographies covered |
North America, Europe, Asia Pacific, and Rest of the World (RoW) |
Companies covered |
The major players in the SiC-on-insulator and other substrates market are Wolfspeed, Inc. (US), SICC Co., Ltd. (China), SOITEC (France), Coherent Corp. (US), GlobalWafers Co., Ltd. (Taiwan), Ceramicforum Co., Ltd. (Tokyo), Xiamen Powerway Advanced Material Co., Ltd. (China), Homray Material Technology (China), Shanghai Zhongyingrong innovative Material Technology Co., Ltd (China), Precision Micro-optics Inc. (US), Tankeblue Semiconductor Co., Ltd. (China), and Hebei Synlight Crystal Co., Ltd. (China). |
SiC-On-Insulator and Other Substrates Market Highlights
The study segments the SiC-on-insulator and other substrates market based on substrate type, application and region at the regional and global level.
Segment |
Subsegment |
By Substrate Type |
|
By Application |
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By Region |
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Recent Developments
- In May 2023, Wolfspeed, Inc. announced the establishment of a joint European R&D center with ZF Friedrichshafen AG, a global technology company that supplies systems for passenger cars, commercial vehicles, and industrial technology. This joint R&D center will provide SiC power electronics in the Nuremberg Metropolitan region. This joint European R&D center will focus on breakthrough innovations for SiC systems, products, and applications.
- In May 2023, SICC Co., Ltd. announced its agreement with Infineon Technologies AG, a semiconductor manufacturing company, to diversify the SiC material supplier base and have a competitive advantage over SiC sources. In this agreement, the company will supply its high-quality 150 mm wafers and boules to Infineon Technologies AG to manufacture SiC substrates.
- In December 2022, SOITEC and STMicroelectronics, a semiconductor contract manufacturing and design company, announced their cooperation in which STMicroelectronics’ client, Tesla Inc., will use SOITEC’s SiC substrate technology in the form of a bigger 200-mm wafer, which is underdevelopment.
- In October 2023, Coherent Corp. announced that DENSO CORPORATION, an automotive component manufacturing company, and Mitsubishi Electric Corporation, an electronics and electrical equipment manufacturing company, planned to invest about USD 1 billion in its silicon carbide business. Additionally, the company planned to enter a long-term supply agreement with these two companies to address 150 mm and 200 mm substrate and epitaxial wafer demand.
- In June 2020, GlobalWafers announced its collaboration with National Chiao Tung University (NCTU) to establish a compound semiconductor research center including 6″–8″ SiC and GaN technology to support crystal development for high-performance device applications on SiC and GaN materials.
Frequently Asked Questions (FAQs):
What is the current size of the global SiC-on-insulator and other substrates market?
The SiC-on-insulator and other substrates market is estimated to be worth USD 99 million in 2024 and is projected to reach USD 149 million by 2029, at a CAGR of 8.5% during the forecast period. The surging demand for power devices and thermal management solutions and growing adoption of electric vehicles are some of the major factors driving the market growth of SiC-on-insulator and other substrates globally.
Who are the winners in the global SiC-on-insulator and other substrates market?
Companies such as Wolfspeed, Inc. (US), SICC Co., Ltd. (China), SOITEC (France), Coherent Corp. (US), GlobalWafers Co., Ltd. (Taiwan) fall under the winners category.
Which region is expected to hold the highest market share?
Asia Pacific is expected to dominate the SiC-on-insulator and other substrates market during forecast period. The presence of established key players such as SICC Co., Ltd. (China), TankeBlue (China) and Ruttonsha International Rectifier (RIR) (India), government-led initiatives for increasing the adoption of electric vehicles are the major factors driving the market growth in Asia Pacific.
What are the major drivers and opportunities related to the SiC-on-insulator and other substrates market?
The surging demand for power devices and thermal management solutions and the growing adoption of electric vehicles are some of the major drivers and opportunities for the SiC-on-insulator and other substrates market.
What are the major strategies adopted by market players?
The key players have adopted product launches, partnerships, agreements, collaborations, contracts, acquisitions, cooperations, and expansions to strengthen their market position for the SiC-on-insulator and other substrates.
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The research study involved four major activities in estimating the size of the SiC-on-insulator and other substrates market. Exhaustive secondary research has been done to collect important information about the market and peer markets. The validation of these findings, assumptions, and sizing with the help of primary research with industry experts across the supply chain has been the next step. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information required for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, and articles from recognized authors. Secondary research has been mainly done to obtain key information about the market’s value chain, the pool of key market players, market segmentation according to industry trends, regional outlook and developments from both market and technology perspectives.
Primary Research
In primary research, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative insights required for this report. Primary sources from the supply side include experts such as CEOs, vice presidents, marketing directors, manufacturers, technology and innovation directors, end users and related executives from multiple key companies and organizations operating in the SiC-on-insulator and other substrates market ecosystem.
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Market Size Estimation
In the market engineering process, both top-down and bottom-up approaches have been used along with data triangulation methods to estimate and validate the size of the SiC-on-insulator and other substrates market and other dependent submarkets. The research methodology used to estimate the market sizes includes the following:
- Identifying different stakeholders in the SiC-on-insulator and other substrates market that influence the entire market, along with participants across the value chain.
- Analyzing major manufacturers of SiC-on-insulator and other substrates and studying their product portfolios
- Analyzing trends related to the adoption of SiC-on-insulator and other substrates.
- Tracking the recent and upcoming developments in the market that include investments, R&D activities, product launches, collaborations, acquisitions, agreements, contracts, cooperations and partnerships as well as forecasting the market size based on these developments and other critical parameters
- Carrying out multiple discussions with key opinion leaders to identify the adoption trends of SiC-on-insulator and other substrates.
- Segmenting the overall market into various other market segments
- Validating the estimates at every level through discussions with key opinion leaders, such as chief executives (CXOs), directors, and operation managers, and finally with the domain experts at MarketsandMarkets
Market Size Estimation Methodology-Bottom-up Approach
Market Size Estimation Methodology-Top-down Approach
Data Triangulation
After arriving at the overall market size by the market size estimation process explained in the earlier section, the overall SiC-on-insulator and other substrates market has been divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments, the data triangulation and market breakdown procedures have been used, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply side perspectives. Along with data triangulation and market breakdown, the market has been validated by top-down and bottom-up approaches.
Market Definition
SiC-on-insulator refers to a semiconductor technology where a layer of SiC is grown or deposited on an insulating substrate, typically made of materials like Si, SiO2 and others that include glass, sapphire and quartz. This structure is designed to combine the unique properties of SiC, such as high thermal conductivity and wide bandgap, with the benefits of an insulating or a conductive layer. These layers can help reduce parasitic capacitance, enhance device isolation, increase electrical conductivity and improve overall performance, making them suitable for various electronic and semiconductor applications, including power devices, RF devices and others that include laser diodes, LEDs, amplifiers and transistors.
Stakeholders
- Raw material suppliers
- Design tool and fabrication equipment vendors
- SiC Wafer manufacturers
- Wafer equipment manufacturers
- Integrated device manufacturers (IDMs)
- Pure-play foundry vendors
- Non-pure-play (IDM) foundry vendors
- Electronic design automation (EDA) vendors
- Fabrication players
- Semiconductor intellectual property vendors
- Original devices manufacturers (ODMs) (discrete and chip manufacturers)
- Original equipment manufacturers (OEMs) (electronic equipment manufacturers)
- Assembly, testing, and packaging vendors
- Distributors and Resellers
- End Users
The main objectives of this study are as follows:
- To define, analyze and forecast the SiC-on-insulator and other substrates market size, by substrate type, application, and region, in terms of value.
- To forecast the market size for various segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW)
- To provide detailed information regarding the major drivers, restraints, opportunities, and challenges influencing the growth of the SiC-on-insulator and other substrates market
- To study the complete supply chain and related industry segments for the SiC-on-insulator and other substrates market
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To analyze the supply chain, market ecosystem; trends/disruptions impacting customer’s business; technology analysis; Porter’s five forces model; trade analysis; patent analysis; key conferences & events, 2024–2025; and regulations related to the SiC-on-insulator and other substrates market.
- To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market.
- To strategically profile the key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape for the market leaders.
- To analyze competitive developments such as product launches, partnerships, agreements, collaborations, contracts, acquisitions, cooperations and expansions and research and development (R&D) activities carried out by players in the SiC-on-insulator and other substrates market.
Customizations Options:
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players
Growth opportunities and latent adjacency in SiC-On-Insulator and Other Substrates Market