The global silicon carbide market is expected to grow from USD 899 million in 2021 to USD 2,113 million by 2026; it is expected to grow at a CAGR of 18.7% during 2021–2026. Key factors fueling this markets growth include growing demand for SiC Devices in power electronics; higher mechanical, electrical and thermal properties than regular Silicon; and growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production. 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.
Key players in the silicon carbide market comprise companies operating at different stages of the value chain. These include Infineon Technologies (Germany), Cree, Inc. (US), ROHM Co., Ltd. (Japan), STMelectronics (Switzerland), Fuji Electric (Japan), ON Semiconductor (US), General Electric (US), Toshiba Corporation (Japan), and Renesas Electronics (Japan), Microchip Technology (US). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, acquisitions, partnerships, collaborations, contracts, and agreements to strengthen their position in the market.
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Top 2 players in silicon carbide market:
Infineon Technologies (Germany) is the leading manufacturer of semiconductor and microelectronics solutions in the global silicon carbide market. The company primarily focuses on organic growth strategies, including product launches and expansions. In addition, it also focuses on inorganic growth strategies, such as acquisitions and partnerships, to increase its product offerings and penetrate new application areas. For instance, in April 2020, Infineon Technologies AG acquired Cypress Semiconductor Corporation (US) to strengthen its power semiconductors, automotive microcontrollers, sensors, and security solutions offerings by focusing on high-growth applications such as advanced driver-assistance systems (ADAS), IoT, and 5G mobile infrastructures. With this, the company has become one of the global top 10 semiconductor companies. Further, the company offers a variety of SiC products for major application areas such as photovoltaic systems, industrial power supplies, and charging infrastructure for electric vehicles.
Cree, Inc. (US) is one of the leading manufacturers of wide bandgap semiconductor products for power and radiofrequency (RF) applications and lighting-class light-emitting diode (LED) products. It is involved in designing, developing, and providing semiconductor products based on SiC and GaN technologies. The company mainly focuses on adopting inorganic growth strategies such as partnerships and agreements to strengthen its position in the SiC market.
Silicon Carbide Market with COVID-19 Impact Analysis by Device(SiC Discrete, SiC Bare Die, and SiC Module), Wafer Size, Application, Vertical (Power Electronics, Automotive, Telecommunications, and Energy & Power), and Geography - Global Forecast to 2026
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