Research Nester assesses the growth and market size of global silicon carbide market which is anticipated to be on account of the growing importance of silicon carbide over silicon
Research Nester’s recent market research analysis on“Silicon Carbide Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global silicon carbide market in terms of market segmentation by device, product, wafer size, application, and by region.
Growing Production of Electric Vehicle to Promote Global Market Share of Silicon Carbide
The global silicon carbide market is estimated to grow majorly on account of the growing use of silicon carbide in a variety of industries, SIC has excellent thermal and chemical durability at even high temperatures, making it appropriate to use in severe environments such as automotive, aerospace, and industrial operations. Furthermore, the rise of electric and hybrid vehicles has increased demand for SiC-based power electronics. SiC components improve the efficiency, battery life, and driving range of an electric vehicle.
Besides this, the advancement in SiC manufacturing techniques and processes has resulted in better quality of material, reduction in the chances of defects, and low cost of production. This has made silicon carbide more accessible to different industries. Furthermore, rising investment in establishing new production units and collaboration among major players in the market to develop new silicon carbide power devices is also expected to drive the market growth.
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Some of the major growth factors and challenges that are associated with the growth of the global silicon carbide market are:
Growth Drivers:
· Surging Demand for EVs
· Technological Advancement of SiC
Challenges:
Transitioning from traditional silicon-based technology to silicon-carbide-based technology frequently necessitates rebuilding systems and components, which inhibits uptake. Integrating silicon carbide components into existing systems can be difficult and time-consuming. Furthermore, the dearth of established testing techniques and criteria, as well as the verification of quality specimens for silicon carbide components, may result in anomalies and restrict general implementation. These are some of the primary variables that are expected to limit the worldwide market size of silicon carbide.
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On the basis of the product, the global silicon carbide market is segmented into black SiC and green SiC. The black SiC segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Owing to excellent versatility, and efficiency black silicon carbide is expected to drive the growth of the segment. Furthermore, on the basis of application, the rising demand for semiconductor chips has marked the dominance of the electronics and optoelectronics segment.
By region, Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising production of vehicles in the region. Germany's automobile manufacturing was about 4 million units in December 2022. This represents an increase from the previous estimate of 3 million units for December 2021. Moreover, the higher inclination of Europe towards the adoption of renewable energy and sustainable means for power production is further expected to increase the usage of silicon carbide in setting up wind energy farms and solar panels.
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This report also provides the existing competitive scenario of some of the key players of the global silicon carbide market which includes company profiling of AGSCO Corporation, SK Siltron, ESD-SIC b.v., Carborundum Universal Limited, Microchip Technology Inc., Coorstek, Inc., Entegris, Inc., Snam Abrasives Pvt. Ltd., Gaddis Engineered Materials, and Sana Optoelectronics.
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