From US$ 1.3 Bn to US$ 6.3 Bn: Silicon Carbide Power Devices on Fast Track

 

The global silicon carbide (SiC) power device market was valued at US$ 1.3 billion in 2022 and is projected to expand at a robust CAGR of 19.3% from 2023 to 2031, reaching an estimated US$ 6.3 billion by the end of 2031, according to the latest industry analysis. SiC devices, known for their high efficiency, low power loss, and durability in high-voltage and high-temperature conditions, are increasingly being adopted across automotive, industrial, renewable energy, and consumer electronics sectors.

 

Market Overview

SiC power devices have emerged as a critical solution for next-generation power electronics, offering significant improvements over traditional silicon-based components. With the ability to reduce power loss, increase switching speed, and operate under higher temperatures and voltages, SiC semiconductors are transforming industries that demand high reliability and energy efficiency.

Their unique material characteristics are particularly beneficial in wide bandgap applications, where reducing system size, weight, and cost are essential. The automotive industry, especially the electric vehicle (EV) segment, is a primary adopter, leveraging SiC to improve vehicle performance and energy efficiency.

 

Market Drivers & Trends

The growing push toward electrification, decarbonization, and energy efficiency is propelling the demand for SiC power devices globally. Key market drivers include:

• Rising demand for high-efficiency power systems in industrial and renewable energy applications.
• Accelerated EV adoption, requiring robust power electronics for traction inverters, battery chargers, and onboard systems.
• Reduction in system size and complexity, thanks to superior properties of SiC MOSFETs and diodes.
• Government incentives and mandates for cleaner transportation and energy storage systems.

These trends align with global sustainability goals, where power efficiency and reduced carbon footprint are paramount.

 

Latest Market Trends

• SiC MOSFETs Dominate the Market: Representing over 32% of global share in 2022, the MOSFET segment continues to gain traction due to its high reliability, critical breakdown strength, and thermal performance.
• 600V–1000V Segment Leading by Voltage Range: With 31.89% share in 2022, this voltage range supports applications such as solar inverters, UPS systems, EV charging, and industrial drives.
• High Power Modules in EV Applications: Companies like STMicroelectronics and WOLFSPEED have introduced SiC modules aimed at improving the driving range and energy management of electric vehicles.

 

Download Sample PDF Copy Now: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=22034

 

Key Players and Industry Leaders

The SiC power device market is consolidated, with a few dominant players accounting for a majority of the market share. These include:

• Coherent Corp.
• Fuji Electric Co., Ltd
• Infineon Technologies AG
• Microchip Technology Inc.
• Mitsubishi Electric Corporation
• ON Semiconductor Corp
• Renesas Electronics Corporation
• ROHM Co., Ltd
• Toshiba Electronic Devices & Storage Corporation
• WOLFSPEED, INC.

These companies are investing heavily in R&D, expanding wafer production capabilities, and launching new product lines to meet surging demand.

 

Recent Developments

• Mitsubishi Electric (March 2023): Constructed a new wafer facility to meet soaring demand for SiC power semiconductors.
• Toshiba (December 2022): Developed advanced SiC MOSFETs with enhanced reliability and low resistance.
• Microchip Technology (March 2022): Unveiled 3.3 kV SiC power devices for next-generation renewable energy and transportation solutions.
• STMicroelectronics: Launched SiC high-power modules for EV traction systems in December 2022.

 

Market Opportunities

Emerging opportunities include:

• Electrification of transportation: As EV adoption scales, SiC’s role becomes more critical in powertrain efficiency.
• Expansion in renewable energy and grid infrastructure: Solar and wind energy systems benefit from SiC’s efficiency and reliability.
• Adoption in aerospace and defense sectors: Where lightweight, high-performance power systems are increasingly necessary.
• High-growth emerging economies in Asia-Pacific and Latin America provide untapped potential for SiC deployment.

 

Future Outlook

By 2031, the SiC power device market will be defined by:

• Continued penetration into mainstream automotive platforms, including hybrid and electric vehicles.
• Broad industrial adoption of SiC for high-efficiency motor drives, UPS, and energy storage.
• Increased investment in supply chain capacity and localized SiC wafer manufacturing, especially in Asia and North America.

Analysts emphasize the role of SiC in enabling sustainable energy systems and expect the technology to be foundational to next-gen power semiconductors.

 

Market Segmentation

By Product Type:

• Diode
• Power Module
• MOSFETs
• Gate Driver

By Voltage:

• Up to 600V
• 600V – 1000V
• 1000V – 1500V
• Above 1500V

By Application:

• Inverter / Converter
• Power Supply
• Motor Drive
• Photovoltaic / Energy Storage Systems
• Flexible AC Transmission Systems (FACTs)
• RF Devices & Cellular Base Stations
• Others (Traction Systems, Induction Heating)

By End-use Industry:

• Automotive & Transportation
• Aerospace & Defense
• Consumer Electronics
• IT & Telecommunication
• Others (Healthcare, Energy & Utility)

 

Regional Insights

Asia Pacific held the largest market share (44.23%) in 2022 due to high demand from the electronics, automotive, and industrial sectors in countries like China, Japan, and India. Government policies supporting EV adoption and renewable energy integration are also fostering market growth.

North America (26.12% share) is poised for strong growth, with major semiconductor companies investing in product innovation and strategic partnerships. The U.S. remains a hub for electric vehicle innovation and renewable power generation.

Europe continues to strengthen its position through green energy mandates and rapid EV expansion in countries like Germany and the U.K.

 

Why Buy This Report?

• Comprehensive Market Coverage: Includes qualitative and quantitative analysis with segment-wise and region-wise forecasts.
• Strategic Insights: Covers key drivers, trends, and market dynamics shaping the SiC power device industry.
• Competitive Intelligence: Profiles leading companies and details on recent innovations, partnerships, and expansions.
• Decision-Making Support: Aids industry stakeholders in understanding growth opportunities and market trajectories to align their strategies accordingly.
• Customizable Format: Available in PDF and Excel with deep-dive access to historical and projected data.