Power SIC Market is in later growth stage. Adoption of this power SIC devices has been increasing with advancements in technologies. Increasing investments in development of electric vehicles provide opportunities for the power SIC for the automotive components. Moreover, surge in demand for power electronics in the end users due to their enhanced performance, is thriving the market growth. The characteristics of silicon carbide semiconductors, such as greater electric field strength breakdown and wider band gap, allow their use in power electronics; such devices, for example, play an extremely important role in controlling automotive electronics such as electric power steering, main inverter hydroelectric vehicles, seat control, braking system, and others. SiC power electronics also facilitates energy conversion in generators and actuators integrated in aircrafts. Along with automotive and aircraft, the growth of power electronics is driven by its increasing usage in several applications such as industrial motor drives, electric grid stabilization, and consumer electronics. Therefore, its effective power control and management feature for industrial operations or functioning of electrical/electronic devices makes it suitable for different industry verticals. Power SiC Market is estimated to grow at a CAGR of 41.8% during the forecast period 2021-2026 and cross the $2 billion mark by 2025 reaching $2.78 billion in 2026, from around $541 million in 2020
In January 2020, STMicroelectronics NV announced that it has signed a multi-year silicon carbide (SiC) wafers supply agreement with SiCrystal, a ROHM Group company. Under the agreement, SiCrystal is set to supply over 120 million dollars of silicon carbide wafers to STMicroelectronics. The company aims to leverage the demand ramp-up for silicon carbide power devices across various industries, including industries and automotive markets.The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favourable government policies and support in terms of subsidies and grants, tax rebates. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion in electric vehicles by 2025. As electric vehicles use various types of PowerSICs, hence the rising demand for electric vehicles globally drives the automotive valves market.
PowerSIC market in Asia-Pacific region held significant market share of 37.4% in 2020. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth. The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the PowerSIC market. In addition advancements in the agriculture sector and enormous investments in industrialization in countries such as China, India, South Korea, and Australia is driving the market growth. Further, the increasing production and sales of electric vehicles in countries including China and Japan is also analyzed to drive the market growth.
Talk to one of our sales representative about the full report by providing your details in the link below:
PowerSIC Market Growth Drivers:
- Stringent regulations and Wide-scale adoption of renewable sources of energy
Due to the large band gap offered, SiC (silicon carbide) is used for high-power applications. SiC is also used by semiconductors for reduced energy loss and longer life converters of solar and wind energy power. For example, to improve performance, power density, and reliability, photovoltaic energy primarily requires high power, low-loss, faster switching, and reliable semiconductor devices. SiC devices offer a promising solution to the requirements for photovoltaic energy in order to satisfy the growing demand for energy. Owing to this, the US Department of Energy’s (DOE) Advanced Research Projects Agency Energy (ARPA-E) announced USD 30 million funding for 21 innovative projects as part of the Creating Innovative and Reliable Circuits Using Inventive Topologies and Semiconductors (CIRCUITS) program. In addition, the debate about low-carbon emissions has had an impact on the automotive industry, as cars are an important source of carbon emissions. Countries have also implemented many laws and regulations around the world to track vehicle emissions. Previous versions of the European or United Nations Economic Commission for Europe (UN-ECE) mobile source pollution regulations have been introduced by several states. Some countries have adopted more advanced regulations based on the most recent version of the European or US regulations. As SIC based power devices are majorly used for the manufacture of motor drives and other circuits for wind and solar power plants equipment, these initiatives will significantly drive the power SIC market during the forecast period 2020- 2025.
The Major Players in this Market Include
In the SiC JFET the key players operating are USCi and Infineon while Fuji Electric, ROHM, GE, ST Microelectronics etc are the top players in the SiC MOSFET market segment in 2020. Companies such as Cree, II-VI and Sicrystal and other Chinese players are investing heavily in the Power SiC market. Multi-year supply agreements have also been signed between substrate suppliers such as Cree/Wolfspeed and SiCrystal and device manufacturers such as Infineon and ST Microelectronics.
To request for a quote, provide your details in the below link:
Mr. Venkat Reddy
Email: [email protected]
Contact Sales: +1-970-236-3677
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.