Silicon Carbide Market Overview:
Global Silicon Carbide Market size and share is currently valued at USD 4.04 billion in 2024 and is anticipated to generate an estimated revenue of USD 12.13 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 11.6% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2025 – 2034.
The silicon carbide market is experiencing robust growth due to its increasing use in high-performance applications such as power electronics, automotive, and aerospace. Known for its superior thermal and mechanical properties, silicon carbide is a key material for advanced technological solutions.
Key Market Drivers:
- Growing Demand for Electric Vehicles (EVs): The rapid adoption of EVs has driven the need for silicon carbide-based components to enhance power efficiency and reduce energy losses.
- Rising Use in Power Electronics: Silicon carbide’s high thermal conductivity and durability make it a preferred material for high-voltage and high-temperature applications in power electronics.
- Expansion of Renewable Energy Projects: Increasing investments in solar and wind energy systems are boosting the demand for silicon carbide components, which improve the efficiency and reliability of these systems.
Key Companies in Silicon Carbide Market:
- Coherent Corp.
- Fuji Electric Co., Ltd.
- Infineon Technologies AG
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- ROHM Co., Ltd.
- Semiconductor Components Industries, LLC
- STMicroelectronics N.V.
- TOSHIBA CORPORATION
- WOLFSPEED, INC.
Industry Developments
The industry has seen significant advancements, including the development of next-generation silicon carbide wafers and the scaling up of production capacities by leading manufacturers. Strategic partnerships between semiconductor companies and automotive giants are accelerating innovation in SiC-based power solutions. Additionally, a focus on sustainability and energy efficiency is driving research into eco-friendly production methods.
Future Outlook
The silicon carbide market is poised for rapid growth, supported by the increasing adoption of renewable energy and electric vehicles. Emerging markets are expected to drive demand as industries continue to shift toward energy-efficient technologies.
Explore the Complete Comprehensive Report Here: https://www.polarismarketresearch.com/industry-analysis/silicon-carbide-market
Silicon Carbide Market Segmentation:
Polaris Market Research has segmented the silicon carbide market report based on deployment mode, offering, threat type, organization size, and vertical, providing comprehensive insights into market trends and opportunities.
By Device Outlook (Volume – Units, Revenue – USD Billion, 2020 – 2034)
- SiC Discrete Device
- SiC MOSFETs
- SiC Diodes
- SiC Module
By Wafer Size Outlook (Volume – Units, Revenue – USD Billion, 2020 – 2034)
- Up to 150 mm
- >150 mm
By Application Outlook (Volume – Units, Revenue – USD Billion, 2020 – 2034)
- Automotive
- Energy & Power
- Industrial
- Transportation
- Telecommunication
- Others
Silicon carbide is emerging as a cornerstone material for advanced applications across various industries. With ongoing technological advancements and rising global demand, the market is set for a promising growth trajectory.