Silicon Carbide Market Summary:

In 2021, the global market size for Silicon Carbide (SiC) amounted to USD 2.98 Billion and is projected to achieve a revenue compound annual growth rate (CAGR) of 11.4% during the forecast period. This growth is fueled by several factors, including the surging global demand for Electric Vehicles (EV) driven by the rapid adoption of zero-emission technologies, the swift expansion of the electronics industry spurred by increased demand for consumer electronics goods, and the escalating demand for SiC across various industries owing to its exceptional utility and distinctive properties.

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Market Overview:

Different businesses in the chemicals and materials industries differ in size, geography, business style, and end-market focus. These businesses are part of a larger ecosystem that includes oil, gas, coal, minerals, and bio-based products as raw materials on one hand and a wide range of application industries on the other. It is traditional to divide the chemical industry into three major categories: petrochemicals, diversified manufacturers, and specialized industries.

While the wider patterns discussed in the previous section apply to the entire sector, the complexities of the distinctions among the various players indicate the need to analyze trends by segment of the industry. As part of its multiverse series, Deloitte classified chemical sector stakeholders into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups usually has its own strategic imperatives. It is common for vertically integrated natural owners to prioritize continuous improvement over innovation when operating their businesses. By focusing on supply chain efficiency, market innovation, and cost optimization, differentiated commodities flourish in a highly fragmented and complex industry. This is exactly what solution providers do: they focus on maximizing the value of their unique products as well as their application expertise and services.

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Moreover, the report provides insight into how the Silicon Carbide market will develop between 2024 and 2030. Companies operating in the Silicon Carbide market can benefit from the in-depth dynamics presented in the report, thereby making strategic development decisions that will help them succeed. During the forecast period, the Silicon Carbide market is expected to undergo significant changes that will highly configure its growth.

Furthermore, the report highlights the growth prospects of the Silicon Carbide market and estimates market progress in terms of value (USD million) and volume (thousand units).

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Key Questions Answered in This report on the Silicon Carbide Market

The report provides detailed information about the Silicon Carbide market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Silicon Carbide market, so as to help them formulate successful strategies and take target-driven decisions.

• How are key market players successfully earning revenue from the advantages of the product?
• What will be the Y-o-Y growth of the Silicon Carbide market between 2024 and 2030?
• What are the winning imperatives of market frontrunners in the Silicon Carbide market?
• Which end-user is expected to undertake maximum adoption of the product during the forecast period?

Research Methodology: Silicon Carbide Market

The research methodology adopted by analysts to compile the Silicon Carbide market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Silicon Carbide market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Silicon Carbide market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Silicon Carbide market.

Competitive Landscape:

Competitive landscape of the global Silicon Carbide market is moderately fragmented with a few major market players operating on global and regional levels. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Major players operating in the market include STMicroelectronics N.V., Infineon Technologies AG, Rohm Co. Ltd., Wolfspeed, Inc., ON Semiconductor Corporation, Fuji Electric Co., Ltd., Renesas Electronics Corporation, Microchip Technology Inc., Toshiba Corporation, General Electric Company, GeneSiC Semiconductor Inc., ESD-SIC B.V., Entegris, Inc., Powerex Inc., and Qorvo, Inc

• On 21 March 2022, Microchip Technology announced the launch of 3.3 kV Silicon Carbide (SiC) power devices, which provide high efficiency and reliability and have the lowest resistance, helping customers to move to high-voltage SiC with speed and ease. These devices are small, light, provide more efficient power solutions, and help in electrified transportation, renewable energy, aerospace, and other industrial applications.
• On 9 December 2021, STMicroelectronics N.V. announced the introduction of third-generation STPOWER SiC MOSFETs for electric vehicles, powertrains, and other platforms where power density, energy efficiency, and reliability are basic criteria. This new and advanced design helps the manufacturer with the capability of fast charging and reduction in weight in case of an electric vehicle. Furthermore, they are used in industrial applications by enhancing the efficiency of motor drives, renewable-energy converters, and other applications.

Segments Covered in the report

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