The Global Silicon Carbide Market Growth Accelerated By Increasing Demand For Silicon Carbide In Automotive Industry.
![]() |
Silicon Carbide Market |
Silicon carbide, also known as carborundum, is an extremely hard, synthetically produced crystalline compound made by heating silica sand and carbon to high temperatures in an electric resistance furnace. Silicon carbide semiconductors can operate at much higher temperatures, voltages and frequencies compared to common semiconductors. Due to their unique properties like higher thermal conductivity, resistance to radiation damage and superior mechanical strength, silicon carbide is extensively used in applications like electric vehicles, fast charging, solar inverters and smartphones.
The global Silicon Carbide Market is estimated to be valued
at US$ 10.51 Bn in 2023 and is
expected to exhibit a CAGR of 11%
over the forecast period 2024-2031, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing adoption of electric vehicles is one of the key factors
driving the demand for silicon carbide semiconductors. Major automakers are
focusing on developing electric vehicles with longer driving range and faster
charging capabilities. Silicon carbide power devices address some of the key
challenges faced by EVs like battery size, charging time and costs. They
significantly reduce power losses in drivetrain and charger electronics which
helps extend driving range per charge. Additionally, silicon carbide reduces
conversion losses during DC fast charging, thereby enabling EVs to charge much
faster. This in turn fuels the adoption of EVs and increases the requirement of
silicon carbide in automotive application.
Segment Analysis
The Global
Silicon Carbide Market Analysis is dominated by the power electronics
sub segment. Silicon carbide has superior characteristics like high voltage
blocking ability, wide bandgap and high thermal conductivity that make it
suitable for high power systems. These properties allow silicon carbide based
power devices to operate at higher temperatures, with greater efficiency and
faster switching times. Thus power electronics systems using silicon carbide
have higher power densities and require smaller heat sinks compared to silicon.
This helps reduce their size and weight.
Key Takeaways
The global silicon carbide market is expected to witness high growth over the
forecast period from 2024 to 2031. The global Silicon Carbide Market is
estimated to be valued at US$ 10.51 Bn in 2023 and is expected to exhibit a
CAGR of 11% over the forecast period 2024-2031.
Asia Pacific region currently dominates the silicon carbide market and is
expected to remain the fastest growing regional market during the forecast
period. This is due to the high demand for silicon carbide from countries like
China, Japan and South Korea. These countries have a huge consumer electronics
and automotive industries that are driving the adoption of silicon carbide
semiconductors.
Key players:
Key players operating in the silicon carbide market are Kempinski,
Doncasters Group, American Combustion Industries, General Electric, Basic
Carbide Corporation, ACME, DENKA Company Limited and Dow Chemical. Kempinski is
currently the global market leader with the largest production capacity and
product portfolio. Doncasters and American Combustion also have a significant
market share in the production of silicon carbide materials, components and
devices used across different industries.
Get more insights on this topic: https://www.ukwebwire.com/cvd-silicon-carbide-market-size-and-share-analysis-growth-trends-and-forecasts/
Explore more information on this topic, Please visit:https://captionssky.com/what-are-thermoplastic-elastomers/
Comments
Post a Comment