The silicon carbide market size is expected to reach USD 12.13 billion by 2034, according to a new study by Polaris Market Research. The report "Global Silicon Carbide Market Size, Share, Trends, Industry Analysis Report: By Device (SiC Discrete Device and SiC Module), Wafer Size, Application, and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025 - 2034." gives a detailed insight into current market dynamics and provides analysis on future market growth.
Silicon carbide market growth is significant due to increasing adoption in the aerospace and defense industries. Its exceptional performance under extreme conditions. SiC's high thermal conductivity and ability to withstand high temperatures and radiation make it ideal for critical applications such as high-power radar systems and satellite communications. These features enhance the reliability and efficiency of advanced aerospace and defense systems, which are crucial for mission success and operational safety. Also, some key players are taking initiatives to drive the market growth for silicon carbide materials to be incorporated in advanced aircraft. For instance, in June 2023, Airbus and STMicroelectronics collaborated to develop silicon carbide and gallium nitride power electronics, aiming to enhance the performance and efficiency of future aircraft by up to 20% in their electrification efforts.
In addition to radar and communication systems, SiC technology is also being integrated into advanced propulsion systems. SiC components can handle the intense power and thermal demands of modern propulsion technologies, contributing to improved performance and durability. This adoption reflects the industry's growing need for robust materials that can meet the stringent requirements of advanced aerospace and defense applications.
In recent years, the expanding use of semiconductors in emerging technologies such as artificial intelligence (AI) and the Internet of Things (IoT) is greatly enhanced by silicon carbide (SiC) due to its outstanding performance in high-power and high-frequency conditions. SiC's exceptional thermal conductivity, efficiency, and power-handling capabilities make it well-suited for applications where traditional silicon may struggle. As AI and IoT technologies evolve, the demand for high-performance semiconductor solutions increases, positioning SiC as a key component in improving the efficiency and reliability of these advanced systems.
Silicon Carbide Market Report Highlights
The SiC module segment led the market due to its superior performance, including faster switching speeds, reduced need for passive components, and resilience in high-frequency and high-temperature operations.
The automotive segment led the silicon carbide (SiC) market, driven by the demand for high-performance, energy-efficient electronic systems that leverage SiC's superior efficiency and thermal conductivity.
Asia Pacific dominated the silicon carbide market in revenue, driven by its robust industrial base and the rapid adoption of SiC in automotive and electronics sectors, especially for electric vehicles and power electronics.
The global key market players include 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; and WOLFSPEED, INC.
Polaris Market Research has segmented the silicon carbide market report based on device, wafer size, application, and region:
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
By Regional Outlook (Volume - Units, Revenue - USD Billion, 2020 - 2034)
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Vietnam
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa
Table of Contents
1. Introduction
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
1.1.3. Assumptions
1.2. Stakeholders
2. Executive Summary
2.1. Market Highlights
3. Research Methodology
3.1. Overview
3.1.1. Data Mining
3.2. Data Sources
3.2.1. Primary Sources
3.2.2. Secondary Sources
4. Global Silicon Carbide Market Insights
4.1. Silicon Carbide Market - Market Snapshot
4.2. Silicon Carbide Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Rising Advancement in Power Electronics
4.2.1.2. Developments in SiC Manufacturing Techniques and Facilities
4.2.2. Restraints and Challenges
4.2.2.1. High Cost of SiC devices
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Silicon Carbide Market Application Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Silicon Carbide Market, by Device
5.1. Key Findings
5.2. Introduction
5.2.1. Global Silicon Carbide Market, by Device, 2020-2034 (Volume, Kilotons; USD Billion)
5.3. SiC Discrete Device
5.3.1. Global Silicon Carbide Market, by SiC Discrete Device, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
5.3.2. SiC MOSFETs
5.3.2.1. Global Silicon Carbide Market, by SiC MOSFETs, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
5.3.3. SiC Diodes
5.3.3.1. Global Silicon Carbide Market, by SiC Diodes, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
5.4. SiC Module
5.4.1. Global Silicon Carbide Market, by SiC Module, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
6. Global Silicon Carbide Market, by Wafer Size
6.1. Key Findings
6.2. Introduction
6.2.1. Global Silicon Carbide Market, by Wafer Size, 2020-2034 (Volume, Kilotons; USD Billion)
6.3. Up to 150 mm
6.3.1. Global Silicon Carbide Market, by Up to 150 mm, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
6.4. >150 mm
6.4.1. Global Silicon Carbide Market, by >150 mm, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
7. Global Silicon Carbide Market, by Application
7.1. Key Findings
7.2. Introduction
7.2.1. Global Silicon Carbide Market, by Application, 2020-2034 (Volume, Kilotons; USD Billion)
7.3. Automotive
7.3.1. Global Silicon Carbide Market, by Automotive, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
7.4. Energy & Power
7.4.1. Global Silicon Carbide Market, by Energy & Power, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
7.5. Industrial
7.5.1. Global Silicon Carbide Market, by Industrial, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
7.6. Transportation
7.6.1. Global Silicon Carbide Market, by Transportation, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
7.7. Telecommunication
7.7.1. Global Silicon Carbide Market, by Telecommunication, by Region, 2020-2034 (Volume, Kilotons; USD Billion)
7.8. Others
7.8.1. Global Silicon Carbide Market, by Others, by Region, 2020-2034 (Volume, Kilotons; USD Billion)