Global Silicon Carbide Market - Restraints
Increasing use of Gallium nitride as a substitute in place of silicon carbide
Silicon carbide is a brittle material and this poses major challenges during the production of small components that are used in semiconductor devices. This factor is expected to hinder the market growth of silicon carbide. Increasing use of gallium nitride as a substitute in place of silicon carbide in power modules application is projected to hamper the market growth of silicon carbide over the forecast period.
Global Silicon Carbide Market - Drivers
Increasing demand for semiconductor devices
Increasing production of automobiles
Growth in the automotive sector is projected to propel the market growth of silicon carbide. Increasing production of automobiles around the globe is driving demand for silicon carbide. According to the stats from the European Automobile Manufacturers Association, around 92.8 million motor vehicles were produced globally in 2020 and more than 80 million passenger cars were produced around the world in 2020. Hence, increasing production of automobiles around the globe is majorly driving the market growth of silicon carbide.
Global Silicon Carbide Market - Opportunities
Evolving renewable energy applications of SiC
Silicon carbide devices allow solar power systems to achieve 98% efficiency while dramatically reducing inverter size and total cost of ownership in most cases. These converters can also operate at higher frequencies, greatly reducing the size and cost of the magnetic elements required, thereby reducing the overall system cost. These benefits enable the strategic use of clean and green energy in large-scale solar farms, home solar panels, and electric vehicle chargers. Ecosystem players such as ON Semiconductor and WOLFSPEED INC. offer SiC devices for solar power systems. For instance, WOLFSPEED INC. provides a wide range of SiC MOSFETs and SiC diodes, whereas ON Semiconductor offers SiC discrete MOSFETs and SiC modules
Silicon Carbide Market Report Snapshots
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