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The global silicon carbide market will witness a robust CAGR of over 30% from 2024 to 2032. With the rising adoption of renewable energy sources, the demand for energy storage solutions has surged, addressing the inherent variability in renewable energy generation. Silicon Carbide (SiC) technology plays a pivotal role in power converters and inverters integral to energy storage systems, including batteries and supercapacitors.
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Silicon Carbide Market Size, Share & Growth Analysis Report 2024-2032 Fuel Cell Market size worth $25.5bn by 2024
KeyInsights from Silicon Carbide Market: • The global silicon carbide market will witness a robust CAGR of over 30% from 2024 to 2032. With the rising adoption of renewable energy sources, the demand for energy storage solutions has surged, addressing the inherent variability in renewable energy generation. Silicon Carbide (SiC) technology plays a pivotal role in power converters and inverters integral to energy storage systems, including batteries and supercapacitors. • The enhanced efficiency and reliability of SiC devices are instrumental in stabilizing the grid, ensuring a consistent supply of renewable energy. For example, in July 2024, onsemi unveiled its cutting-edge silicon carbide technology platform, the EliteSiC M3e MOSFETs, marking a significant stride towards electrification and renewable energy. Further emphasizing its commitment to a sustainable future, onsemi has outlined plans to roll out multiple generations of this technology up to 2030.
Continued... • Growth Drivers: • Increasing demand for energy efficient power electronics • Growing adoption of electric vehicles (EVs) • Growth in renewable energy systems • Expansion of 5G and telecommunications infrastructure • Expanding applications in aerospace and defense • The overall Silicon Carbide Market is grouped based on Product Type, Device Type, Wafer Size, Application, Production Method, end use Industry and Region. • Based on device type, the market is categorized into SiC discrete devices, SiC modules, and other SiC devices. Notably, SiC modules are the fastest-growing segment, boasting a CAGR exceeding 30% from 2024 to 2032. The global push towards cleaner energy and reduced carbon emissions has catalyzed the rapid growth of the SiC module segment, especially with major players like Tesla, BYD, and Volkswagen integrating these modules into their vehicles for enhanced energy efficiency and extended driving range.
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Continued... • The escalating demand for high-performance abrasives in these sectors is a driving force behind the black silicon carbide market's expansion. Furthermore, its rising application in refractory materials for high-temperature industrial processes and its pivotal role in metallurgical applications, especially as a deoxidizer, underscore its significance. The burgeoning steel and aluminum industries, leveraging black silicon carbide to enhance metal properties, further amplify its market presence. • North America is witnessing a burgeoning silicon carbide market, with projections estimating a reach of USD 10 billion by 2032. The region's robust demand is fueled by technological advancements and a pronounced shift towards electric vehicles and renewable energy systems. Key markets like the U.S. and Canada, bolstered by a dense concentration of semiconductor and electronics firms and a commitment to energy-efficient technologies, are driving this growth. In the U.S., substantial investments in clean energy and a focus on renewable sources are amplifying the demand for SiC components, particularly in power electronics and automotive sectors.
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