April 30, 2020
As per the report titled ‘Global SiC Power Device Market – Analysis By Application, End User, By Region, By Country: Market Insight, COVID-19 Impact and Forecast (2020-2025)’, available with Market Study Report LLC, global SiC power device market was worth USD 425.12 million in 2019 and is expected to record a healthy CAGR during 2020-2025.
Increasing demand for automotive vehicles owing to rising transportation needs of the ever-growing population coupled with inclination towards consumer electronics on account of technological advances are fueling the growth of global SiC power device market.
Various advantages of Silicon carbide (SiC) over conventional silicon such as wide band gap of 3 electronvolt (eV) and higher thermal conductivity are encouraging the product adoption. Moreover, incorporation of SiC technology for improving power modules is expected to boost the market growth during the forecast period. However, outbreak of COVID-19 has resulted in global economic slowdown which is likely to affect the SiC power device market valuation in the coming future.
Speaking of the application scope, EV/HEV segment is expected to record modest growth over the forecast timeline, due to rising popularity of eco-friendly electric vehicles and hybrid electric vehicles wherein SiC power devices play a vital role in optimizing operations at high temperatures, thereby improving the efficiency of vehicle.
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Speaking of the end user spectrum, SiC power devices market is segmented into industry, electronics, automotive and others. The report claims that automotive segment will continue to display strong growth trends over the forecast duration, owing to surging demand for passenger vehicles, particularly electric vehicles.
Considering the geographical landscape, Asia Pacific SiC power device market is anticipated to hold significant market share by the year 2025. Escalating sales of automobiles and consumer electronics is driving the regional market growth. New investments in power semiconductor industry in tandem with inflowing infrastructure funding and growing population in countries like China, Japan, and South Korea are supplementing the industry growth in APAC.
Major players operating in global SiC power device market are Cree Inc., ON Semiconductor, Infineon Technologies, STMicroelectronics, Mitsubishi Electric, Fuji Electric, Rohm Semiconductor, Renesas Electronics, Vishay Intertechnology, and Littelfuse.