July 02, 2020
According to the research report titled ‘Global SiC Power Device Market – Analysis By Application, End User, By Region, By Country (2020 Edition): 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 projected to witness substantial growth over 2020-2025.
The high demand for automobiles is one of the key factors driving the growth of SiC power device market. Silicon carbide (SiC) has a band gap of 3 eV (electron volt) and high thermal conductivity compared to silicon which is projected to amplify its demand. The increasing demand of consumer electronics and flourishing automotive sector among prominent regions accounts for high product sales globally. Adoption of technologies to enhance power modules favors the SiC power device market. Although, the COVID-19 pandemic outbreak is likely to impact industry size in the approaching years.
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Talking of the end use spectrum, the market is divided into automotive, electronics, industry, and others The popularity of automobiles has surged worldwide and their demand is slated to grow substantially over the anticipated timeline. The demand for ecofriendly electric vehicles is projected to increase in the approaching years which will positively impact market size in the ensuing years.
Based on the application spectrum, the market is divided into charging device, motor drives, EV/HEV, and others. The EV/HEV segment is gaining popularity across the globe and is projected to record substantial growth over the anticipated timeline.
Citing the regional landscape, Asia Pacific SiC power device market is projected to lead the business space in terms of market share over 2020-2025. The high demand of automotive and consumer electronics contributes to the market gaining traction. In addition, huge infrastructure investments, investments in power semiconductor industry, and population in countries like South Korea, Japan, and China fuel the market growth.
The leading organizations in global SiC power device market are Littelfuse, Vishay Intertechnology, Rohm, Renesas Electronics, Mitsubishi Electric, Fuji Electric, STMicroelectronics, ON semiconductor, Infineon Technologies, and Cree among others.