Silicon Carbide Market Size & Share Report, 2028

 

Silicon Carbide Market

The Silicon Carbide Market is predicted to reach USD 2,967 Million by 2028, exhibiting a CAGR of 18.5% over the forecast period (2021-2028).

The factors driving the growth of Silicon Carbide Market includes rising application of silicon carbide in automotive, power and steel industries and increasing demand for electric vehicles and hybrid cars across the world. As per the report published by Bloomberg, the Global Electric Vehicle Market is anticipated to reach $823.74 billion by the end of 2030, growing at a robust CAGR of 18.2% during the forecast period (2021-2030), which will accelerate the demand of Silicon Carbide for manufacturing electric vehicles in the approaching years. Moreover, the increasing Government initiatives to boost the production of solar lights for electrification in the rural areas and rising demand for consumer electronics, have propelled the Global Silicon Carbide Market. As per Times of India, the Indian Government targets to generate 500 GW renewable energy by 2030, under the Production Linked Incentive, the budget allocation for solar cells & modules will be increased by INR 24,000 Crore, which is expected to supplement the Silicon Carbide Market size in the coming years.

However, the growth of Silicon Carbide Market is hindered due to availability of cost-effective substitute such as Gallium nitride.

The leading players operating in the market are General Electric, ON Semiconductor, Agsco Corporation, Cree Inc, Fuji Electric Co., Ltd, United Silicon Carbide, Inc., Toshiba Corporation, The Dow Chemical Company, Microchip Technology Incorporated and Saint-gobain Ceramics Materials among others.

Product- Segment Analysis

Based on Product, the Black Silicon Carbide segment market is anticipated to capture a significant market share during the forecast period because it provides high thermal conductivity and enhanced strength.

End-use Industry- Segment Analysis

According to Silicon Carbide Market Analysis, the Aerospace segment is predicted to grow at the fastest CAGR over the forecast period attributed to the development of jet turbines and increasing application of silicon carbide to make electrical components and space-based telescopes.

Region- Segment Analysis

Based on region, the Asia Pacific region is expected to capture the highest market share during the forecast period. The increasing adoption of renewable sources of energy, growing demand for electric busses, expansion in defense and electronics industry and rising disposable incomes, are some of the important factors augmenting the Silicon Carbide Market share in the Asia-Pacific region.

 

Market Segmentation

Silicon Carbide Market by Product

• Green Silicon Carbide
• Black Silicon Carbide

Silicon Carbide Market by End-use Industry

• Steel
• Automotive
• Aerospace
• Military & Defense
• Electricals & Electronics
• Healthcare
• Others

Silicon Carbide Market by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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