New York City, NY, 02 March, 2020/ 24 Market Reports: It is estimated for the global silicon carbide market to grow from USD 744 million in 2020 and reach that of USD 1,817 million by 2025, witnessing the growth at a CAGR of 19.6% during the forecast period of 2020 to 2025. The growing demand for SiC devices in the power electronics industry and smaller devices that are facilitated due to the utilization of SiC-based devices are the factors that are driving the growth of the market during the forecast period.
SiC bare die to grow at a higher CAGR in the market during the forecast period
During the forecast period, it is estimated for the SiC bare die to witness the growth at a higher CAGR in the market. The increasing adoption of bare dies owing to their several benefits such as compact size, improved electrical performance, power management and assembled to gain high reliability are the factors that are driving the growth of the market during the forecast period.
4-inch silicon carbide wafers to hold the largest share in the market during the forecast period
The 4-inch silicon carbide wafers held the largest share in the market in the year 2019 and the trend is expected to continue throughout the forecast period. The increasing adoption of the 4-inch silicon carbide wafers in various devices such as optoelectronics devices, high power devices, high-temperature devices and high-frequency power devices is driving the growth of the segment in the market during the forecast period.
EV motors application to witness the growth at the highest CAGR in the market during the forecast period
During the forecast period, the demand for EV motors application is projected to witness the growth at the highest CAGR in the market. In industrial and commercial motor drives, electro-mechanical computing systems and high-temperature sensors the application of silicon carbide-based semiconductor devices takes place that is expected to propel the growth of the segment during the forecast period. The growth of the segment in the market is expected to drive the growth of the silicon carbide market at the highest CAGR.
Power electronics vertical to lead the market during the forecast period
The power electronics vertical dominated the silicon carbide industry in the year 2019 and the trend is estimated to continue throughout the forecast period. The capability of SiC to reduce energy loss and increase life as well as the efficiency of power devices is the factor that is driving the growth of the market during the forecast period.
APAC region to hold the largest share in the market throughout the forecast period
In the year 2019, the APAC segment held the largest share in the market and the trend is projected to continue throughout the forecast period. The increasing sale of electric and hybrid electric vehicles in the countries of China, Japan, South Korea and India is driving the growth of the market in the APAC region. For instance, South Korea was the fifth-largest country in the world in terms of electric vehicle sales in 2018. The growth of the market is also estimated to be growing by the initiatives taken by several governments in APAC to promote the use of these vehicles.
The following are the major objectives of the study:
- To define, describe, and forecast the global silicon carbide market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global silicon carbide market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global silicon carbide market and their future potential during next decade?
- How competitive landscape is evolving in global silicon carbide market?
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