LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global silicon carbide (SiC) market for semiconductor applications is expected to reach USD 540.45 million by 2021, growing at a CAGR of more than 18%.
This research report titled ‘Global SiC Market for Semiconductor Applications 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Companies such as Saint-Gobain is leading in terms of the manufacture of SiC materials and is trying to cut down on the manufacturing costs every year by increasing the production and achieving economies of scale. Hence, with improving properties of SiC materials and reducing costs, the market for SiC materials is expected to experience growth during the forecast period.
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Technavio’s analysts categorize the global SiC market for semiconductor applications into six major segments by end user. They are:
- Industrial
- Military and aerospace
- Automotive
- Telecommunication
- Consumer electronics
- Others
The top three segments based on end-user for the global SiC market for semiconductor applications are discussed below:
Global SiC market for semiconductor applications in consumer electronics sector
SiC is used for manufacturing power electronics devices that are mainly used in consumer electronic products, such as laptops. Consumer electronic devices are the largest source of energy consumption. This technology is being rapidly adopted because of its ability to conserve power.
According to Sunil Kumar Singh, a lead embedded systems research analyst from Technavio, “The consumer electronics sector will likely be the major revenue-contributing sector to the global SiC market for semiconductor applications during the forecast period. This segment is expected to mature at a steady pace because of the increased demand for power electronics devices from offices, hospitals, and commercial organizations.”
Global SiC market for semiconductor applications in telecommunication sector
With the advent of 4G networks, the demand for high-power transistors and base stations is expected to increase. This will likely result in a growing demand for SiC power semiconductors in the telecommunication sector.
“This segment is growing steadily because of the increasing Internet penetration worldwide, especially in developing markets. Also, the increasing adoption of 3G and 4G technologies, particularly in emerging markets, has contributed to the growth of this segment,” says Sunil.
Global SiC market for semiconductor applications in automotive sector
SiC-based power electronics devices are majorly used in electric vehicles (EVs)/hybrid EVs. The market growth is driven by the various CO₂ emission regulations by governments. As vehicle electrification depends on efficient energy storage and conversion, SiC-based power discrete devices are widely used in vehicle electrification.
Furthermore, SiC-based power electronics devices play an important role in minimizing power loss and boosting performance. Thus, the increasing adoption of EVs/hybrid EVs will drive the demand for SiC-based power electronics semiconductors during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Cree
- GeneSiC Semiconductor
- Infineon Technologies
- STMicroelectronics
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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