SiC Based Power Electronics & Inverter Market 2021 – Globally Market Size, Analysis, Share, Research, Business Growth and Forecast to 2028
The global SiC based power electronics and inverter market size is expected to gain momentum by reaching USD 5,816.5 million by 2028 while exhibiting an impressive CAGR of 36.4% between 2021 to 2028. In its report titled “SiC Based Power Electronics and Inverter Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 542.2 million in 2020.
Extensive use of SiC based technologies such as the internet of things (IoT) and wireless communications are expected to fuel the market in foreseeable years. These technologies converge into a single device or system that has created expanded opportunities for companies manufacturing such devices. Thus creating a new ecosystem to generate increased revenue.
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List of Key Players Profiled in the Global Market for SiC Based Power Electronics and Inverters
- STMicroelectronics (Switzerland)
- Cree, Inc. (United States)
- ON Semiconductor (United States)
- ROHM CO., LTD. (Japan)
- Infineon Technologies AG (Germany)
- NXP Semiconductor N.V. (The Netherlands)
- ABB Group (Switzerland)
- Renesas Electronics Corporation (Japan)
- Fuji Electric Co, Ltd. (Japan)
- Mitsubishi Electric Corp (Japan)
The electronics supply chain was facing challenges before the outbreak due to the tariff war between the major manufacturers, the US and China. Moreover, as the coronavirus started spreading in early 2020, the manufacturers curtailed manufacturing output and travel. This led to the complete closure of factories for several weeks. Travel bans and facility closures kept workers out of their factories, and even when things started getting normal, factories were opened with half of their capacity. This all slowed the velocity of electronic manufacturing. However, the market is expected to boom back again in upcoming years.
Click here to get the short-term and long-term impact of COVID-19 on this market.
By type, the market for SiC based power electronics and inverters is bifurcated into power electronics and inverters. On the basis of the end-use industry, the market is divided into automotive, consumer electronics, IT & telecommunication, aerospace and defense, and others.
- Based on the end-use industry, the automotive segment held the highest share of 48.4% in 2020. This is attributable to the increasing demand for electric vehicles from various automobile manufacturers.
Finally, based on region, the market is categorized into North America, South America, the Middle East & Africa, and Asia Pacific.
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
High Electrical Efficiency of Product to Aid Market Growth
The rising application of SiC-based products due to its high electric breakdown field, thermal conductivity in comparison to silicon is driving its use in industrial operations & the consumer electronics industry. SiC is a wide-bandgap semiconductor that helps in the fast charging of elective vehicles. It is energy efficient. According to Energy Efficiency and Renewable Energy reports, state-of-the-art silicon inverters function at 98% efficiency, whereas SiC inverters can function at about 99%. While the 1% increase in efficiency seems low, it helps in a 50% reduction in the wastage of energy. Hence these properties are expected to drive the SiC based power electronics and inverter market growth.
Asia Pacific to Dominate Backed by Presence of Several Manufacturers in the Region
Asia Pacific is expected to remain at the forefront and hold the highest position in this market during the forecast period due to the presence of several manufacturers in the region. China is the major hub for electronics in the region. The electronics industry in Hong Kong reported 68.3% of its total exports in 2018, making electronics products the largest exported commodity. The exports include semiconductors, telecommunication products, and computers, and laptops. Moreover, the developing infrastructure in developing economies such as India and Malaysia is expected to promote the regional market. The region stood at USD 235.6 million in 2020.
North America is expected to hold a significant SiC based power electronics and inverter market share. This is attributable to high investments in the automotive sector by local players.
- January 2020: ROHM Group Company SiCrystal and STMicroelectronics signed an agreement to raise SiC semiconductors in automotive and other industrial applications. The agreement was worth USD 120 million to supply 150mm silicon carbide wafers to fulfill the need for silicon carbide power in electronic devices.
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