Silicon Carbide Market Size, Share & Growth Analysis
Report 2024-2032

The global silicon carbide market will witness a robust CAGR
of over 30% from 2024 to 2032. With the rising adoption of renewable energy
sources, the demand for energy storage solutions has surged, addressing the
inherent variability in renewable energy generation. Silicon Carbide (SiC)
technology plays a pivotal role in power converters and inverters integral to
energy storage systems, including batteries and supercapacitors.

The enhanced efficiency and reliability of SiC devices are
instrumental in stabilizing the grid, ensuring a consistent supply of renewable
energy. For example, in July 2024, onsemi unveiled its cutting-edge silicon
carbide technology platform, the EliteSiC M3e MOSFETs, marking a significant
stride towards electrification and renewable energy. Further emphasizing its
commitment to a sustainable future, onsemi has outlined plans to roll out
multiple generations of this technology up to 2030.

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The overall Silicon Carbide Market is grouped based on
Product Type, Device Type, Wafer Size, Application, Production Method, end use
Industry and Region.

Based on device type, the market is categorized into SiC
discrete devices, SiC modules, and other SiC devices. Notably, SiC modules are
the fastest-growing segment, boasting a CAGR exceeding 30% from 2024 to 2032.
The global push towards cleaner energy and reduced carbon emissions has
catalyzed the rapid growth of the SiC module segment, especially with major
players like Tesla, BYD, and Volkswagen integrating these modules into their
vehicles for enhanced energy efficiency and extended driving range. Beyond the
automotive sector, the renewable energy domain is witnessing a surge in SiC
module adoption, with applications spanning solar inverters, wind turbine
converters, and energy storage systems, thanks to their superior operational
capabilities compared to traditional silicon solutions.

The market is also segmented by product type, including
black silicon carbide, green silicon carbide, and other variants. Dominating
the market in 2023, the black silicon carbide segment is projected to surge
past USD 15 billion by 2032. Renowned for its hardness and strength, black
silicon carbide finds extensive application in abrasive tasks, from grinding to
polishing, across diverse industries such as automotive and aerospace.

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The escalating demand for high-performance abrasives in
these sectors is a driving force behind the black silicon carbide market's
expansion. Furthermore, its rising application in refractory materials for
high-temperature industrial processes and its pivotal role in metallurgical
applications, especially as a deoxidizer, underscore its significance. The
burgeoning steel and aluminum industries, leveraging black silicon carbide to
enhance metal properties, further amplify its market presence.

North America is witnessing a burgeoning silicon carbide
market, with projections estimating a reach of USD 10 billion by 2032. The
region's robust demand is fueled by technological advancements and a pronounced
shift towards electric vehicles and renewable energy systems. Key markets like
the U.S. and Canada, bolstered by a dense concentration of semiconductor and
electronics firms and a commitment to energy-efficient technologies, are
driving this growth. In the U.S., substantial investments in clean energy and a
focus on renewable sources are amplifying the demand for SiC components,
particularly in power electronics and automotive sectors.

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