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The semi-insulating Silicon Carbide wafer market size is anticipated to display vigorous growth by reaching USD 429.3 Million by 2022. Fortune Business Insights™ in its report titled “Semi-Insulating Silicon Carbide Wafer Market Size, Share & COVID-19 Impact Analysis, By Type (4 Inch SiC Wafer, 6 Inch SiC Wafer), By Application (Power Device, Electronics & Optoelectronics, Wireless Infrastructure, Others) and Regional Forecast, 2022-2029" observes that the market size in 2021 was valued at 367.8 million and reached 429.3 million in 2022. The market is projected to witness a CAGR of 19.1% during 2022-2029. The rising use of 6 Inch SiC wafer in automobiles for high-speed trains and power transmissions will likely fuel the market's progress.
STMicroelectronics Introduced 200mm SiC wafers to Facilitate Better Manufacturing Facility
STMicroelectronics launched the first 200mm SiC wafers to cater to the requirements of the automotive and industrial markets to minimize surface defects and minimize yield-impacting concerns.
Decline in the Sales of Essential Parts Could Impede Market Growth
A considerable impact of COVID-19 has had on the semi-insulating Silicon Carbide (SiC) Wafer market. Delay in the delivery of essential parts because of global recession and a halt in manufacturing activities; there was a decline in sales, which resulted in a significant loss during the initial phase of the pandemic. For instance, in the 1st quarter of 2020, Radio frequency (RF) chip makers such as Qorvo and Skyworks in the U.S. saw a reduction in demand by 6%. Furthermore, due to the inclination toward R&D and government initiatives could help revive industry growth.
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Growing Advancements in the Telecommunication Industry Promotes Market Growth
The growing advancements in the telecommunication industry in setting up 5G networks have spurred the demand for the product. Furthermore, the incorporation of strategic alliances by key players to upscale their R&D capabilities in the electric vehicle sector has considerably stimulated the demand for the power semiconductor industry to a great extent. To build state-of-the-art manufacturing facilities prominent players are investing heavily to cater to the rising demand for semiconductors to maintain their leadership position in semiconductor technologies. Another reason that bolstered the demand for the product is the growing demand for SiC-based power semiconductors for 5th generation communication equipment and electric vehicles. Moreover, GaN and SiC as the main material for building 5G infrastructure and maintaining semiconductors' energy gap, high-temperature resistance, and high power density have increased the requirement for power semiconductors.
Key Industry Players Entered into partnerships to bolster their Portfolio
Leading companies such as Wolf speed Inc., will likely invest in state-of-the-art manufacturing facilities and advanced launches to establish their footprints in the marketplace. Furthermore, rising investments in high-tech solutions and the introduction of key players are trying to increase the demand for SiC wafers.
Key Industry Development
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List of Key Players Profiled in the Market Report
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