SiC Based Power Electronics and Inverter Market to Display a CAGR of 36.4%; Increasing Demand for Energy Efficient Switches to Stimulate growth

The global SiC based power electronics and inverter market size is expected to gain momentum by reaching USD 5,816.5 million by 2028 owing to the increasing focus on adoption of artificial intelligence, in its report titled "SiC Based Power Electronics and Inverter Market Size, Share & COVID-19 Impact Analysis, By Type (Power Electronics and Inverter), By End-use Industry (Automotive, Consumer Electronics, IT & Telecommunication, Aerospace & Defense, and Others), and Regional Forecast, 2021-2028." The report further mentions that the market stood at USD 542.2 million in 2020 and is likely to exhibit an impressive CAGR of 36.4% during the forecast period.

Infineon Technologies Signed Supply Agreement of SiC with GTAT to Expand its Product Portfolio

Germany-based Infineon Technologies AG and GT Advanced Technologies (GTAT) signed a silicon carbide (SiC) boule in November 2020. This contract is valid for five years. GTAT stated that it would provide Infineon with a high-quality internal SiC wafer supply by applying its proprietary thin-wafer technology to GTAT's crystal. It focuses on cutting down the substrate cost and maintaining and securing the demand for silicon carbide in the area.  With the new brand name CoolSiC, Infineon markets the industry's products for industrial applications such as photovoltaic inverters and industrial power supplies. They are rapidly expanding their offerings towards consumer and automotive products, thus driving the SiC based power electronics and inverter market growth in the forthcoming years.

Incorporation of Artificial Intelligence with SiC Based Switches to Propel Growth

Incorporating artificial intelligence (AI) with SiC based power electronics and inverters has upscaled the demand from end-users such as IGBT, BJT, etc. This is due to their increased adoption and the efficiency and reduction of operational costs for the company. For instance, Silicon Valley startup, Pre-Switch in March 2021 launched an AI-based soft-switching IGBT and a 200kW silicon carbide (SiC) automotive inverter evaluation system. It will help to explore the soft-switching framework over different conditions such as temperature and varying electrical load. Therefore, such new technological advancements are expected to drive the market in the upcoming years.

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Partnership between Key Players to Amplify Their Market Positions

The global market is consolidated by key players striving to maintain a stronghold by partnering with other players to boost their positions. The other major companies strive to gain a competitive edge over their rivals by adopting organic and inorganic strategies that will favor the global market in the forthcoming years.

Industry Development:

• January 2021 – ROHM declared the finalization of a new building at ROHM Apollo's Chikugo plant. The construction started in February 2019 to maximize the production of SiC power devices.

A list of renowned SiC Based Power Electronics and Inverter providers operating in the global market:

• 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)

Further Report Findings:

• By type, the power electronics segment held the major market share in 2020 owing to the capability of SiC in lowering energy wastage. This then helps in increasing the life as well as the efficiency of power electronics.
• Asia Pacific to hold the largest SiC based power electronics and inverter market share during the forecast period. This is attributable to presence of major electronic producers such as China and Japan in the region. Asia Pacific stood at USD 235.6 million in 2020.
• Europe is anticipated to experience considerable growth in the market during the forecast period. This is due to the technological advancements, and the increasing focus on R&D activities, in the region.

Table of Segmentation