Silicon Carbide (SiC) Devices Market Size, Share & Industry Analysis, By Product Type (SiC MOSFETs, SiC Diodes/SBDs, and SiC Modules), By Voltage Rating (Up to 650V, 650V–1200V, 1200V–1700V, and Above 1700V), By Power Range (Low Power (<1 kW), Medium Power (1 kW–50 kW), and High Power (>50 kW)), By Application (Automotive, Industrial, Energy & Utilities, Aerospace & Defense, and Others), and Regional Forecast, 2024 – 2032

The global Silicon Carbide (SiC) devices market size was valued at USD 2.59 billion in 2023 and is projected to grow from USD 3.21 billion in 2024 to USD 21.27 billion by 2032, exhibiting a CAGR of 26.7% during the forecast period. Asia Pacific dominated the global market with a share of 32.43% in 2023.

Silicon carbide is a wide-bandgap semiconductor material with superior properties compared to traditional silicon, making it highly suitable for high-performance electronic devices that operate under extreme conditions. Due to these unique properties, SiC devices are highly sought after for high-power applications, offering improved efficiency, and reliability in harsh environments.

Global Silicon Carbide (SiC) Devices Market Overview

Market Size:

• 2023 Value: USD 2.59 billion
• 2024 Value: USD 3.21 billion
• 2032 Forecast Value: USD 21.27 billion
• CAGR (2024–2032): 26.7%

Market Share:

• Regional Leader: Asia Pacific held the largest share in 2023 due to strong investment in EVs, renewable energy, and telecom infrastructure.
• Fastest‑Growing Region: Asia Pacific is also expected to register the highest growth rate during the forecast period.

Industry Trends:

• SiC MOSFETs accounted for the largest share in 2023, while SiC Modules are projected to grow at the fastest CAGR.
• Devices in the 650–1200 V range led the market in 2023, with 1200–1700 V devices expected to expand rapidly for high‑voltage applications.
• Medium‑power devices (1 kW–50 kW) dominated in 2023, while high‑power devices (>50 kW) are set for the fastest growth as EV fast‑charging and large‑scale power systems expand.
• Industrial applications held the largest share, while the automotive segment is forecast to grow at the fastest rate due to rising EV adoption.

Driving Factors:

• Growing demand for energy‑efficient power electronics in EVs, renewable energy systems, and industrial applications.
• Advantages of SiC devices, including higher efficiency, thermal performance, and power density, driving adoption in automotive inverters, chargers, and renewable inverters.
• Expansion of 5G networks and high‑frequency electronic systems increasing the need for SiC components.
• Significant investments by leading manufacturers to scale SiC wafer and module production globally.

The increasing use of Silicon Carbide (SiC) devices in power electronics, along with the various applications provided by SiC semiconductor devices in electric vehicle charging infrastructure, is fueling market expansion.

• For instance, Audi is incorporating SiC semiconductor inverters in its electric vehicle models, boosting the vehicle's efficiency by nearly 60% while also enhancing reliability. Audi is currently providing these water-cooled inverters in their models, which excel especially under partial load conditions.

The overall decline in consumer purchasing power during the COVID-19 pandemic resulted in lower demand for various technology products, negatively impacting the market for Silicon Carbide (SiC) semiconductor devices. Additionally, the disparity between the demand and supply of SiC semiconductor devices has created a gap in the semiconductor industry.

IMPACT OF GENERATIVE AI

Increasing Demand for Generative AI to Develop Customized SiC Devices to Propel Market Growth

The impact of generative AI on the Silicon Carbide (SiC) devices industry is multifaceted, driving improvements in design, manufacturing, and market dynamics. Gen AI can assist in the customization of SiC products to meet the specific needs of customers in various industries. By leveraging generative design techniques, AI can create bespoke SiC components that fit particular operational requirements, especially for automotive, energy, or industrial uses. This personalization can lead to a more tailored and efficient approach for both manufacturers and consumers.

In power electronics, SiC devices such as diodes, MOSFETs, and IGBTs play a crucial role in improving the efficiency of energy conversion systems. Generative AI can be used to design more efficient power modules by simulating electrical, thermal, and mechanical interactions in various operating environments. This accelerates the time-to-market for power electronic devices while reducing the risk of design flaws.

Thus, generative AI stands to play a transformative role in the SiC industry by accelerating research and development, optimizing production, enhancing product reliability, and providing deeper insights into market trends.

SILICON CARBIDE (SiC) DEVICES MARKET TRENDS

Increasing Adoption of SiC Devices in 5G Technology to Boost Market Growth

The 5G wireless network is expected to revolutionize communication systems worldwide, offering significantly faster data speeds, ultra-low latency, and more reliable connections compared to previous generations.

The advent of 5G technology has resulted in a growing demand for high-performance electronic components capable of operating at higher frequencies. Silicon carbide (SiC) semiconductors are particularly well-suited for use in 5G base stations and other high-speed communication systems due to their ability to perform effectively at higher frequencies and temperatures.

MARKET DYNAMICS

Market Drivers

Surge in Demand for Efficient Power Electronics to Drive Market Growth

Power electronics are crucial for converting and controlling the electrical power in EVs, including inverters, chargers, and motor control systems. Power electronics in EVs (inverters, chargers, etc.) account for about 10% to 15% of the total cost of an EV. These systems convert high-voltage DC (Direct Current) from the battery to AC (Alternating Current) for the motor and manage power flow during charging. As EV adoption accelerates, the demand for efficient and reliable power electronic systems surges.

The global transition to renewable energy, coupled with advancements in energy storage technologies, is another significant factor driving the demand for power electronics. Power electronics are used in wind turbine inverters, solar inverters, and energy storage systems to manage the conversion, regulation, and distribution of electrical energy.

• For instance, according to the International Renewable Energy Agency (IRENA), renewable energy capacity is expected to grow by 7.8% annually by 2032. By 2030, solar and wind would account for more than 70% of total global power generation, driving greater demand for power electronic devices in solar inverters, wind turbine controllers, and grid connection equipment.

Market Restraints

Complex Integration Challenges Can Limit Usage of SiC Devices Among Businesses

Many industries that could benefit from SiC-based devices are still relying on legacy systems based on traditional silicon components, making integration with existing infrastructure difficult. Upgrading existing systems (e.g., electric grids, industrial motors, and automotive powertrains) to incorporate SiC devices requires significant investment in new equipment, and the retrofit process can be technically complex. The high initial cost of replacing or retrofitting infrastructure can be a barrier to SiC adoption, especially in older industrial plants or sectors with limited capital expenditure for new technologies.

Market Opportunities

Increasing Advancements in Automotive and Electric Vehicles (EVs) to Create New Market Opportunities

As the automotive industry shifts toward more energy-efficient, high-performance, and environmentally friendly technologies, SiC is emerging as a key enabler due to its superior characteristics compared to traditional silicon-based semiconductors. The advancement of automotive technologies, especially electric vehicles, is creating substantial market opportunities for SiC players, driven by the need for improved power conversion, efficiency, and reliability.

Electric vehicles require power electronics systems that can efficiently manage energy between the battery, motor, and other vehicle components. Silicon carbide is being adopted in power modules for inverters, onboard chargers, and DC-DC converters due to its superior thermal conductivity, high switching frequency, and efficiency at high voltages. Therefore, advancements in automotive and electric vehicles are creating new opportunities for market players.

• For instance, in October 2022, Jaguar Land Rover partnered with Wolfspeed, Inc. to supply Silicon Carbide (SiC) semiconductors for future electric vehicles. This collaboration is crucial for enhancing powertrain efficiency and increasing driving range.

SEGMENTATION ANALYSIS

By Product Type

SiC MOSFETs Led due to its Increasing Usage across Various Industries

The market is segmented into SiC MOSFETs, SiC Diodes/SBDs, and SiC Modules based on product type.

The SiC MOSFETs held the highest market share in 2023, as numerous companies are rolling out silicon carbide MOSFETs to capitalize on a potential surge in demand across various sectors. For example, in August 2022, Toshiba Corporation launched its third-generation 650V and 1200V silicon carbide MOSFETs, which achieved a 20% reduction in switching losses for industrial machinery. The wide array of advantages provided by the MOSFET transistors has driven the growth of the segment in recent years.

The SiC modules segment is expected to grow with the highest CAGR during the forecast period. Silicon carbide power modules allow the use of silicon carbide as a switch for power conversion and are widely used in e-mobility, industrial, and energy sectors. They enhance energy efficiency and lower operational expenses.

• For instance, in January 2024, United Nova Technology, a Chinese automotive chip and module maker, announced that it had signed an agreement with Nio, an automotive manufacturer, for the production of Silicon Carbide (SiC) modules.

By Voltage Rating

Rising Need for High Voltage Power among Various Industrial and Automotive Applications Drives the Growth for 1200V-1700V

The market is divided into up to 650V, 650V–1200V, 1200V–1700V, and above 1700V based on voltage rating.

The 1200V–1700V segment is projected to grow with the highest CAGR during the forecast period. Different industrial applications, such as charging infrastructure, motor drives, and photovoltaics, use 1200-V SiC devices. SiC devices with a rating of 1700-V primarily focused on the industrial, transportation, and energy sectors, accounting for a smaller overall volume. For instance,

• In March 2024, Toshiba Electronic Devices & Storage Corporation commenced mass production of its third generation Silicon Carbide (SiC) MOSFET module, the “MG250V2YMS3,” which features a voltage rating of 1700 V and a Drain Current (DC) rating of 250 A for use in industrial equipment, broadening its product range.

The 650V–1200V segment dominated the global market in 2023. These SiC devices, rated between 650V - 1200V, effectively tackle the lower power segment that was once dominated by silicon. Nowadays, SiC technology is a genuine option for applications at 650V and greater, providing high power, moderate to high switching frequencies, and reliable performance in elevated temperature conditions.

By Power Range

Medium Power (1 kW–50kW) Segment Dominated Owing to its Unique Material Properties

Based on power range, the market is trifurcated into low power (<1 kW), medium power (1 kW–50 kW), and high power (>50 kW).

The medium power (1 kW–50 kW) segment held the largest share of the global market in 2023. Silicon carbide is viewed as a promising substitute for silicon due to its unique material properties such as high thermal conductivity, thermal and mechanical stability, hardness, chemical inertness, and others, which drives its use in medium power applications (1 kW–50 kW). Key applications for silicon carbide semiconductor devices include onboard chargers, electric vehicle battery chargers, energy recovery systems, hybrid electric vehicle powertrains, DC-DC converters, photovoltaic inverters, MRI power supplies, wind turbines, air conditioning units, auxiliary power supplies, X-ray power supplies, integrated vehicle systems, and power distribution.

The high power (>50 kW) segment is growing with the highest CAGR during the forecast period. Discrete components are used for <30kW chargers, while SiC modules are better suited for >50kW module charging. As of 2022, commercial high-power DC chargers can operate at 270 kilowatts (kW), and are expected to reach 350kW in the next few years. These factors are expected to contribute to the growth of the segment in the coming years.

By Application

To know how our report can help streamline your business, Speak to Analyst

Industrial Segment Leads due to Strong Adoption of SiC Devices

Based on application, the market is categorized into automotive, industrial, energy & utilities, aerospace & defense, and others.

The industrial segment accounts for the largest market share. The industrial sector is leveraging the exceptional properties of SiC through automation and robotics. The material's resistance to elevated temperatures and its capacity to perform well under electrical stress guarantee that equipment runs more dependably and with enhanced accuracy. This results in higher productivity and lower maintenance expenses.

The automotive segment is projected to grow with the highest CAGR during the forecast period. This can be attributed to the increasing use of SiC semiconductors in electric vehicles and internal combustion automobiles. By 2024, vehicles powered by 400V battery electric systems, such as Tesla models, represented the largest demand for SiC devices. The launch of more 800V battery electric vehicles by Original Equipment Manufacturers (OEMs) is accelerating segment growth. For instance,

• In September 2024, STMicroelectronics launched its fourth-generation STPOWER silicon carbide (SiC) MOSFET technology. This latest SiC MOSFET is offered in both 750V and 1200V variants and enhances energy efficiency and performance for 400V and 800V electric vehicle bus traction inverters. The company unveiled additional advanced SiC technology innovations by 2027 as part of its dedication to innovation.

SILICON CARBIDE (SiC) DEVICES MARKET REGIONAL OUTLOOK

The market is geographically studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific, and each region is further studied across countries.

Asia Pacific

To get more information on the regional analysis of this market, Download Free sample

Asia Pacific dominated the global Silicon Carbide (SiC) devices market share in 2023. The region's growth is mainly due to the continually evolving sectors such as automotive, government, energy and power, and manufacturing. The semiconductor industry is experiencing increased demand, prompting Asia Pacific countries to intensify their efforts in research and development. For instance, during the first half of 2024, China invested a substantial USD 24.73 billion in the acquisition of chip manufacturing machinery, as per SEMI (Semiconductor Equipment and Materials International) data.

• By 2025, ROHM Co., Ltd. joined forces with Toshiba Electronic Devices & Storage Corporation to produce and boost the volume of power devices, with assistance from the Ministry of Economy, Trade and Industry, in line with the Japanese Government’s goal of ensuring a reliable and stable supply of semiconductors. Both ROHM and Toshiba made significant investments in Silicon Carbide (SiC) and Silicon (Si) power devices, which enhanced their manufacturing capabilities and allowed them to leverage each other's production resources.

Thus, the scenarios mentioned earlier are likely to further propel the demand for Silicon Carbide (SiC) devices in the years to come.

Download Free sample to learn more about this report.

The Silicon Carbide (SiC) devices industry in China is expected to experience a strong growth rate during the forecast period. According to industry experts, more than 50 SiC-related expansion initiatives were launched in China in 2023, with total investments surpassing ~12.70 billion USD. In 2024, it is anticipated that over 100 firms in China will venture into the SiC industry, and more than 50 SiC projects are showing considerable advancement.

• In December 2024, The U.S. announced an extension of its trade sanctions on China to include silicon carbide and legacy semiconductor devices utilizing older technology. This encompasses Silicon Carbide (SiC) devices, which, along with an emphasis on the U.S. semiconductor supply chain, is viewed as a strategy to safeguard companies such as Wolfspeed and Microchip Technologies that have faced challenges, while also supporting the Bosch SiC facility in California.

North America

North America held the second-highest market share in 2023. The region's focus on reducing emissions and promoting electric mobility supports the demand for Silicon Carbide (SiC) devices. Government incentives, regulatory frameworks, and the presence of leading automotive manufacturers contribute to the Silicon Carbide (SiC) devices market growth in the region. Additionally, advancements in SiC technology and increasing investments in research and development further drive market expansion.

• For instance, in December 2024, The Department of Commerce entered into a preliminary memorandum of understanding with Bosch to propose funding of USD 225 million for the expansion of the company's SiC factory located in Roseville, California. According to the agreement, the U.S. would assist Bosch's investment of USD 1.9 billion to upgrade its SiC manufacturing plant under the CHIPS and Science Act, allowing the company to manufacture chips on 200 mm wafers in 2026.

The Silicon Carbide (SiC) devices market in the U.S. showcased a largest market share in 2023 in North America. Governments and organizations in the country are setting ambitious energy efficiency goals. The U.S. has committed to a 50% reduction in greenhouse gas emissions by 2030. These goals are driving the need for advanced power electronics that can deliver high efficiency in applications such as energy storage, renewable energy integration, and electric mobility.

Europe

Europe is expected to capture the robust market share during the forecast period. The region's semiconductor market is benefiting from the growing digitalization of industries and the increased need for electronic devices. To keep up with the demand for advanced electronics, companies are investing in new technologies and expanding their production capacity.

The EU Chips Act, announced in February 2022 and operational since September 2023, provides targeted financial aid of up to USD 43 billion to the semiconductor industry in Europe. These incentives are designed to strengthen the EU's front-end manufacturing capabilities and to encourage research and development investments in next-gen technologies.

Middle East & Africa

The Middle East & African countries, such as the UAE and Saudi Arabia, are growing with moderate CAGR with rising digitalization and government initiatives. The concentrated supply chain has driven Saudi Arabia to invest significantly in establishing local semiconductor manufacturing capabilities as part of its Vision 2030 initiative. Presently, Taiwan holds the top position with 46% of the global semiconductor foundry capacity, with China, South Korea, the U.S., and Japan following behind. This concentrated supply chain has led Saudi Arabia to make substantial investments in local semiconductor manufacturing capabilities under its Vision 2030 initiative.

South America

The South American market is likely to register a modest CAGR during the forecast period. The globalization of the microelectronics industry, and localization of manufacturing capabilities are creating new opportunities in the region. This trend is creating fresh prospects for electronics manufacturing and supply chain companies in the South American market. As a result, new investments are being made in front- and back-end manufacturing by device manufacturers such as Unitec Blue in Argentina, Unitec Semiconductor, and CEITEC in Brazil.

COMPETITIVE LANDSCAPE

Key Industry Players

Key Players Focus on Launching Novel Products to Cater to Specific Power Requirements

Key players in the silicon carbide (SiC) device market, including STMicroelectronics, Infineon Technologies AG, Onsemi, Wolfspeed, ROHM Semiconductors, and others, are focusing on launching new products tailored to meet specific needs for power conversion, rapid charging, and enhanced operational efficiency. Furthermore, these companies have formed collaborations to combine their unique expertise and resources in the areas of semiconductors and battery management systems. These partnerships are often aimed at creating innovative solutions for electric vehicles, enhancing efficiency in both usage and features.

• For instance, in September 2022, ON SEMICONDUCTOR CORPORATION (on semi) broadened its operations into the Czech Republic with the opening of its enhanced silicon carbide manufacturing plant. The upgraded facility is projected to boost Onsemi's wafer production by 16 times over the next two years and meet the growing demand for microchips.

Major Players in the Silicon Carbide (SiC) Devices Market

To know how our report can help streamline your business, Speak to Analyst

The global Silicon Carbide (SiC) devices market is characterized by healthy competition, with top 5 players accounting for around 55% - 60% of the market share. The shift toward more affordable electric vehicles and the subsequent changes in power device demand are likely to drive mergers, partnerships, and acquisitions. Market consolidation is anticipated to influence the supply chain substantially.

Major SiC wafer manufacturers are experiencing heightened rivalry from smaller competitors using competitive pricing tactics. As China intensifies its initiatives to enhance its domestic power device production capabilities, businesses in Europe, the U.S., and Japan are facing growing competition.

List of Key Silicon Carbide (SiC) Devices Companies Studied:

• STMicroelectronics (U.S.)
• Infineon Technologies AG (Germany)
• Wolfspeed, Inc. (U.S.)
• ROHM Co., Ltd. (Japan)
• Semiconductor Components Industries, LLC (onsemi) (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Fuji Electric Co., Ltd. (Japan)
• Microchip Technology Inc. (U.S.)
• NXP Semiconductors (Netherlands)
• Coherent Corp. (U.S.)
• Diodes Inc. (U.S.)
• GeneSiC Semiconductor (U.S.)
• Allegro MicroSystems, LLC (U.S.)
• Renesas Electronics Corporation (Japan)
• TT Electronics Plc (U.K.)
• Vishay Intertechnology, Inc. (U.S.)
• DENSO Corporation (Japan)
• BASiC Semiconductor Co., Ltd. (China)
• Alpha & Omega Semiconductor (U.S.)

..and more

KEY INDUSTRY DEVELOPMENTS

• December 2024: STMicroelectronics entered into a strategic partnership with Ampere, which is scheduled to commence in 2026. This partnership encompasses a multi-year contract between Renault Group and STMicroelectronics for the provision of Silicon Carbide (SiC) power modules. These modules will be essential in creating a power box for the inverter that will facilitate Ampere’s highly efficient electric powertrain.
• December 2024: Onsemi announced the acquisition of the Silicon Carbide Junction Field-Effect Transistor (SiC JFET) technology division, which includes the United Silicon Carbide subsidiary, from Qorvo. This acquisition will enhance Onsemi's EliteSiC power portfolio and will help meet the growing demand for high power density and energy efficiency in AI data centers.
• November 2024: ROHM acquired a Japanese Solar Frontier Plant set in Japan, formerly known as the Kunitomi Plant. The plant is operated by a subsidiary of the ROHM Group, LAPIS Semiconductor, as its Miyazaki Plant No.2.
• November 2024: Infineon Technologies collaborated with Stellantis to establish a joint Power Lab. This lab aims to define an intelligent power and next-generation scalable architecture that supports Stellantis’ software-defined vehicle.
• September 2024: Wolfspeed introduced a silicon carbide module for transforming the energy storage, renewable energy, and high-capacity fast-charging sectors by enhancing durability, scalability efficiency, and reliability.

INVESTMENT ANALYSIS AND OPPORTUNITIES

Governments across the globe are offering funding and incentives for the progress of EV technologies and sustainable product developments. These initiatives drive investments in the construction and development of SiC-drive power semiconductors. For instance,

• In October 2024, the Biden-Harris Administration stated that Wolfspeed and the U.S. Department of Commerce, Inc. had contracted a non-binding PMT (Preliminary Memorandum of Terms) for up to USD 750 million in planned direct funding under the CHIPS and Science Act. The planned funding would aid the construction of the new silicon carbide wafer manufacturing facility in Siler City, North Carolina. It helps to secure a consistent national supply of semiconductors that will reinforce the imminent progress of the energy economy.

REPORT COVERAGE

The market research report provides a detailed market analysis. It focuses on key points, such as leading companies, offerings, and applications. Besides this, the report offers an understanding of the latest market trends and highlights key industry developments. In addition to the above-mentioned factors, the report contains several factors that have contributed to the growth of the market in recent years.

To gain extensive insights into the market, Download for Customization

REPORT SCOPE & SEGMENTATION