Silicon Carbide Market Size Worth USD 12.13 Billion By 2034 | CAGR: 11.6%

The silicon carbide market size is expected to reach USD 12.13 billion by 2034, according to a new study by Polaris Market Research. The report “Global Silicon Carbide Market Size, Share, Trends, Industry Analysis Report: By Device (SiC Discrete Device and SiC Module), Wafer Size, Application, and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025 - 2034.” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Silicon carbide market growth is significant due to increasing adoption in the aerospace and defense industries. Its exceptional performance under extreme conditions. SiC's high thermal conductivity and ability to withstand high temperatures and radiation make it ideal for critical applications such as high-power radar systems and satellite communications. These features enhance the reliability and efficiency of advanced aerospace and defense systems, which are crucial for mission success and operational safety. Also, some key players are taking initiatives to drive the market growth for silicon carbide materials to be incorporated in advanced aircraft. For instance, in June 2023, Airbus and STMicroelectronics collaborated to develop silicon carbide and gallium nitride power electronics, aiming to enhance the performance and efficiency of future aircraft by up to 20% in their electrification efforts.

In addition to radar and communication systems, SiC technology is also being integrated into advanced propulsion systems. SiC components can handle the intense power and thermal demands of modern propulsion technologies, contributing to improved performance and durability. This adoption reflects the industry's growing need for robust materials that can meet the stringent requirements of advanced aerospace and defense applications.

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In recent years, the expanding use of semiconductors in emerging technologies such as artificial intelligence (AI) and the Internet of Things (IoT) is greatly enhanced by silicon carbide (SiC) due to its outstanding performance in high-power and high-frequency conditions. SiC’s exceptional thermal conductivity, efficiency, and power-handling capabilities make it well-suited for applications where traditional silicon may struggle. As AI and IoT technologies evolve, the demand for high-performance semiconductor solutions increases, positioning SiC as a key component in improving the efficiency and reliability of these advanced systems.

Silicon Carbide Market Report Highlights

• The SiC module segment led the market due to its superior performance, including faster switching speeds, reduced need for passive components, and resilience in high-frequency and high-temperature operations.
• The automotive segment led the silicon carbide (SiC) market, driven by the demand for high-performance, energy-efficient electronic systems that leverage SiC’s superior efficiency and thermal conductivity.
• Asia Pacific dominated the silicon carbide market in revenue, driven by its robust industrial base and the rapid adoption of SiC in automotive and electronics sectors, especially for electric vehicles and power electronics.
• The global key market players include Coherent Corp.; Fuji Electric Co., Ltd.; Infineon Technologies AG; Microchip Technology Inc.; Mitsubishi Electric Corporation; ROHM Co., Ltd.; Semiconductor Components Industries, LLC; STMicroelectronics N.V.; TOSHIBA CORPORATION; and WOLFSPEED, INC.

Polaris Market Research has segmented the silicon carbide market report based on device, wafer size, application, and region:

By Device Outlook (Volume - Units, Revenue - USD Billion, 2020 - 2034)

• SiC Discrete Device
  • SiC MOSFETs
  • SiC Diodes
• SiC Module

By Wafer Size Outlook (Volume - Units, Revenue - USD Billion, 2020 - 2034)

• Up to 150 mm
• >150 mm

By Application Outlook (Volume - Units, Revenue - USD Billion, 2020 - 2034)

• Automotive
• Energy & Power
• Industrial
• Transportation
• Telecommunication
• Others

By Regional Outlook (Volume - Units, Revenue - USD Billion, 2020 - 2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Silicon Carbide Report Scope