Global SiC Based Power Electronics and Inverter Market Insights Forecasts to 2030
- The SiC Based Power Electronics and Inverter Market size was valued at USD 660 million in 2021
- The market is growing at a CAGR of 35% from 2022 to 2030
- The Global SiC Based Power Electronics and Inverter Market is expected to reach USD 5800 million by 2030
- Europe is expected to grow the fastest during the forecast period
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The Global SiC Based Power Electronics and Inverter Market is expected to reach USD 5800 million by 2030, at a CAGR of 35% during the forecast period 2022 to 2030. The COVID-19 pandemic also has had a major impact on the global SiC based power electronics and inverter manufacturing sector. In addition to labour difficulties, the decline in SiC based power electronics and inverter production and exports in countries including China, Germany, the United States, Japan, and South Korea has significantly decreased global market revenues in 2020.
SiC based power electronics and inverter converters are capable to convert DC electricity from the battery side into AC required from the motor side are smaller, lighter, and more efficient than their Si IGBT–based devices. Connected technologies such as the Internet of Things (IoT) and wireless communications mostly utilize the SiC based power electronics and inverter. The rising adoption of Artificial Intelligence (AI), Automation, and Machine learning (ML) around the world has also increased the market from end-use applications such as SiC super junction (SJ) MOSFET, IGBT (Insulated Gate Bipolar Transistor), BJT (Bipolar Junction Transistor) and thyristor, etc. as these are most primary applications of these machines. Moreover, the application of SiC based power electronics and inverter-based products in automotive, consumer electronics, industrial, telecom, transportation, energy management, aerospace & defence, and others have increased connectivity for automation, security, transportation, energy management, etc. Therefore, it is anticipated that these applications will increase global market growth opportunities.
This research report categorizes the market for global SiC based power electronics and inverter market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the SiC based power electronics and inverter market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the SiC based power electronics and inverter market.
Global SiC Based Power Electronics and Inverter Market Report Coverage
|Market Size in 2021:||USD 660 Million|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||35%|
|2030 Value Projection:||USD 5800 Million|
|Historical Data for:||2017 - 2020|
|No. of Pages:||210|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product Type, By End-User, By Region|
|Companies Covered:||ON Semiconductor, Intel Corporation, ON Semiconductor, Panasonic Corporation, Methode Electronics Inc., Fuji Electric Co. Ltd., ELAN Electronics, TE Connectivity Ltd., Samsung Semiconductors, Seiko Epson Corporation, Cree, Texas Instruments Incorporated, Semikron Electronics GmbH and Co. Inc., Zhengzhou Yutong Group Co., Ltd., Renesas Electronics Corporation, ROHM Co., Ltd., ABB Group, Infineon Technologies AG, STMicroelectronics, Nuvoton Technology Corporation, Maxim Integrated Products Inc., StarPower Semiconductor|
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The main driving factors for SiC based power electronics and inverter development are always size, weight, and cost. Wider transport applications will soon come into view, including trucks and buses, marine and shipping, the further electrification of trains, and even airplanes owing to the drive toward electrification. This expansion is anticipated to benefit from the major adjustments made in the development and administration of regulations and general state authorities.
The complex designing, manufacturing, and application of SiC based power electronics and inverter due to the implementation of several applications. In addition, based on the degree of customization, the manufacturers frequently face difficulties with the general installation and software processes. This is majorly restricting the adoption of SiC based power electronics and inverter market.
- In 2021, the power electronics segment is witnessing a higher growth rate over the forecast period.
Based on product type, the global SiC based power electronics and inverter market is segmented into power electronics, and inverters. Among these, the power electronics segment is expected to witness a higher growth rate over the forecast period owing to due to their tendency to minimize power usage. SiC increases the life as well as the efficiency of power electronics. SiC extends the lifespan and productivity of power electronics.
- In 2021, the automotive segment is witnessing significant CAGR growth over the forecast period.
On the basis of application type, the global SiC based power electronics and inverter market is segmented into the automotive, consumer electronics, industrial, telecom, healthcare, aerospace & defence, and others. Among these, the automotive segment is anticipated to witness significant CAGR growth over the forecast period owing to the increasing popularity of electric vehicles, and hybrid vehicles around the world. The SiC based power electronics and inverter cans also are implemented in electro-mechanical computing, PV strings, inverters, cables, DC junction boxes, high-temperature sensors, and grid-connected solar power systems in the industry.
Regional Segment Analysis of the SiC Based Power Electronics and Inverter Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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Asia Pacific is dominating the market with the largest market share of 35%.
Asia Pacific is dominating the market with the largest market share of 35%. The region’s growth is majorly attributed to the developing economic growth of countries such as China, India, Japan, and South Korea. In addition, the strong economic growth of the ASEAN manufacturing sector is expected to fuel the development of the regional market. APAC is gaining a significant boost in the demand for SiC and GAN solutions from sectors such as consumer electronics and automotive. As such, the SiC based power electronics and inverter market is expected to propel the demand in this region.
The report offers the appropriate analysis of the key organizations/companies involved within the global SiC based power electronics and inverter market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players
- ON Semiconductor
- Intel Corporation
- ON Semiconductor
- Panasonic Corporation
- Methode Electronics Inc.
- Fuji Electric Co. Ltd.
- ELAN Electronics
- TE Connectivity Ltd.
- Samsung Semiconductors
- Seiko Epson Corporation
- Texas Instruments Incorporated
- Semikron Electronics GmbH and Co. Inc.
- Zhengzhou Yutong Group Co., Ltd.
- Renesas Electronics Corporation
- ROHM Co., Ltd.
- ABB Group
- Infineon Technologies AG
- Nuvoton Technology Corporation
- Maxim Integrated Products Inc.
- StarPower Semiconductor
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In April 2021, ROHM Co., Ltd. announced its new establishment at the chikugo plant, to enhance the production capacity of SiC based power devices.
- In June 2020, STMicroelectronics and ROHM Group Company SiCrystal signed an agreement to expand the use of SiC semiconductors in automotive and other industrial applications. To meet the need for silicon carbide power in electronic devices, a USD 130 million agreement was made to supply 150mm silicon carbide wafers.
- In October 2021, The STMicroelectronics & Renault Group announced a joint venture for designing, manufacturing, developing, and supply of products, for the battery-operated and hybrid vehicle's power electronics system.
This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the global SiC based power electronics and inverter market based on the below-mentioned segments:
SiC Based Power Electronics and Inverter Market, By Product Type
- Power Electronics
SiC Based Power Electronics and Inverter Market, By End-User
- Consumer Electronics
- Aerospace & Defence
SiC Based Power Electronics and Inverter Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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