The silicon carbide market is estimated to expand at a CAGR of 7.5% over the forecasted period. During this projection era, it is expected that the silicon carbide market share would increase from its current valuation of US$ 2.8 billion in 2022 to a net worth of US$ 5.8 billion by 2032.
Carborundum is another term for silicon carbide. It is anticipated that silicon carbide will replace other silicon-based semiconductors and transistors on the market because it helps the system reduce size and power loss by 50%.
Silicon Carbide Market: Drivers and Limitations
Various factors such as the increase in demand for motor drives, compact system size and the increase in the use of silicon carbide in cellular base station and radio frequency devices are some of the factors driving the growth of the silicon carbide market during the forecast period. .
Silicon carbide reduces power system loss by 50% due to increased adoption of compact size semiconductors in various applications such as Industrial Motor Driver, Power Supply and Inverter, Lighting Control and others.
On the other hand, the price of silicon carbide ranges from about $800 to $2,000 per ton, which is very high compared to other alternatives available in the market.
Therefore, the high cost of silicon carbide is the most important factor hindering the growth of the market. In addition, material defects and packaging related issues are the other challenge faced by vendors associated with the silicon carbide market.
Global Silicon Carbide Market: Regional Trend
Asia Pacific holds the largest market for cellular base station and radio frequency devices, and as such, the Asia Pacific region takes the largest market share in terms of revenue for the silicon carbide market.
It is also expected to maintain its dominance during the forecast period. It also becomes the main attraction for investors to invest in the Asia Pacific region as it supports government FDI for investments in countries like India and China.
In addition to the above, in China, the continued development of electric vehicles and electric vehicle charging is expected to provide new avenues for the opportunistic growth of the silicon carbide market in the coming years.
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