SiC Based Power Electronics and Inverter Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Growth Factors of SiC Based Power Electronics and Inverter Market
The global SiC (Silicon Carbide) based power electronics and inverter market is experiencing significant growth, driven by advancements in semiconductor technology and increasing demand across various industries. According to a report by Fortune Business Insights, the market was valued at USD 542.2 million in 2020 and is projected to reach USD 5,816.5 million by 2028, exhibiting a compound annual growth rate (CAGR) of 36.4% during the forecast period from 2021 to 2028.
Market Overview
SiC-based power electronics and inverters are crucial components in modern electronic systems, offering higher efficiency and performance compared to traditional silicon-based devices. These components are widely used in applications such as electric vehicles (EVs), renewable energy systems, industrial automation, and consumer electronics. The adoption of SiC technology enables faster switching speeds, higher thermal conductivity, and reduced energy losses, making it an attractive choice for various applications.
Key Drivers
1. Electric Vehicle (EV) Adoption: The growing demand for electric vehicles is a significant driver for the SiC-based power electronics and inverter market. SiC devices offer higher efficiency and power density, which are essential for EV powertrains, enabling longer driving ranges and faster charging times.
2. Renewable Energy Integration: The increasing integration of renewable energy sources, such as solar and wind, into the power grid requires efficient power conversion systems. SiC-based inverters are well-suited for these applications due to their high efficiency and ability to operate at higher temperatures, ensuring reliable energy conversion.
3. Industrial Automation: The rise of Industry 4.0 and the need for efficient industrial automation systems are driving the demand for SiC-based power electronics. These devices offer improved performance in motor drives, robotics, and other industrial applications, leading to enhanced productivity and energy savings.
Regional Insights
Asia Pacific dominated the global SiC-based power electronics and inverter market with a share of 43.45% in 2020. The region's growth is attributed to the rapid industrialization, increasing adoption of electric vehicles, and government initiatives promoting renewable energy sources. Countries like China, Japan, and South Korea are key contributors to the market's growth in the Asia Pacific region.
North America and Europe are also significant markets for SiC-based power electronics and inverters. The United States and Germany, in particular, are leading the adoption of SiC technology in various applications, including automotive, renewable energy, and industrial sectors.
Challenges
Despite the promising growth prospects, the SiC-based power electronics and inverter market faces certain challenges. The high manufacturing costs associated with SiC devices can hinder their widespread adoption, especially in price-sensitive applications. Additionally, the limited availability of raw materials and the need for specialized manufacturing processes pose challenges to the scalability of SiC technology.
Competitive Landscape
The SiC-based power electronics and inverter market is characterized by the presence of several key players, including ON Semiconductor, Infineon Technologies, Cree Inc., and STMicroelectronics. These companies are focusing on research and development activities to enhance the performance of SiC devices and expand their product portfolios to cater to the growing demand in various applications.
Conclusion
The SiC-based power electronics and inverter market is poised for substantial growth, driven by the increasing demand for efficient power conversion systems in electric vehicles, renewable energy integration, and industrial automation. While challenges related to manufacturing costs and raw material availability exist, ongoing advancements in SiC technology and the growing adoption across various industries are expected to propel the market forward. With a projected market size of USD 5,816.5 million by 2028, the SiC-based power electronics and inverter market presents significant opportunities for stakeholders in the semiconductor and electronics industries.
ATTRIBUTE DETAILS
Study Period 2017-2028
Base Year 2020
Estimated Year 2021
Forecast Period 2021-2028
Historical Period 2017-2019
Unit Value (USD Million)
Segmentation Type, End-use Industry, Geography
By Type Power Electronics
Inverter
By End-use Industry Automotive
Consumer Electronics
IT & Telecommunication
Aerospace & Defense
Others
By Geography
North America (By Type; By End-use Industry, and By Country)
The U.S. (By End-use Industry)
Canada (By End-use Industry)
Mexico (By End-use Industry)
South America (By Type; By End-use Industry, and By Country)
Brazil (By End-use Industry)
Rest of South America
Europe (By Type; By End-use Industry, and By Country)
Germany (By End-use Industry)
The United Kingdom (By End-use Industry)
France (By End-use Industry)
Italy (By End-use Industry)
Spain (By End-use Industry)
Rest of Europe
The Middle East & Africa (By Type; By End-use Industry, and By Country)
Saudi Arabia (By End-use Industry)
UAE (By End-use Industry)
South Africa (By End-use Industry)
Rest of the Middle East & Africa
Asia Pacific (By Type; By End-use Industry, and By Country)
China (By End-use Industry)
Japan (By End-use Industry)
India (By End-use Industry)
South Korea (By End-use Industry)
ASEAN (By End-use Industry)
Rest of Asia Pacific
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The global SiC (Silicon Carbide) based power electronics and inverter market is experiencing significant growth, driven by advancements in semiconductor technology and increasing demand across various industries. According to a report by Fortune Business Insights, the market was valued at USD 542.2 million in 2020 and is projected to reach USD 5,816.5 million by 2028, exhibiting a compound annual growth rate (CAGR) of 36.4% during the forecast period from 2021 to 2028.
Market Overview
SiC-based power electronics and inverters are crucial components in modern electronic systems, offering higher efficiency and performance compared to traditional silicon-based devices. These components are widely used in applications such as electric vehicles (EVs), renewable energy systems, industrial automation, and consumer electronics. The adoption of SiC technology enables faster switching speeds, higher thermal conductivity, and reduced energy losses, making it an attractive choice for various applications.
Key Drivers
1. Electric Vehicle (EV) Adoption: The growing demand for electric vehicles is a significant driver for the SiC-based power electronics and inverter market. SiC devices offer higher efficiency and power density, which are essential for EV powertrains, enabling longer driving ranges and faster charging times.
2. Renewable Energy Integration: The increasing integration of renewable energy sources, such as solar and wind, into the power grid requires efficient power conversion systems. SiC-based inverters are well-suited for these applications due to their high efficiency and ability to operate at higher temperatures, ensuring reliable energy conversion.
3. Industrial Automation: The rise of Industry 4.0 and the need for efficient industrial automation systems are driving the demand for SiC-based power electronics. These devices offer improved performance in motor drives, robotics, and other industrial applications, leading to enhanced productivity and energy savings.
Regional Insights
Asia Pacific dominated the global SiC-based power electronics and inverter market with a share of 43.45% in 2020. The region's growth is attributed to the rapid industrialization, increasing adoption of electric vehicles, and government initiatives promoting renewable energy sources. Countries like China, Japan, and South Korea are key contributors to the market's growth in the Asia Pacific region.
North America and Europe are also significant markets for SiC-based power electronics and inverters. The United States and Germany, in particular, are leading the adoption of SiC technology in various applications, including automotive, renewable energy, and industrial sectors.
Challenges
Despite the promising growth prospects, the SiC-based power electronics and inverter market faces certain challenges. The high manufacturing costs associated with SiC devices can hinder their widespread adoption, especially in price-sensitive applications. Additionally, the limited availability of raw materials and the need for specialized manufacturing processes pose challenges to the scalability of SiC technology.
Competitive Landscape
The SiC-based power electronics and inverter market is characterized by the presence of several key players, including ON Semiconductor, Infineon Technologies, Cree Inc., and STMicroelectronics. These companies are focusing on research and development activities to enhance the performance of SiC devices and expand their product portfolios to cater to the growing demand in various applications.
Conclusion
The SiC-based power electronics and inverter market is poised for substantial growth, driven by the increasing demand for efficient power conversion systems in electric vehicles, renewable energy integration, and industrial automation. While challenges related to manufacturing costs and raw material availability exist, ongoing advancements in SiC technology and the growing adoption across various industries are expected to propel the market forward. With a projected market size of USD 5,816.5 million by 2028, the SiC-based power electronics and inverter market presents significant opportunities for stakeholders in the semiconductor and electronics industries.
ATTRIBUTE DETAILS
Study Period 2017-2028
Base Year 2020
Estimated Year 2021
Forecast Period 2021-2028
Historical Period 2017-2019
Unit Value (USD Million)
Segmentation Type, End-use Industry, Geography
By Type Power Electronics
Inverter
By End-use Industry Automotive
Consumer Electronics
IT & Telecommunication
Aerospace & Defense
Others
By Geography
North America (By Type; By End-use Industry, and By Country)
The U.S. (By End-use Industry)
Canada (By End-use Industry)
Mexico (By End-use Industry)
South America (By Type; By End-use Industry, and By Country)
Brazil (By End-use Industry)
Rest of South America
Europe (By Type; By End-use Industry, and By Country)
Germany (By End-use Industry)
The United Kingdom (By End-use Industry)
France (By End-use Industry)
Italy (By End-use Industry)
Spain (By End-use Industry)
Rest of Europe
The Middle East & Africa (By Type; By End-use Industry, and By Country)
Saudi Arabia (By End-use Industry)
UAE (By End-use Industry)
South Africa (By End-use Industry)
Rest of the Middle East & Africa
Asia Pacific (By Type; By End-use Industry, and By Country)
China (By End-use Industry)
Japan (By End-use Industry)
India (By End-use Industry)
South Korea (By End-use Industry)
ASEAN (By End-use Industry)
Rest of Asia Pacific
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
Table of Contents
120 Pages
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Approach
- 1.3. Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Porter’s Five Forces Analysis
- 4.4. Key Technological Developments
- 4.5. Global Market Share Analysis and Matrix, 2020
- 5. Key Market Insights and Strategic Recommendations
- 6. Profiles of Key Players (Would be provided for 10 players only)
- 6.1. Overview
- 6.1.1. Key Management
- 6.1.2. Headquarters etc.
- 6.2. Offerings/Business Segments
- 6.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 6.3.1. Employee Size
- 6.3.2. Key Financials
- 6.3.2.1. Past and Current Revenue
- 6.3.2.2. Gross Margin
- 6.3.2.3. Geographical Share
- 6.3.2.4. Business Segment Share
- 6.4. Recent Developments
- 7. Primary Interview Responses
- 8. Annexure / Appendix
- 8.1. Global SiC Based Power Electronics and Inverter Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.1.1. By Type (Value)
- 8.1.1.1. Power Electronics
- 8.1.1.2. Inverter
- 8.1.2. By End-use Industry (Value)
- 8.1.2.1. Automotive
- 8.1.2.2. Consumer Electronics
- 8.1.2.3. IT & Telecommunication
- 8.1.2.4. Aerospace & Defence
- 8.1.2.5. Others
- 8.1.3. By Region (Value)
- 8.1.3.1. North America
- 8.1.3.2. South America
- 8.1.3.3. Europe
- 8.1.3.4. Middle East & Africa
- 8.1.3.5. Asia Pacific
- 8.2. North America SiC Based Power Electronics and Inverter Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.2.1. By Type (Value)
- 8.2.1.1. Power Electronics
- 8.2.1.2. Inverter
- 8.2.2. By End-use Industry (Value)
- 8.2.2.1. Automotive
- 8.2.2.2. Consumer Electronics
- 8.2.2.3. IT & Telecommunication
- 8.2.2.4. Aerospace & Defence
- 8.2.2.5. Others
- 8.2.3. By Country (Value)
- 8.2.3.1. U.S.
- 8.2.3.1.1. By End-use Industry (Value)
- 8.2.3.1.1.1. Automotive
- 8.2.3.1.1.2. Consumer Electronics
- 8.2.3.1.1.3. IT & Telecommunication
- 8.2.3.1.1.4. Aerospace & Defence
- 8.2.3.1.1.5. Others
- 8.2.3.2. Canada
- 8.2.3.2.1. By End-use Industry (Value)
- 8.2.3.2.1.1. Automotive
- 8.2.3.2.1.2. Consumer Electronics
- 8.2.3.2.1.3. IT & Telecommunication
- 8.2.3.2.1.4. Aerospace & Defence
- 8.2.3.2.1.5. Others
- 8.2.3.3. Mexico
- 8.2.3.3.1. By End-use Industry (Value)
- 8.2.3.3.1.1. Automotive
- 8.2.3.3.1.2. Consumer Electronics
- 8.2.3.3.1.3. IT & Telecommunication
- 8.2.3.3.1.4. Aerospace & Defence
- 8.2.3.3.1.5. Others
- 8.3. Europe SiC Based Power Electronics and Inverter Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.3.1. By Type (Value)
- 8.3.1.1. Power Electronics
- 8.3.1.2. Inverter
- 8.3.2. By End-use Industry (Value)
- 8.3.2.1. Automotive
- 8.3.2.2. Consumer Electronics
- 8.3.2.3. IT & Telecommunication
- 8.3.2.4. Aerospace & Defence
- 8.3.2.5. Others
- 8.3.3. By Country (Value)
- 8.3.3.1. UK
- 8.3.3.1.1. By End-use Industry (Value)
- 8.3.3.1.1.1. Automotive
- 8.3.3.1.1.2. Consumer Electronics
- 8.3.3.1.1.3. IT & Telecommunication
- 8.3.3.1.1.4. Aerospace & Defence
- 8.3.3.1.1.5. Others
- 8.3.3.2. Germany
- 8.3.3.2.1. By End-use Industry (Value)
- 8.3.3.2.1.1. Automotive
- 8.3.3.2.1.2. Consumer Electronics
- 8.3.3.2.1.3. IT & Telecommunication
- 8.3.3.2.1.4. Aerospace & Defence
- 8.3.3.2.1.5. Others
- 8.3.3.3. Italy
- 8.3.3.3.1. By End-use Industry (Value)
- 8.3.3.3.1.1. Automotive
- 8.3.3.3.1.2. Consumer Electronics
- 8.3.3.3.1.3. IT & Telecommunication
- 8.3.3.3.1.4. Aerospace & Defence
- 8.3.3.3.1.5. Others
- 8.3.3.4. France
- 8.3.3.4.1. By End-use Industry (Value)
- 8.3.3.4.1.1. Automotive
- 8.3.3.4.1.2. Consumer Electronics
- 8.3.3.4.1.3. IT & Telecommunication
- 8.3.3.4.1.4. Aerospace & Defence
- 8.3.3.4.1.5. Others
- 8.3.3.5. Spain
- 8.3.3.5.1. By End-use Industry (Value)
- 8.3.3.5.1.1. Automotive
- 8.3.3.5.1.2. Consumer Electronics
- 8.3.3.5.1.3. IT & Telecommunication
- 8.3.3.5.1.4. Aerospace & Defence
- 8.3.3.5.1.5. Others
- 8.3.3.6. Rest of Europe
- 8.4. Asia Pacific SiC Based Power Electronics and Inverter Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.4.1. By Type (Value)
- 8.4.1.1. Power Electronics
- 8.4.1.2. Inverter
- 8.4.2. By End-use Industry (Value)
- 8.4.2.1. Automotive
- 8.4.2.2. Consumer Electronics
- 8.4.2.3. IT & Telecommunication
- 8.4.2.4. Aerospace & Defence
- 8.4.2.5. Others
- 8.4.3. By Country (Value)
- 8.4.3.1. China
- 8.4.3.1.1. By End-use Industry (Value)
- 8.4.3.1.1.1. Automotive
- 8.4.3.1.1.2. Consumer Electronics
- 8.4.3.1.1.3. IT & Telecommunication
- 8.4.3.1.1.4. Aerospace & Defence
- 8.4.3.1.1.5. Others
- 8.4.3.2. Japan
- 8.4.3.2.1. By End-use Industry (Value)
- 8.4.3.2.1.1. Automotive
- 8.4.3.2.1.2. Consumer Electronics
- 8.4.3.2.1.3. IT & Telecommunication
- 8.4.3.2.1.4. Aerospace & Defence
- 8.4.3.2.1.5. Others
- 8.4.3.3. India
- 8.4.3.3.1. By End-use Industry (Value)
- 8.4.3.3.1.1. Automotive
- 8.4.3.3.1.2. Consumer Electronics
- 8.4.3.3.1.3. IT & Telecommunication
- 8.4.3.3.1.4. Aerospace & Defence
- 8.4.3.3.1.5. Others
- 8.4.3.4. South Korea
- 8.4.3.4.1. By End-use Industry (Value)
- 8.4.3.4.1.1. Automotive
- 8.4.3.4.1.2. Consumer Electronics
- 8.4.3.4.1.3. IT & Telecommunication
- 8.4.3.4.1.4. Aerospace & Defence
- 8.4.3.4.1.5. Others
- 8.4.3.5. ASEAN
- 8.4.3.5.1. By End-use Industry (Value)
- 8.4.3.5.1.1. Automotive
- 8.4.3.5.1.2. Consumer Electronics
- 8.4.3.5.1.3. IT & Telecommunication
- 8.4.3.5.1.4. Aerospace & Defence
- 8.4.3.5.1.5. Others
- 8.4.3.6. Rest of Asia Pacific
- 8.5. Middle East & Africa SiC Based Power Electronics and Inverter Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.5.1. By Type (Value)
- 8.5.1.1. Power Electronics
- 8.5.1.2. Inverter
- 8.5.2. By End-use Industry (Value)
- 8.5.2.1. Automotive
- 8.5.2.2. Consumer Electronics
- 8.5.2.3. IT & Telecommunication
- 8.5.2.4. Aerospace & Defence
- 8.5.2.5. Others
- 8.5.3. By Country (Value)
- 8.5.3.1. Saudi Arabia
- 8.5.3.1.1. By End-use Industry (Value)
- 8.5.3.1.1.1. Automotive
- 8.5.3.1.1.2. Consumer Electronics
- 8.5.3.1.1.3. IT & Telecommunication
- 8.5.3.1.1.4. Aerospace & Defence
- 8.5.3.1.1.5. Others
- 8.5.3.2. UAE
- 8.5.3.2.1. By End-use Industry (Value)
- 8.5.3.2.1.1. Automotive
- 8.5.3.2.1.2. Consumer Electronics
- 8.5.3.2.1.3. IT & Telecommunication
- 8.5.3.2.1.4. Aerospace & Defence
- 8.5.3.2.1.5. Others
- 8.5.3.3. South Africa
- 8.5.3.3.1. By End-use Industry (Value)
- 8.5.3.3.1.1. Automotive
- 8.5.3.3.1.2. Consumer Electronics
- 8.5.3.3.1.3. IT & Telecommunication
- 8.5.3.3.1.4. Aerospace & Defence
- 8.5.3.3.1.5. Others
- 8.5.3.4. Rest of Middle East & Africa
- 8.6. South America SiC Based Power Electronics and Inverter Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 8.6.1. By Type (Value)
- 8.6.1.1. Power Electronics
- 8.6.1.2. Inverter
- 8.6.2. By End-use Industry (Value)
- 8.6.2.1. Automotive
- 8.6.2.2. Consumer Electronics
- 8.6.2.3. IT & Telecommunication
- 8.6.2.4. Aerospace & Defence
- 8.6.2.5. Others
- 8.6.3. By Country (Value)
- 8.6.3.1. Brazil
- 8.6.3.1.1. By End-use Industry (Value)
- 8.6.3.1.1.1. Automotive
- 8.6.3.1.1.2. Consumer Electronics
- 8.6.3.1.1.3. IT & Telecommunication
- 8.6.3.1.1.4. Aerospace & Defence
- 8.6.3.1.1.5. Others
- 8.6.3.2. Rest of South America
- 9. List of some of the companies (to name a few and not limited to) considered in the scope for understanding the market ecosystem/value chain. (Note that the purpose of the below list is to highlight the exhaustiveness of coverage. This does not necessarily mean that all the below companies would be profile in the scope. However, at the same, we are open to profile additional company(s) on specific request)
- 10. STMicroelectronics
- 11. Cree, Inc.
- 12. ON Semiconductor
- 13. ROHM CO., LTD.
- 14. Infineon Technologies AG
- 15. NXP Semiconductor N.V.
- 16. ABB Group
- 17. Renesas Electronics Corporation
- 18. Fuji Electric Co, Ltd.
- 19. Mitsubishi Electric Corp
- 20. Rockwell Automation Inc.
- 21. Semikron Electronics GmbH & Co., Inc.
- 22. Maxim Integrated Products, Inc.
- 23. Texas Instruments Incorporated
- 24. Toshiba Corporation
- 25. Microsemi Corporation
- 26. Methode Electronics, Inc.
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