Silicon Carbide Market with COVID-19 Impact Analysis by Device SiC Discrete

[243 Pages Report] The global silicon carbide market is expected to grow from USD 899 million in 2021 to USD 2,113 million by 2026; it is expected to grow at a CAGR of 18.7% during 2021–2026. Key factors fueling this market’s growth include growing demand for SiC Devices in power electronics; higher mechanical, electrical and thermal properties than regular Silicon; and growing investments by governments, private organizations, research institutes, and manufacturers to increase SiC production. Growing implementation of SiC devices in automotive and power devices applications and increasing demand for hybrid and electric cars create a strong demand for silicon carbide for efficient industrial operations in the midst of COVID-19.

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Driver: Growing Demand for SiC Devices in power electronics

Power electronics play a crucial role in the global electrical infrastructure. In the power electronics industry, numerous power devices are available, which convert alternating current to direct current (or vice versa) in the systems. Also, they are designed to minimize energy loss and increase the efficiency of the system. SiC devices such as Sic diodes and modules are compound semiconductors composed of silicon and carbide. They offer several advantages such as wide bandgap, high drift velocity, high breakdown voltage, large critical electric field, and high thermal conductivity, and are capable of working at higher current density and temperatures.

Restraint: High Material and Fabrication Costs of SiC

As SiC materials are commercially synthesized in high-temperature environments, they are more expensive than Si raw material, while Si can be easily extracted from silica that occurs naturally. During device fabrication, several factors play a role in making it costlier for foundries and fabs, such as the lesser number of foundry and fab facilities. Moreover, the final phases such as assembly, testing, and packaging, are costlier due to the lack of advanced technology-based suitable equipment.

Opportunity: Increasing demand for hybrid and electric cars

Hybrid and electric vehicles are gaining traction as they are more digitally connected than conventional vehicles. Also, they reduce the consumption of fossil fuels, such as petrol and diesel, reduce global warming and ecological damage, and offer superior fuel efficiency. Additionally, due to COVID-19, the automotive industry has been witnessing a slowdown in demand for hybrid, electric, and autonomous vehicles. However, their demand is likely to be higher than that of any other vehicle type in the post-COVID-19 period.

Challenge: Material defects, design complexities, and packaging issues in SiC power devices

In SiC materials, especially crystals, micro-sized holes known as micropipes are found across the crystals. During the manufacturing of larger wafers, SiC devices are susceptible to various defects such as dislocations, prototype inclusions, and stacking faults. These defects occur due to a non-optimal balance of silicon and carbon precursors, and local instability in pressure or temperature. These defects affect the device efficiency and degrade their electrical characteristics.

SiC Discrete device held the largest market share of silicon carbide market in 2020

SiC Discrete device is expected to account for the largest share of the silicon carbide market by 2026. The growth of this segment is attributed to the increasing demand for SiC discrete devices for use in numerous applications, including RF and cellular base station applications, as well as in power supplies and inverters. Also, these devices are used in high-power applications owing to their high switching speed. Moreover, due to the increased demand for power semiconductors, the load on the power equipment has increased.

Power supplies and inverters application held the largest share of silicon carbide market in 2020

The dominance of the segment is attributed to the growing demand for highly efficient and stable power supplies such as power modules, uninterruptible power supplies (UPS), and wireless charging devices in automotive, power electronics, renewable power generation, and telecommunications sectors. Moreover, SiC devices allow users to operate in the double-conversion mode to maintain high efficiencies. Using these devices in UPS can facilitate in size reduction, increase in power quality, and reduction in cost.

“APAC is expected to hold a significant share of silicon carbide market by 2026.”

The market in APAC held the largest size in 2020 and is estimated to continue to do so during the forecast period. China, Japan, South Korea, and India are the major markets for EVs/HEVs in APAC. According to IEA outlook 2020 report, China alone accounted for a share of 47% of the global sales of electric buses in 2019, which contributed significantly to the dominance of APAC. Initiatives taken by several governments of countries in APAC to promote the use of these vehicles are expected to further drive the market in the near future.