Silicon Carbide Market 2019 Will Emerge Globally And Grow upto 6.79 Bn 2023 | CAGR 16.1%

The Global Silicon Carbide Market was valued at US$ 3.22 Bn in 2018 and is expected to reach US$ 6.79 Bn by the end of the forecast period, growing at a CAGR of 16.1% during the period from 2018 to 2023.

Silicon Carbide Market: Silicon carbide is the chemical compound which is made up of carbon and silicon and is also known as carborundum. Silicon carbide exists in 250 different crystalline forms and is used in automobile parts, electronic systems, jewellery, and heating elements, among others. The grains of the silicon carbide are bonded together to form hard ceramics that are widely used in car clutches and car brakes. The ceramic plates present in bulletproof vests are also made from silicon carbide. It is estimated that silicon carbide has the capability to replace all the silicon-based semiconductors and transistors.

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The increase in the usage of silicon carbide in military applications is expected to trigger the demand during the forecast period. In addition to this, growing semiconductor, automotive, and aerospace industries are the major key drivers for the growth of the Silicon Carbide Market.

Silicon carbide reduces the loss in the power system by 50%, which is mainly due to the adoption of semiconductors that are of compact size in different applications such as inverter and power supply, industrial motor drive, and lightning controls, among others. However, the price of per ton silicon carbide ranges from US$ 800 to US$ 2000, which is comparatively higher than the prices of other alternatives present in the market. The high cost of silicon is, therefore, one of the major factors restraining the growth of the market. In addition to this, the presence of defects in the material coupled with issues related to packaging are some other factors restraining the overall market.

Recent Developments in the Silicon Carbide Market:

End-use - Automotive and industrial users: In Jan 2019, a multi-year supply agreement has been signed by Cree Inc. with STMicroelectronics for $250 million, to supply and generate its Wolfspeed 150-mm silicon-carbide (SiC) bare and epitaxial wafers. Also, the supply promise that has been contracted is for ST’s silicon-carbide products for automotive and industrial market. Here, ST has set an aim of becoming the market leader, which by 2025, will be worth more than US$ 3 Bn.

Europe: In Mar 2018, in Stockholm, the silicon carbide traction system was examined successfully. A 35% fall in energy and a 19dB fall in noise emissions have been observed in the C20 metro car equipped with Bombardier’s new silicon carbide (SiC)-equipped Mitrac TC1500 traction converter. The TRIALS was performed on Stockholm’s Green Line.

United Silicon Carbide Inc.: In Nov 2018, the Company launched UF3C FAST series of 650 V and 1200 V high-performance silicon carbide FETs in a standard TO-247-3L package. The higher efficiency of FAST SERIES increased switching speeds than the existing series.

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Key Questions Answered in the Report:

What is the Silicon Carbide Market value of the overall market and segments?
What are the key segments and sub-segments in the market?
Which is the largest sub-segment in each segment in the scope of the study?
What are the key drivers, restraints, opportunities, and challenges in silicon carbide market and how are they expected to impact the Silicon Carbide Market?
What are the attractive segments and geographies to invest in?
What is the market value at the regional and country level?
Who are the key market players and their key competitors?
Who are the key Silicon Carbide Market players at different stages of the value chain?
What are the growth strategies adopted by the key players in the market?
How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness, and market capitalization?
How financially strong are the key players in the Silicon Carbide Market (revenue and profit margin, market capitalization, expenditure analysis, investment analysis)?
What are the recent trends in the Silicon Carbide Market? (M&A, partnerships, new product developments, expansions)

Related Reports on Silicon Carbide Market:

Global Silicon Carbide Market Summary Report

Global Silicon Carbide Market Segmentation Report

Global Silicon Carbide Market Regional Report

Global Silicon Carbide Market Competitive Intelligence & Company Profiles Report

Global Silicon Carbide Market Stat Book

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