The global SiC based power electronics & inverter market size is projected to reach USD 3,888.2 million by 2027, exhibiting a CAGR of 32.5% during the forecast period. According to a new report by Fortune Business Insights™, titled “SiC Based Power Electronics & Inverter Market, 2020-2027”, the market’s value stood at USD 446.3 million in 2019.
While the outbreak of the COVID-19 pandemic has generated unprecedented challenges for the semiconductor and electronics industries, its impact has been minimal on the SiC based power electronics & inverter market growth. The principal reason for the insulated position of this market is the extensive utilization of electronic components and inverters in the automotive, consumer electronics, manufacturing, and healthcare industries amid the pandemic. As a result, the market soared at a 21.5% CAGR and touched a value of 542.2 million in 2020.
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Increasing Electric Car Sales Worldwide to Accelerate Market Growth
The demand for electric cars has grown promisingly over the past few years and is expected to continue its trajectory in the forthcoming years. According to the International Energy Agency (IEA), in 2019, the total electric car sales globally topped 2.1 million, indicating a 40% year-on-year increase. SiC based power electronics & inverter systems have emerged as an ideal alternative to the traditional silicon-based semiconductors commonly deployed in electric vehicles, primarily due to their high energy efficiency. For example, SiC semiconductors lose only 5% of energy as heat during the power conversion process, implying that they save 95% of the converted energy. Research is also being done to develop silicon carbide semiconductors. The University of Tokyo, for instance, has been collaborating with Mitsubishi Electric since 2017 to augment the reliability of SiC-based semiconductors. Together, these factors are bolstering the prospects of this market.
Asia Pacific Dominated the Market with Revenue Generation of USD 188.7 million in 2019
- Asia Pacific, which boasted a market size of USD 188.7 million in 2019, is expected to hold on to its commanding position during the forecast period owing to the strong semiconductor and electronics manufacturing infrastructure in East Asia, especially China, South Korea, and Taiwan.
- North America is poised to enlarge its SiC based power electronics & inverter market share backed by the increasing investments in advanced automotive technologies by local players.
- Rising focus on research & development in the electronics domain will fuel the market in Europe.
Key Players to Expand Business through Strategic Collaborations
The competitive landscape of this market is getting intensified owing to the increasing number of collaborations between key players. The intent behind these partnerships is to engineer innovative and path-breaking SiC based power electronics & inverter solutions for diverse end-use industries. The development of novel offerings will enable the partnering entities to jointly expand their businesses and strengthen their position in the international market.
- January 2020: SiCrystal, a ROHM company, and STMicroelectronics signed a multi-year supply agreement for silicon carbide wafers. The contract covers the supply of 150mm advanced SiC wafers worth USD 120 million from SiCrystal to STM.
List of Key Players Profiled in this Market Report:
- Microsemi Corporation (United States)
- Texas Instruments Incorporated (United States)
- Semikron Electronics GmbH & Co., Inc. (United States)
- Mitsubishi Electric Corp (Japan)
- Renesas Electronics Corporation (Japan)
- NXP Semiconductor N.V. (The Netherlands)
- ROHM CO., LTD. (Japan)
- Cree, Inc. (United States)
- Methode Electronics, Inc. (United States)
- Toshiba Corporation (Japan)
- Maxim Integrated Products, Inc. (United States)
- Rockwell Automation Inc. (United States)
- Fuji Electric Co, Ltd. (Japan)
- ABB Group (Switzerland)
- Infineon Technologies AG (Germany)
- STMicroelectronics (Switzerland)
- ON Semiconductor (United States)
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