Silicon Carbide Semiconductor Market Size, Share, Trends, Growth and Forecast 2032

Silicon Carbide Semiconductor Market

Silicon Carbide Semiconductor Market By Component (Power Modules, Rectifiers/Diodes, Integrated Circuits, FET/MOSFET Transistors, Schottky Diodes, and Others), By Product (Frequency Devices, Power Semiconductors, and Optoelectronic Devices), By End-User Industry (Consumer Electronics, Automotive, Energy & Power, Medical Devices, Aerospace & Defense, Energy & Power, and Others), By Wafer Size (10 inches & above, 8 inches, 6 inches, and 1 to 4 inches), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 - 2032

Category: Semiconductor & Electronics Report Format : PDF Pages: 222 Report Code: ZMR-9298 Published Date: Mar-2025 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 2.80 Billion USD 14.20 Billion 22.50% 2023

Silicon Carbide Semiconductor Market

Silicon Carbide Semiconductor Industry Prospective:

The global silicon carbide semiconductor market size was worth around USD 2.80 billion in 2023 and is predicted to grow to around USD 14.20 billion by 2032 with a compound annual growth rate (CAGR) of roughly 22.50% between 2024 and 2032.

Global Silicon Carbide Semiconductor Market SizeRequest Free Sample

Silicon Carbide Semiconductor Market: Overview

Silicon carbide (SiC) semiconductors are emerging, high-performance semiconductors made of pure carbon and silicon. According to market experts, the material Silicon Carbide can either be doped with aluminum, boron, and gallium to produce a p-type semiconductor or doped with phosphorus or nitrogen to produce an n-type semiconductor.

Although SiC has been available for many years in the market, semiconductor-grade silicon carbide has come into existence in the last few years. The three main traits of SiC semiconductors driving the market demand rate include low coefficient of thermal expansion of 4.0x10^-6/°C, high thermal conductivity of 120-270 W/mK, and high maximum current density. These three characteristics allow SiC to deliver superior electrical conductivity compared to the more traditionally used silicon.

Market research suggests that SiC semiconductors are considered the powering solutions for next-generation advanced devices. Silicon carbide semiconductors are projected to receive more growth momentum due to the surging investments in the electric vehicle (EV) sector along with the growing expansion of the semiconductor industry in general.

Furthermore, the growing focus on reducing carbon emissions from the semiconductor manufacturing sector will create more expansion possibilities. One of the most prominent growth barriers for the market players will be the high cost of investment associated with SiC semiconductors.

Key Insights:

  • As per the analysis shared by our research analyst, the global silicon carbide semiconductor market is estimated to grow annually at a CAGR of around 22.50% over the forecast period (2024-2032)
  • In terms of revenue, the global silicon carbide semiconductor market size was valued at around USD 2.80 billion in 2023 and is projected to reach USD 14.20 billion by 2032.
  • The silicon carbide semiconductor market is projected to grow at a significant rate due to the growing investments in EVs worldwide.
  • Based on the component, the power modules segment is growing at a high rate and will continue to dominate the global market as per industry projections.
  • Based on the end-user industry, the automotive segment is anticipated to command the largest market share.
  • Based on region, Asia-Pacific is projected to dominate the global market during the forecast period.

Silicon Carbide Semiconductor Market: Growth Drivers

Growing investments in EVs worldwide to generate a market demand rate during the forecast period

The global silicon carbide semiconductor market is expected to be driven by rising investments in the electric vehicle industry across the globe. SiC semiconductors have gained higher popularity in the automotive industry due to the growing demand for high-reliance, superior quality, and energy-efficient solutions in modern vehicles. SiCs, due to their inherent properties, can be used to increase EV driving distances by investing in improving the overall operational efficiency of the vehicle.

According to extensive market research, using silicon carbide semiconductors can also assist in reducing vehicle manufacturing costs, ultimately decreasing vehicle ownership costs by more than USD 1900 per vehicle. In the last decade, the global EV industry has undergone several changes resulting in a current state of increased investments in making EVs more affordable.

For instance, in October 2022, Hyundai Motor Group broke ground for a new manufacturing facility in the US. The investment worth USD 5.54 billion will be directed toward establishing a more robust supply chain for EV batteries and other components.

Growing focus on reducing carbon emissions from semiconductor manufacturing sector to fuel market expansion

The global silicon carbide semiconductor market is projected to generate more revenue due to the growing efforts in the semiconductor fabrication sector to reduce carbon emissions. According to official statistics, the chip manufacturing industry is one of the largest contributors to greenhouse gas emissions.

In 2021, the semiconductor industry was reported to have released over 76 million tons of carbon dioxide into the environment. Government pressure on the industry players to reduce carbon emissions has intensified which can lead to higher acceptance of silicon carbide in the coming years. SiC is more energy efficient compared to the existing counterparts making it ideal for several end-user applications.

Silicon Carbide Semiconductor Market: Restraints

Higher cost of production to limit extensive growth in the industry according to research

The global silicon carbide semiconductor industry is expected to be restricted due to the high cost of investment associated with the market. The manufacturing process for SiC semiconductors is highly complex and requires the use of sophisticated production techniques.

In addition, the industry thrives on the use of high-quality crystals for the production of semiconductor-grade SiC materials which further increases the final cost of production. Some of the technical challenges in the industry include the requirement for a high melting point which can be challenging to achieve and manage in addition to a lack of skilled professionals.

Silicon Carbide Semiconductor Market: Opportunities

Growing expansion of the semiconductor sector with a special focus on SiCs to generate growth opportunities

The global silicon carbide semiconductor market is projected to generate growth opportunities due to the rising expansion of the semiconductor industry worldwide. Recent trends indicate the heightened interest of regional governments in establishing a domestic semiconductor manufacturing industry to reduce dependence on currently dominant chip-making economies such as China and Taiwan.

Furthermore, global countries are seeking ways to mitigate the growing tensions of disruptions in the supply chain of semiconductors during unforeseen events such as wars and political turmoil.

For instance, in January 2025, the US government announced that it had provided direct funding of USD 53 million to HPI Federal LLC under the CHIPS Incentives Program established by the country. The funds are expected to help the company expand its existing facility  HP Inc. which is a segment of the firm’s “lab-to-fab” ecosystem and includes commercial manufacturing operations along with research & development (R&D) centers.

As of 2024, the Indian government is reported to have approved around 9 projects aimed at the production of electronic components within the country under the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS). The total investments made by the economy have currently mounted to INR 7,960 crore.

Silicon Carbide Semiconductor Market: Challenges

Lack of sufficient supply chain and scalability to challenge market expansion rate

The global silicon carbide semiconductor industry is projected to be challenged by the lack of a robust supply chain infrastructure for SiC chips. In addition to this, the semiconductor industry continues to be dominated by silicon-based solutions that enjoy existing large-scale manufacturing and higher demand from end-users. The absence of a supportive architecture required for scaling SiC semiconductor manufacturing is expected to dilute the market demand rate in the coming years.

Silicon Carbide Semiconductor Market: Report Scope

Report Attributes Report Details
Report Name Silicon Carbide Semiconductor Market
Market Size in 2023 USD 2.80 Billion
Market Forecast in 2032 USD 14.20 Billion
Growth Rate CAGR of 22.50%
Number of Pages 222
Key Companies Covered Toshiba Corporation, Wolfspeed Inc., United Silicon Carbide Inc. (now part of Qorvo), STMicroelectronics N.V., Cree Inc. (now Wolfspeed Inc.), Infineon Technologies AG, Mitsubishi Electric Corporation, ON Semiconductor Corporation (onsemi), GeneSiC Semiconductor Inc., Fuji Electric Co. Ltd., Qorvo Inc., ROHM Co. Ltd., General Electric Company (GE), Littelfuse Inc., Microchip Technology Incorporated, and others.
Segments Covered By Component, By Product, By End-User Industry, By Wafer Size, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Silicon Carbide Semiconductor Market: Segmentation

The global silicon carbide semiconductor market is segmented based on component, product, end-user industry, wafer size, and region.

Based on the components, the global market segments are power modules, rectifiers/diodes, integrated circuits, FET/MOSFET transistors, Schottky diodes, and others.

In 2023, the highest growth was listed in the power modules segment which dominated nearly 27.01% of the final market share. Power modules made of SiC have shown wider applications across thriving end-user industries. The novel semiconductors assist in reducing operational costs while also enabling higher energy efficiency. The growing integration of SiC semiconductors in Schottky diodes will help the segment improve its revenue.

Based on product, the global silicon carbide semiconductor industry is divided into frequency devices, power semiconductors, and optoelectronic devices.

Based on the end-user industry, the global market segments are consumer electronics, automotive, energy & power, medical devices, aerospace & defense, energy & power, and others. In 2023, the highest revenue generator was the automotive sector which held control over 50.01% of the total revenue. The surging investments in the EV sectors for passenger and commercial vehicles are affecting the overall growth rate. In addition, increased government support for the EV sector is also expected to play a significant role in the final revenue generated by the industry.

Based on wafer size, the global market divisions are 10 inches & above, 8 inches, 6 inches, and 1 to 4 inches.

Silicon Carbide Semiconductor Market: Regional Analysis

Asia-Pacific to fuel market expansion rate in the coming years

The global silicon carbide semiconductor market is expected to witness the highest demand in Asia-Pacific during the forecast period. In 2023, the region was responsible for generating more than 31% of the global revenue with China, Taiwan, and South Korea leading the regional market growth rate.

Asia-Pacific is the world’s largest producer and exporter of advanced semiconductors with applications across all industries. In addition, recent times have witnessed further investments in the region’s semiconductor industry as the end-consumer demand continues to evolve.

In January 2025, official reports emerged suggesting that the Indian government had approved the construction of its first silicon carbide factory in the Odisha region. The investment will be worth INR 618 crore and will allow the country to make its entry into the advanced semiconductor manufacturing sector.

Additionally, in November 2024, SICC, China’s SiC substrate manufacturer, announced that it had launched the industry’s first 300mm SiC substrate thus marking a significant milestone in the ultra-large silicon carbide substrates segment. The region players are taking considerable strides in the development of next-generation SiC semiconductors to keep up the final applications across industries.

Silicon Carbide Semiconductor Market: Competitive Analysis

The global silicon carbide semiconductor market is led by players like;

  • Toshiba Corporation
  • Wolfspeed Inc.
  • United Silicon Carbide Inc. (now part of Qorvo)
  • STMicroelectronics N.V.
  • Cree Inc. (now Wolfspeed Inc.)
  • Infineon Technologies AG
  • Mitsubishi Electric Corporation
  • ON Semiconductor Corporation (onsemi)
  • GeneSiC Semiconductor Inc.
  • Fuji Electric Co. Ltd.
  • Qorvo Inc.
  • ROHM Co. Ltd.
  • General Electric Company (GE)
  • Littelfuse Inc.
  • Microchip Technology Incorporated

The global silicon carbide semiconductor market is segmented as follows:

By Component

  • Power Modules
  • Rectifiers/Diodes
  • Integrated Circuits
  • FET/MOSFET Transistors
  • Schottky Diodes
  • Others

By Product

  • Frequency Devices
  • Power Semiconductors
  • Optoelectronic Devices

By End-User Industry

  • Consumer Electronics
  • Automotive
  • Energy & Power
  • Medical Devices
  • Aerospace & Defense
  • Energy & Power
  • Others

By Wafer Size

  • 10 inches & above
  • 8 inches
  • 6 inches
  • 1 to 4 inches

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Silicon carbide (SiC) semiconductors are emerging, high-performance semiconductors made of pure carbon and silicon.

The global silicon carbide semiconductor market is expected to be driven by rising investments in the electric vehicle industry across the globe.

According to study, the global silicon carbide semiconductor market size was worth around USD 2.80 billion in 2023 and is predicted to grow to around USD 14.20 billion by 2032.

The CAGR value of the silicon carbide semiconductor market is expected to be around 22.50% during 2024-2032.

The global silicon carbide semiconductor market is expected to witness the highest demand in Asia-Pacific during the forecast period.

The global silicon carbide semiconductor market is led by players like Toshiba Corporation, Wolfspeed, Inc., United Silicon Carbide, Inc. (now part of Qorvo), STMicroelectronics N.V., Cree, Inc. (now Wolfspeed, Inc.), Infineon Technologies AG, Mitsubishi Electric Corporation, ON Semiconductor Corporation (onsemi), GeneSiC Semiconductor Inc., Fuji Electric Co., Ltd., Qorvo, Inc., ROHM Co., Ltd., General Electric Company (GE), Littelfuse, Inc. and Microchip Technology Incorporated.

The report explores crucial aspects of the silicon carbide semiconductor market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.

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