Pune, India, June 04, 2018 /MRFR Press Release/- Market Research Future published a half-cooked research report on “Global Silicon Carbide Market Research Report - Forecast to 2030” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.
Silicon Carbide (SiC) also known as Carbrundum is a compound of silica and carbon. SiC in comparison with silicon offers outstanding power switching frequency, power rating, and performance. Attributing to its potential to deliver high power switching application in extreme environment, Silicon carbide widely used in semiconductor electronics devices that operate at high temperature or high voltage or both. This makes SiC highly preferable in end-use applications such as electronics and steel among others.
Moreover, SiC perceives a high demand from some of the burgeoning industries such as Aerospace & Aviation, Energy, Military & Defense, and most importantly from the Automotive and Healthcare sectors. The high uptake and augmented demand escalate the market of SiC on the global platform driving it pervasively.
Considering the rapid market expansion, & the growth potential the market holds, Market Research Future (MRFR) recently published an in-depth study report, giving out the complete market insights for the period 2023 – 2030. In its analysis MRFR asserts that the global Silicon Carbide market is forecasted to grow exponentially by 2030, registering a staggering CAGR during the review period.
Other factors substantiating the market growth include steady demand from the steel manufacturing and steel processing industries and its recycling units. Growing automotive industry across the globe plays a vital role in the growth of the market. Substitution of existing pure silicon technology is continually increasing, thereby strengthening global demand for silicon carbide and hence, its market growth.
On the other hand, high cost associated with devices made of silicon carbide, demand and supply gap of SiC due to the low manufacturing volume are some of the factors impeding the market growth. However, the growing electronics and semiconductor market witnessing a huge demand for SiC is likely to create a substantial revenue pocket in the global space.
Global Silicon Carbide Market – Competitive Analysis
The Silicon Carbide market appears to be competitive due to the presence of a good number of large and small players, churning the market competition. Growing product innovations and technologies are expected to generate strong investment opportunities for the players.
May 30, 2018 – Scientists at the Fraunhofer Institute for Solar Energy Systems (ISE - Germany), announced the development and successful implementation of an inverter for direct feed-in to the 10 kV medium-voltage grid. The inverter containing high-voltage SiC (silicon carbide) transistors, allows coupling to the medium voltage grid without needing an additional transformer. The three-phase inverter can be used to regulate reactive power as well as to actively filter undesirable harmonics in the electricity grid, thereby, actively contributing to the stabilization of future power grids with a large share of renewables.
Global Silicon Carbide Market – Segments
The Silicon Carbide market can be segmented into three key dynamics for the convenience of the report and enhanced understanding;
By Products : Black and Green Silicon Carbide, among others (refractory, metallurgical, coated, micro grit, and metallurgical briquettes).
By Applications : Aerospace & Aviation, Steel & Energy, Automotive, Military & Defense, Medical & Healthcare, and Electronics & Semiconductors, among others.
By Regions : North America, Europe, APAC and Rest of the World.
Segment Steel & Energy accounts for the largest application are for SiC, followed by segments Electronics & Semiconductors and Automobile.
Segment Medical & Healthcare is anticipated to register the highest growth over next five years.
Silicon Carbide Market –
Asia-Pacific region emerging as the most promising market for Silicon Carbide globally accounted for the largest market share in 2016. Witnessing the increasing sales in the industries such as steel & energy, electronics & semiconductors and automotive, APAC is projected to continue its lead throughout the review period as well.
Moreover, burgeoning manufacturing industry coupled with the presence of major semiconductor manufacturing companies mainly in the countries such as India and China gives Asia-Pacific a competitive advantage over other regions.
North America region is another lucrative market for Silicon Carbide in the global space, owning a substantial market share. Perceiving the huge demand from the automotive industry backed by the considerable demand for commercial vehicles in the region, the Americas market is anticipated to grow significantly during the review period. The US accounting for one of the five largest commercial vehicle manufacturing countries stands as the primary growth driver for the regional market.
Europe, market accounting for the third largest market for Silicon Carbide, is poised to witness steady growth in the next six years. Established aerospace and aviation industry coupled with the well-established market for Silicon Carbide in the countries such as Russia, Germany, and the Netherlands, predominantly drives the regional market growth.
Browse Full Report: Silicon Carbide Market