SiC-Based Power Electronics and Inverter Market (Updated Version Available)

Key Market Overview:

SiC Based Power Electronics and Inverter Market is estimated to reach over USD 5367.35 Million by 2030 from a value of USD 645.15 Million in 2022, growing at a CAGR of 30.32% from 2023 to 2030.

Silicon carbide (SiC) is a wide bandgap semiconductor material that has gained attention in the power electronics industry for its superior electrical properties compared to traditional silicon-based devices. SiC-based power electronics have the ability to operate at higher temperatures making them suitable for high-temperature industrial processes, without requiring complex cooling systems. On the other hand, SiC-based inverters offer higher efficiency and higher power density and are well-suited for applications such as solar inverters, wind turbine inverters, and electric vehicle inverters.

The growth of the electric vehicle market is driving demand for SiC-based power electronics and inverters, as they offer higher efficiency and power density leading to longer driving ranges and faster charging times. Additionally, SiC devices operate at higher temperatures, which enables the design of more compact and efficient power electronics systems in electric vehicles. For instance, in December 2022, STMicroelectronics, a leading semiconductor company released new high-power modules designed for electric vehicles (EVs). The new modules include a 3-phase inverter module and a power module, both of which are designed to handle high power levels providing higher efficiency and faster switching speeds compared to traditional silicon-based devices.

SiC-Based Power Electronics and Inverter Report Coverage:

Report Attributes	Report Details
Study Timeline	2017-2030
Market Size in 2030 (USD Million)	USD 5367.35 Million
CAGR (2022-2030)	30.32 %
Base Year	2022
By Type	Power Electronics and Inverters
By End-Use	Automotive, Consumer Electronics, Industrial, Telecommunication, Healthcare, Aerospace & Defense, and Others
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	STMicroelectronics, Cree, Inc., ON Semiconductor, ROHM Semiconductor, Infineon Technologies AG, NXP Semiconductor N.V., ABB Group, Renesas Electronics Corporation, Fuji Electric Co, Ltd., Mitsubishi Electric Corporation

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Market Dynamics:

Driver:

The use of renewable energy systems, such as solar and wind, is rapidly growing worldwide. SiC-based power electronics and inverters are well-suited for these applications as they operate at higher frequencies and temperatures, leading to higher efficiency and reliability. For instance, in January 2023, ON Semiconductor launched three 1700V silicon carbide (SiC) devices as part of its newly named EliteSIC family. The EliteSIC family is a range of high-performance SiC MOSFETs and diodes designed for high-power applications, such as renewable energy systems, and industrial motor drives. Therefore, the application of SiC-based power electronics and inverters for renewable energy systems is driving the growth of the global market.

Restraint:

The design of SiC-based power electronics and inverters is quite complex in comparison to traditional silicon-based designs. For instance, the high-temperature and high-power nature of SiC devices require robust and specialized packaging to handle higher voltages and currents. Such packaging techniques add to the overall cost of SiC-based power electronics and inverters and require additional engineering to manage high-power devices. As a result, packaging remains a significant restraint for the SiC-based power electronics and inverter market.

Opportunities:

Data centers require a lot of energy to power the servers and cooling systems. SiC-based power electronics and inverters are expected to reduce energy consumption and improve efficiency, leading to cost savings and reduced carbon footprints. Moreover, SiC devices operate at higher voltages which enables the design of smaller and more compact systems. For instance, in November 2021, Fuji Electric Co. Ltd. launched a second generation discrete SiC-SBD Series, contributing to energy savings in data centers and communication base stations. Therefore, the application of SiC-based power electronics and inverters in data centers is expected to create lucrative opportunities for market growth.

SiC-Based Power Electronics and Inverter Market Segmentation:



By Type

Based on the type, the market is bifurcated into power electronics and inverters. The power electronics segment dominates the global market due to the increased demand for energy-efficient devices. Power electronics are essential for efficiently controlling and converting electrical power to meet the requirements of different industrial processes. For instance, in August 2022, Toshiba launched its third-generation silicon carbide (SiC) MOSFETs, which are designed to improve the efficiency and reliability of power electronics systems in industrial and automotive applications. The new MOSFETs have a 650V rating and offer low on-resistance and low switching losses, which translates to higher power density and improved system reliability.

The Inverters segment is anticipated to witness significant growth during the forecast period. Electric vehicles (EVs) require power inverters to convert DC power from the battery into AC power to drive the motor. SiC-based power electronics offer higher efficiency and power density compared to traditional silicon-based inverters, making them an attractive option for EV manufacturers. For instance, in July 2022, Marelli launched its new 800 Volt Silicon Carbide (SiC) inverter platform in Germany. This new platform is designed for electric vehicles and provides high power density, high efficiency, and high switching frequency.

By End-Use

Based on the end-user, the market is segmented into automotive, consumer electronics, industrial, telecommunication, healthcare, aerospace & defense, and others. The automotive industry accounted for the highest revenue share in 2022. The global shift towards electric vehicles due to improved energy efficiency, and lower operational costs is driving the demand for more efficient and powerful power electronics and inverters. SiC-based power devices are used in electric vehicles to control and distribute power to various components of the vehicle, such as the electric motor, the battery, and the on-board chargers. For instance, in January 2023, Wolfspeed, Inc. announced to provide SiC power devices for future Mercedes-Benz electric vehicle (EV) platforms.

The industrial segment is anticipated to register highest CAGR during the forecast period due to the increasing demand for automation in industries for manufacturing purposes. The industrial segment is adopting advanced technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT) to improve efficiency and productivity. Such technologies help manufacturers to optimize processes, reduce downtime, and increase quality.

By Region

The Asia-Pacific region is the largest market for SiC-based power electronics and inverters due to the increasing adoption of electric vehicles in the region. Many cities in the Asia-Pacific region suffer from high levels of air pollution, which has led to increased awareness of the need to reduce emissions from transportation. Countries such as China, Japan, and South Korea are increasingly adopting electric vehicles to address this issue. Therefore, SiC-based power electronics and inverters are essential components in electric vehicle drive systems, which has led to a growing demand for these products in the region. Furthermore, many governments in the Asia-Pacific region have implemented policies aimed at promoting the adoption of electric vehicles. For instance, the government of China offers subsidies to consumers who purchase electric vehicles ranging from a few thousand to tens of thousands of Chinese yuan, depending on the type of vehicle and its range.



North America is anticipated to witness significant growth during the forecast period due to the presence of a large number of electronics manufacturers, including many companies that produce high-power and high-efficiency electronic systems. The presence of key companies such as ON Semiconductors, and Cree, Inc. in this region is driving the growth of the regional market.

SiC-Based Power Electronics and Inverter Market Competitive Landscape:

The market for SiC-based power electronics and inverters is highly competitive. The report offers appropriate analysis of the key companies involved in the market. Market players are adopting strategies for mergers and acquisitions, and product innovations to stay competitive in the market. The following are the major players in the global market-

• STMicroelectronics
• ON Semiconductors
• Infineon Technologies AG
• Cree, Inc.
• ROHM CO., LTD.
• NXP Semiconductor N.V.
• ABB Group
• Renesas Electronics Corporation
• Fuji Electric Co, Ltd.
• Mitsubishi Electric Corp

Recent Developments

• In August 2022, Leapers Semiconductors launched a high power density ED3S Series SiC Power Module. ED3 series delivered great efficiency making the end systems even more compact and cost friendly.

• In May 2022, Rhombus Energy Solutions, a company specializing in EV charging and power conversion technology, announced a partnership with Wolfspeed, a company known for its silicon carbide (SiC) power electronics solutions. This partnership aims to improve the efficiency, power density, and quicker charging time of Rhombus products by utilizing Wolf speeds advanced SiC technology.