SiC Wafer Market - An Overview
The global Silicon Carbide (SiC) wafer market is expected to witness moderate growth during the forecast period between 2021 and 2031.
SiC is a crystalline substance that is manufactured by etching the crystal. The product is generally thin and deployed primarily for semiconductor production. Apart from semiconductor production, a few other application areas for SiC wafers include power grid devices, industrial motor drives, electric vehicle motor drives, and power supply and inverters.
COVID-19 pandemic adversely affected the growth in the global SiC wafer market. With governments imposing stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus, manufacturing units were forced to function with reduced labor force or shut down permanently. This lowered the demand for SiC wafers and resulted in reduced market growth.
However, with most personnel double vaccinated and approval given to the use of a third booster dose, it is anticipated that production units will resume operations soon, leading to higher SiC wafers demand and helping the market grow steadily.
SiC Wafer Market - Trends and Opportunities
Rising demand for renewable energy sources in different end-use industries is the key growth driver for the global SiC wafer market.
Also, increasing SiC wafer demand for electric vehicle power electronics could create significant revenue-generating opportunities for prominent SiC wafer market players, in future.
In addition to this, growing demand for SiC wafer-powered semiconductors in the production of internal combustion engine automobiles could trigger the growth in the overall SiC wafer market, in years to come.
4-inch SiC wafers is expected to make the largest contribution, in terms of revenue, to the overall SiC wafer market because of increasing product demand in the fabrication process of high-power and high-voltage devices such as diodes, high power microwaves, and power transistors.
SiC discrete devices segment is projected to contribute the most to the overall SiC wafer market because of features such as improved voltages, quicker switching speed, and smaller product size.
SiC Wafer Market - Competitive Landscape
The global SiC wafer market has several well-established players, many of whom have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.
Prominent SiC wafer market players could engage in growth strategies such as new product launches which could create new revenue-generating opportunities for leading players and help gain a competitive edge over others, in future.
Wolfspeed Inc., in January 2021, launched the ‘Wolfspeed WOLFPACK’ power modules with the ability to offer highest efficiency in easy-to-use packages which permitted designers to increase the effectiveness and performance with smaller power systems.
Well-established SiC wafer market players could sign collaborative deals with smaller players which could help expand the market presence and increase their revenue shares.
R&D undertakings could be a key growth strategy for prominent market players, in the years ahead.
Some of the leading players in the global SiC wafer market include Wolfspeed Inc., Dow Chemical Co., Showa Denko KK, STMicroelectronics, and Texas Instruments Incorporated.
SiC Wafer Market - Regional Assessment
North America is expected to offer maximum revenue-generating opportunities for the global SiC wafer market because of continuous development witnessed in different end-use industries such as IT and telecom, energy, automotive, and defense.
Europe is projected to witness significant growth in the global market because of increasing production of electric vehicles in leading economies such as Germany and UK, contributing to market growth in the region.
Asia Pacific is anticipated to witness strong growth in the global SiC wafer market in future because of increased semiconductor production and demand from end-use industries in countries such as China.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the overall SiC wafer market, in years to come.
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