The silicon carbide market is projected to reach USD 17.2 billion by 2029 from USD 4.2 billion in 2024, at a CAGR of 32.6% from 2024 to 2029. The major factors driving the growth of silicon carbide market includes the increasing demand for power electronics, surging demand for renewable energy systems and growing number of initiatives and investments to encourage the adoption of SiC devices which is expected to provide several growth opportunities for market players in the silicon carbide market. >150 mm segment is expected to witness the highest CAGR in the silicon carbide market during the forecast period The >150 mm wafer size market is poised to exhibit the highest CAGR during the forecast period. These wafers are used across a spectrum of devices such as SiC MOSFETs and SiC modules, due to their 50% thinner profile as compared to standard silicon wafers. As these SiC wafers are engineered for high-volume production and applications that require elevated temperatures, they boast remarkable attributes such as high thermal conductivity, superior carrier mobility, and exceptional chemical stability. Therefore, >150 mm segment is expected to witness the highest CAGR during the forecast period. Asia Pacific is expected to register the highest CAGR in the silicon carbide market during the forecast period The presence of regional expanding scope of high-power applications presents significant revenue opportunities for power semiconductor devices in Asia Pacific, attracting numerous companies to commercialize silicon carbide semiconductor devices for various power applications. This expansion boosts the revenues of regional market players. Leading companies in the silicon carbide sector, such as ROHM Co., Ltd., Fuji Electric Co., Ltd., Renesas Electronics Corporation, Toshiba Corporation, and TanKeBlue Semiconductor Co. Ltd., are headquartered in Asia Pacific. Therefore, Asia Pacific is expected to register the highest CAGR in the silicon carbide market during the forecast period. The break-up of profile of primary participants in the silicon carbide market- • By Company Type: Tier 1 – 35%, Tier 2 – 45%, Tier 3 – 20% • By Designation Type: C Level – 40%, Director Level – 30%, Others – 30% • By Region Type: North America – 30%, Europe – 20%, Asia Pacific – 40%, Rest of the World (RoW) – 10% The major players of silicon carbide market are STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Semiconductor Components Industries, LLC (US), WOLFSPEED, INC. (US), and ROHM Co., Ltd. (Japan) among others. Research Coverage The report segments the silicon carbide market and forecasts its size based on device, wafer size, end-use application and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market. Reasons to buy the report: The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall silicon carbide market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges. The report provides insights on the following pointers: • Analysis of key drivers (increasing demand for power electronics, surging demand for renewable energy systems, growing number of initiatives and investments to encourage the adoption of SiC devices), restraints (high efficacy of alternative technologies for power electronics), opportunities (ongoing advancements towards the quality of SiC substrate and epitaxy), and challenges (material defects and designing and packaging issues in SiC devices) influencing the growth of the silicon carbide market. • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the silicon carbide market. • Market Development: Comprehensive information about lucrative markets – the report analyses the silicon carbide market across varied regions. • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the silicon carbide market • Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Semiconductor Components Industries, LLC (US), WOLFSPEED, INC. (US), and ROHM Co., Ltd. (Japan)

1 INTRODUCTION 28 1.1 STUDY OBJECTIVES 28 1.2 MARKET DEFINITION 28 1.3 STUDY SCOPE 29 1.3.1 INCLUSIONS AND EXCLUSIONS 29 1.3.1.1 Company: Inclusions and exclusions 29 1.3.1.2 Device: Inclusions and exclusions 29 1.3.1.3 Wafer size: Inclusions and exclusions 29 1.3.1.4 Vertical: Inclusions and exclusions 29 1.3.1.5 Region: Inclusions and exclusions 30 1.3.2 MARKETS COVERED 30 1.3.3 REGIONAL SCOPE 31 1.3.4 YEARS CONSIDERED 31 1.4 CURRENCY CONSIDERED 31 1.5 UNITS CONSIDERED 31 1.6 LIMITATIONS 32 1.7 STAKEHOLDERS 32 1.8 SUMMARY OF CHANGES 32 1.9 IMPACT OF RECESSION 32 2 RESEARCH METHODOLOGY 33 2.1 RESEARCH DATA 33 2.1.1 SECONDARY DATA 34 2.1.1.1 Major secondary sources 34 2.1.1.2 Key data from secondary sources 35 2.1.2 PRIMARY DATA 35 2.1.2.1 List of primary interview participants 36 2.1.2.2 Breakdown of primaries 36 2.1.2.3 Key industry insights 36 2.1.2.4 Key data from primary sources 37 2.1.3 SECONDARY AND PRIMARY RESEARCH 38 2.2 MARKET SIZE ESTIMATION 39 2.2.1 BOTTOM-UP APPROACH 39 2.2.1.1 Approach to estimate market size using bottom-up analysis (demand side) 39 2.2.2 TOP-DOWN APPROACH 40 2.2.2.1 Approach to estimate market size using top-down analysis (supply side) 40 2.3 FACTOR ANALYSIS 41 2.3.1 SUPPLY-SIDE ANALYSIS 41 2.4 MARKET GROWTH ASSUMPTIONS 42 2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON SIC MARKET 43 2.6 DATA TRIANGULATION 44 2.7 RESEARCH ASSUMPTIONS 45 2.8 RISK ASSESSMENT 45 3 EXECUTIVE SUMMARY 46 4 PREMIUM INSIGHTS 50 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SIC MARKET 50 4.2 SIC MARKET, BY VERTICAL 51 4.3 SIC MARKET, BY DEVICE 51 4.4 SIC MARKET, BY WAFER SIZE 52 4.5 SIC MARKET IN ASIA PACIFIC, BY VERTICAL AND COUNTRY, 2024 52 5 MARKET OVERVIEW 53 5.1 INTRODUCTION 53 5.2 MARKET DYNAMICS 53 5.2.1 DRIVERS 54 5.2.1.1 Growing deployment of SiC devices in EVs 54 5.2.1.2 Increasing demand for power electronics 55 5.2.1.3 Rising demand for renewable energy systems 55 5.2.1.4 Increasing initiatives and investments in SiC devices 56 5.2.2 RESTRAINTS 58 5.2.2.1 High efficacy of alternative technologies for power electronics 58 5.2.2.2 High cost of SiC devices 58 5.2.3 OPPORTUNITIES 59 5.2.3.1 Growing adoption of SiC devices in telecommunications industry 59 5.2.3.2 Ongoing quality enhancements of SiC substrates and epitaxy processes 60 5.2.4 CHALLENGES 61 5.2.4.1 Material defects and designing and packaging issues in SiC devices 61 5.3 SUPPLY CHAIN ANALYSIS 62 5.4 ECOSYSTEM ANALYSIS 64 5.5 INVESTMENT AND FUNDING SCENARIO 65 5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 65 5.7 TECHNOLOGY ANALYSIS 66 5.7.1 KEY TECHNOLOGIES 66 5.7.1.1 4th Gen SiC 66 5.7.1.2 8-inch SiC wafer 66 5.7.2 COMPLEMENTARY TECHNOLOGIES 66 5.7.2.1 SiC-on-insulator (SiCOI) 66 5.7.2.2 SiC-on-GaN 67 5.7.3 ADJACENT TECHNOLOGIES 67 5.7.3.1 Gallium nitride (GaN) 67 5.7.3.2 Indium gallium nitride (InGaN) 67 5.8 PRICING ANALYSIS 68 5.8.1 AVERAGE SELLING PRICE OF PRODUCTS OFFERED BY KEY PLAYERS 68 5.8.2 AVERAGE SELLING PRICE TREND OF SIC DEVICES, BY TYPE 69 5.8.3 AVERAGE SELLING PRICE TREND OF SIC DEVICES, BY REGION 69 5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 70 5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 70 5.9.2 BUYING CRITERIA 71 5.10 PORTER’S FIVE FORCES ANALYSIS 72 5.10.1 THREAT OF NEW ENTRANTS 73 5.10.2 THREAT OF SUBSTITUTES 73 5.10.3 BARGAINING POWER OF SUPPLIERS 73 5.10.4 BARGAINING POWER OF BUYERS 73 5.10.5 INTENSITY OF COMPETITIVE RIVALRY 73 5.11 CASE STUDY ANALYSIS 74 5.11.1 JAGUAR LAND ROVER INTEGRATED WOLFSPEED’S SIC DEVICES INTO EVS TO ENHANCE POWERTRAIN EFFICIENCY AND EXTEND DRIVING RANGE 74 5.11.2 BORGWARNER INC. DELIVERED INNOVATIVE AND SUSTAINABLE MOBILITY SOLUTIONS THROUGH INTEGRATION OF STMICROELECTRONICS’ SIC MOSFETS 74 5.11.3 AMPT’S DC STRING ENHANCED OPTIMIZERS BY INTEGRATING ONSEMI’S SIC MOSFET 74 5.11.4 DRIVING PERFORMANCE AND COST EFFICIENCY OF MERSEN’S SIC POWER STACK REFERENCE DESIGN 75 5.12 TRADE ANALYSIS 75 5.12.1 IMPORT SCENARIO 75 5.12.2 EXPORT SCENARIO 76 5.13 PATENT ANALYSIS 77 5.14 REGULATORY LANDSCAPE 80 5.14.1 GLOBAL STANDARDS 80 5.14.2 GOVERNMENT REGULATIONS 80 5.14.2.1 Asia Pacific 80 5.14.2.2 North America 80 5.14.2.3 Europe 81 5.15 KEY CONFERENCES AND EVENTS, 2024-2025 82 6 SIC MARKET, BY DEVICE 83 6.1 INTRODUCTION 84 6.2 SIC DISCRETE DEVICES 85 6.2.1 INCREASING APPLICATIONS IN EVS AND 5G INFRASTRUCTURE TO DRIVE MARKET 85 6.2.2 SIC DIODES 85 6.2.2.1 Higher electrical and thermal conductivity than silicon variants to boost demand 85 6.2.3 SIC MOSFETS 86 6.2.3.1 Ability to function as power-switching transistors to boost demand 86 6.3 SIC MODULES 90 6.3.1 REDUCED NEED FOR PASSIVE COMPONENTS AND SMALL SYSTEM FOOTPRINT TO ACCELERATE DEMAND 90 7 SIC MARKET, BY WAFER SIZE 94 7.1 INTRODUCTION 95 7.2 UP TO 150 MM 96 7.2.1 GROWING DEPLOYMENT IN HIGH-FREQUENCY DEVICES TO FUEL MARKET GROWTH 96 7.3 >150 MM 96 7.3.1 ABILITY TO OFFER LARGE NUMBER OF DEVICES ON SINGLE WAFER TO DRIVE MARKET 96 8 CRYSTAL STRUCTURES OF SIC DEVICES 97 8.1 INTRODUCTION 97 8.2 ZINC BLENDE (3C-SIC) 97 8.3 WURTZITE (4H-SIC) 98 8.4 WURTZITE (6H-SIC) 98 8.5 RHOMBOHEDRAL (15R-SIC) 98 9 SIC MATERIAL TYPES 99 9.1 INTRODUCTION 99 9.2 GREEN SIC 99 9.3 BLACK SIC 99 10 SIC MARKET, BY VERTICAL 100 10.1 INTRODUCTION 101 10.2 AUTOMOTIVE 102 10.2.1 GROWING DEMAND FOR HIGH-PERFORMING OPTO-SEMICONDUCTOR DEVICES TO BOOST DEMAND 102 10.3 ENERGY & POWER 104 10.3.1 RAPID ADOPTION IN RENEWABLE ENERGY SYSTEMS TO ACCELERATE DEMAND 104 10.4 INDUSTRIAL 105 10.4.1 GROWING USE IN ROBOTICS TO BOOST DEMAND 105 10.5 TRANSPORTATION 106 10.5.1 EASE OF HEAT DISSIPATION DUE TO HIGH THERMAL CONDUCTIVITY TO DRIVE MARKET 106 10.5.2 CHARGING STATIONS 106 10.5.2.1 Fast charging with high power density to drive market 106 10.5.3 RAILS 107 10.5.3.1 Reduced power losses within rail modules to accelerate demand 107 10.6 TELECOMMUNICATIONS 108 10.6.1 RISING ADOPTION IN 5G WIRELESS COMMUNICATION TO DRIVE MARKET 108 10.7 OTHERS 109 11 SIC MARKET, BY REGION 110 11.1 INTRODUCTION 111 11.2 NORTH AMERICA 112 11.2.1 NORTH AMERICA: RECESSION IMPACT 112 11.2.2 US 115 11.2.2.1 Growing demand for EVs and charging stations to drive market 115 11.2.3 CANADA 116 11.2.3.1 Government initiatives toward clean technology to increase demand for EVs and drive market 116 11.2.4 MEXICO 117 11.2.4.1 Increasing number of manufacturing facilities and expanding distribution network of SiC device manufacturers to drive market 117 11.3 EUROPE 118 11.3.1 EUROPE: RECESSION IMPACT 118 11.3.2 UK 121 11.3.2.1 Growing adoption of connected and autonomous vehicles (CAVs) to drive market 121 11.3.3 GERMANY 122 11.3.3.1 Increasing applications in power supplies, EV motor drives, and charging stations to drive market 122 11.3.4 FRANCE 123 11.3.4.1 Surging adoption of renewable energy systems to drive market 123 11.3.5 REST OF EUROPE 124 11.4 ASIA PACIFIC 125 11.4.1 ASIA PACIFIC: RECESSION IMPACT 125 11.4.2 CHINA 128 11.4.2.1 Thriving power electronics industry to fuel market growth 128 11.4.3 JAPAN 129 11.4.3.1 Increased R&D activities in industrial, automotive, and telecommunications verticals to boost demand 129 11.4.4 SOUTH KOREA 130 11.4.4.1 Growing demand for consumer electronics to drive adoption 130 11.4.5 REST OF ASIA PACIFIC 131 11.5 ROW 132 11.5.1 ROW: RECESSION IMPACT 132 11.5.2 MIDDLE EAST & AFRICA 134 11.5.2.1 Increasing adoption in renewable energy systems to drive market 134 11.5.2.2 GCC Countries 134 11.5.2.2.1 Increasing investments in semiconductor industry to boost demand 134 11.5.2.3 Rest of Middle East & Africa 135 11.5.3 SOUTH AMERICA 136 11.5.3.1 Expanding telecommunications industry to boost demand 136 12 COMPETITIVE LANDSCAPE 137 12.1 OVERVIEW 137 12.2 STRATEGIES ADOPTED BY KEY PLAYERS, 2020-2024 137 12.3 MARKET SHARE ANALYSIS, 2023 139 12.4 COMPANY VALUATION AND FINANCIAL METRICS 141 12.5 BRAND/PRODUCT COMPARISON 142 12.6 REVENUE ANALYSIS OF FIVE KEY PLAYERS, 2019-2023 143 12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 144 12.7.1 STARS 144 12.7.2 EMERGING LEADERS 144 12.7.3 PERVASIVE PLAYERS 144 12.7.4 PARTICIPANTS 144 12.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 146 12.7.5.1 Overall footprint 146 12.7.5.2 Device footprint 147 12.7.5.3 Wafersize footprint 148 12.7.5.4 Application footprint 149 12.7.5.5 Region footprint 150 12.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 151 12.8.1 PROGRESSIVE COMPANIES 151 12.8.2 RESPONSIVE COMPANIES 151 12.8.3 DYNAMIC COMPANIES 151 12.8.4 STARTING BLOCKS 151 12.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 153 12.8.5.1 List of key startups/SMEs 153 12.8.6 COMPANY FOOTPRINT: STARTUPS/SMES FOOTPRINT 154 12.8.6.1 Device footprint 154 12.8.6.2 Wafer size footprint 154 12.8.6.3 Application footprint 155 12.8.6.4 Region footprint 155 12.9 COMPETITIVE SCENARIOS AND TRENDS 156 12.9.1 PRODUCT LAUNCHES 156 12.9.2 DEALS 161 12.9.3 OTHERS 169 13 COMPANY PROFILES 171 13.1 INTRODUCTION 171 13.2 KEY PLAYERS 171 13.2.1 STMICROELECTRONICS 171 13.2.2 INFINEON TECHNOLOGIES AG 177 13.2.3 SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC 183 13.2.4 WOLFSPEED, INC 189 13.2.5 ROHM CO., LTD 194 13.2.6 FUJI ELECTRIC CO., LTD 198 13.2.7 TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION 201 13.2.8 MICROCHIP TECHNOLOGY INC 206 13.2.9 MITSUBISHI ELECTRIC CORPORATION 210 13.2.10 COHERENT CORP 214 13.3 OTHER PLAYERS 217 13.3.1 HITACHI POWER SEMICONDUCTOR DEVICE, LTD 217 13.3.2 SEMIKRON DANFOSS 218 13.3.3 QORVO, INC 219 13.3.4 GENESIC SEMICONDUCTOR INC 220 13.3.5 TT ELECTRONICS 221 13.3.6 VISHAY INTERTECHNOLOGY, INC 222 13.3.7 WEEN SEMICONDUCTORS 223 13.3.8 SOLITRON DEVICES, INC 224 13.3.9 SANAN IC 224 13.3.10 BYD SEMICONDUCTOR 225 13.3.11 LITTELFUSE, INC 226 13.3.12 TYCO TIANRUN , INC 227 13.3.13 NEXPERIA 228 13.3.14 INVENTCHIP TECHNOLOGY CO., LTD 229 13.3.15 DIODES INCORPORATED 230 14 APPENDIX 231 14.1 INSIGHTS FROM INDUSTRY EXPERTS 231 14.2 DISCUSSION GUIDE 232 14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 235 14.4 CUSTOMIZATION OPTIONS 237 14.5 RELATED REPORTS 237 14.6 AUTHOR DETAILS 238