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SiC Power Semiconductor Market 2022 to 2030 with Top Countries Data | What are the upcoming trends of Industry in the world ?

The SiC Power Semiconductor Market would grow at a CAGR of 26.3% attaining the valuation of USD 1,359.2 Mn by the end of the forecast period 2018-2023.

New York, United States – SiC Power Semiconductor market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the SiC Power Semiconductor market by region.

The SiC Power Semiconductor Market would grow at a CAGR of 26.3% attaining the valuation of USD 1,359.2 Mn by the end of the forecast period 2018-2023.

The digital economy affects the world’s trajectory and the societal well-being of common citizens. In addition, it influences everything from resource assignment to income allocation and economic growth. The adoption of the Internet of Things is pushing significant market growth. Additionally, in 5-10 years, the latest technologies such as robotics, AI, and augmented reality can illustrate around 27% of ICT spending. Consumer demand for access to content and products at any time and from any location is propelling the ICT market forward. The ICT sector is lucrative for vendors since it has about 7 billion mobile subscribers and 3 billion Internet, users.

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SiC Power Semiconductor Market Report Information: By Device SiC Discrete Devices, MOSFET, Diode, Module, SiC Bare Die Devices), Wafer Size (2-inch, 4-inch, 6-inch and above), Application (RF Devices & Cellular Base Stations, Power Supply & Inverter, Power Grids, EV Motors, Industrial Motor Drives, Railway Traction), End User (Telecommunication, Energy & Power, Automotive, Industrial, Electronics), by Region – Global Forecast 2023

Market analysis

Silicon carbide or SiC is a type of compound semiconductor which is favored to a great extent across different industry verticals inferable from various performance benefits offered by them. Properties, for example, higher critical electrical field, higher thermal conductivity, higher operating temperature, and others over its traditional silicon (Si) partner guarantees application in different high-performance frameworks. The developing necessity for improved power management frameworks in the hybrid electric vehicles invigorates the development of the market. Then again, high wafer cost associated with the creation of SiC power semiconductors and complexities identified with configuration are probably going to obstruct the development of the market during the estimated period. The SiC Power Semiconductor Market would grow at a CAGR of 26.3% attaining the valuation of USD 1,359.2 Mn by the end of the forecast period 2018-2023.

Market segmentation

Based on its device, the SiC Power Semiconductor Market is segmented into MOSFET, SiC discrete devices, module, diode, SiC bare die devices. On the basis of its wafer size, the market is bifurcated into 2-inch, 4-inch and 6-inch and above. Based on its application, the market is segmented as Power Supply & Inverter, RF Devices & Cellular Base Stations, Industrial Motor Drives, Power Grids, Railway Traction, EV Motors, Others. Based on its end-user, the market is classified into Energy & Power, Telecommunication, Industrial, Electronics, Automotive, Others.

Regional analysis

Geographically, the SiC Power Semiconductor Market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.

Major players

Mitsubishi Electric Corporation, STMicroelectronics NV, Cree Inc., Infineon Technologies AG, ON Semiconductor, and Others are the key players in the global SiC power semiconductor market.

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What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

Factors Influencing

The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.

Regional Analysis

Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.

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