EV Boom Fuels 14.8% CAGR Growth in SiC Wafer Market: Valuates Report Explores the Future of Power Electronics | Valuates Reports

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13 Feb, 2025, 19:41 GMT

Silicon Carbide (SiC) Wafer Market is Segmented by Type (4 Inch, 6 Inch, 8 Inch), by Application (Power Device, Electronics & Optoelectronics, Wireless Infrastructure).

BANGALORE, India, Feb. 13, 2025 /PRNewswire/ -- The Global Silicon Carbide (SiC) Wafer Market was valued at USD 1218 Million in the year 2024 and is projected to reach a revised size of USD 3154 Million by 2031, growing at a CAGR of 14.8% during the forecast period.

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Major Factors Driving the Growth of Silicon Carbide (SiC) Wafer Market:

The Silicon Carbide (SiC) Wafer Market is poised for substantial growth as demand for high-performance, energy-efficient components rises across various industries. SiC technology, known for its superior thermal and electrical properties, is critical for powering next-generation applications in electric vehicles, industrial power systems, and consumer electronics. Continuous improvements in production scalability and cost efficiency are making SiC wafers more accessible to manufacturers worldwide. This expanding market is supported by a global push toward energy sustainability and increased investments in renewable energy and automotive electrification. As industries seek to enhance performance while reducing environmental impact, the demand for robust SiC wafers continues to surge, ensuring that the market remains dynamic and well-positioned for long-term growth and competitive innovation.

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TRENDS INFLUENCING THE GROWTH OF THE SILICON CARBIDE (SiC) WAFER MARKET:

6-inch silicon carbide wafers are a major growth driver in the SiC Wafer Market by offering an optimal balance between performance and production efficiency. These wafers have become widely adopted in the manufacturing of power devices due to their suitable size for high-volume production and cost-effectiveness. Their larger surface area compared to smaller alternatives allows manufacturers to produce more devices per wafer while still ensuring high-quality material properties, such as excellent thermal conductivity and low electrical losses. This size is particularly attractive for applications in electric vehicles, renewable energy systems, and industrial power supplies where efficiency and reliability are paramount. The 6-inch wafer format also benefits from established production lines, which helps lower manufacturing costs and reduce turnaround times. As demand for robust and energy-efficient components continues to grow, the widespread adoption of 6-inch SiC wafers significantly propels market expansion.

4-inch silicon carbide wafers contribute to market growth by serving niche applications and research developments where precision and flexibility are key. The smaller wafer format is ideal for prototyping, low-volume production, and specialized devices that require rapid iteration and testing. Their reduced size allows for quicker processing and more adaptable manufacturing conditions, which are critical during the early stages of product development. This format is particularly beneficial for innovative applications in power electronics and sensor technology, where customization and experimental adjustments are needed. Although 4-inch wafers may yield fewer devices per run compared to larger wafers, their agility in research settings and cost-effectiveness for small-scale production make them an essential component of the SiC ecosystem. As companies continue to innovate and refine high-performance applications, the demand for 4-inch SiC wafers remains robust, supporting overall market growth.

Power devices are a key factor in driving the Silicon Carbide (SiC) Wafer Market, as they demand components with exceptional electrical and thermal properties. SiC-based power devices, used in applications such as electric vehicles, industrial motor drives, and renewable energy converters, require wafers that can withstand high voltages and temperatures while ensuring minimal energy loss. The superior performance characteristics of SiC, including high breakdown voltage and efficient switching speeds, make it the material of choice for next-generation power electronics. As the global emphasis on energy efficiency and sustainable power solutions increases, manufacturers are turning to SiC wafers to produce devices that deliver enhanced performance and reliability. The expanding power electronics sector, driven by trends such as electrification and green energy, further reinforces the demand for SiC wafers, making power device applications a critical growth driver for the market.

Cost efficiency is a vital factor in the SiC Wafer Market. Manufacturers are focusing on scaling up production through streamlined processes and improved yield management, which lower the overall production cost per wafer. The economies of scale achieved in large-scale production enable suppliers to offer competitive pricing, making SiC wafers more accessible to a wider range of industries. Efficient production not only reduces costs but also improves product consistency, which is crucial for high-performance applications. As industries such as automotive and renewable energy demand large volumes of power devices, the drive for cost-effective and scalable production becomes increasingly important. This focus on efficiency ensures that manufacturers can meet growing demand without compromising quality, thereby significantly propelling market growth.

Enhanced safety and reliability are critical in the SiC Wafer Market, particularly for applications where performance under extreme conditions is non-negotiable. SiC wafers provide excellent thermal stability and robust electrical properties that ensure safe operation in high-power applications. Their ability to withstand high temperatures and voltage stresses makes them indispensable in sectors like electric vehicles and industrial automation, where battery safety and power efficiency are paramount. The reliability of SiC components reduces the risk of system failures, lowering maintenance costs and enhancing overall operational safety. As stringent safety standards become more prevalent in high-tech industries, the demand for SiC wafers that deliver reliable performance under stress continues to rise, supporting a robust market expansion.

The rapidly growing electric vehicle (EV) industry is a major growth driver for the SiC Wafer Market. As EV adoption accelerates worldwide, the need for efficient power management and high-performance battery systems becomes increasingly critical. SiC wafers are integral in manufacturing advanced power electronics used in EVs, providing superior energy efficiency, fast switching speeds, and reduced power losses. The push for higher vehicle ranges, faster charging capabilities, and overall improved performance makes SiC-based components highly desirable. The surge in government incentives for EVs and increased consumer environmental awareness further boost demand in this sector. Consequently, the expanding EV market directly translates into higher demand for high-quality SiC wafers, reinforcing market growth.

A strong focus on energy efficiency and overall performance drives the demand for SiC wafers. Industries are under constant pressure to develop energy-efficient solutions to reduce operational costs and environmental impact. SiC technology, known for its high efficiency and minimal power losses, plays a critical role in achieving these goals. The enhanced performance of SiC-based power devices leads to better system efficiency, longer battery life, and improved overall device performance. This drive for higher energy density and performance has spurred significant investments in advanced battery and power module development. As companies prioritise efficiency improvements in their products, the market for high-performance SiC wafers expands, supporting innovations that lead to energy savings and superior operational outcomes.

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SILICON CARBIDE (SiC) WAFER MARKET SHARE

North America and Europe lead the market due to advanced manufacturing infrastructures, high demand from the automotive and electronics sectors, and stringent energy efficiency standards.

In contrast, the Asia-Pacific region is rapidly expanding as countries like China, Japan, and South Korea invest heavily in emerging technologies, electric vehicles, and renewable energy systems.

Key Companies:

● TankeBlue

● SICC

● Hebei Synlight Crystal

● CETC

● Wolfspeed Inc.

● SK Siltron

● ROHM Group (SiCrystal)

● Coherent

● Resonac

● STMicroelectronics

● San'an Optoelectronics

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

- The global Silicon Carbide Epitaxial Wafer market was valued at USD 227.8 Million in 2022 and is anticipated to reach USD 1667.4 Million by 2029, witnessing a CAGR of 32.5% during the forecast period 2023-2029.

- 8 Inch Silicon Carbide Wafer Market was valued at USD 20.1 Million in the year 2024 and is projected to reach a revised size of USD 1944 Million by 2031, growing at a CAGR of 93.5% during the forecast period.

- Silicon Carbide (SiC) Wafer Foundry market was valued at USD 106 Million in 2023 and is anticipated to reach USD 561 Million by 2030, witnessing a CAGR of 25.8% during the forecast period 2024-2030.

- Semi-Insulating Silicon Carbide Wafer Market was valued at USD 284 Million in the year 2024 and is projected to reach a revised size of USD 595 Million by 2031, growing at a CAGR of 11.3% during the forecast period.

- High-purity Silicon Carbide Powder for Wafer market is projected to grow from USD 193 Million in 2024 to USD 478.6 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.

- Silicon Carbide Wafer Boats Market was estimated to be worth USD 101 Million in 2023 and is forecast to a readjusted size of USD 207.5 Million by 2030 with a CAGR of 10.5% during the forecast period 2024-2030.

- SiC & GaN Wafer Foundry market was valued at USD 246 Million in 2023 and is anticipated to reach USD 907 Million by 2030, witnessing a CAGR of 20.8% during the forecast period 2024-2030.

- Silicon Carbide Wafers and Substrates Market was valued at USD 1218 Million in the year 2024 and is projected to reach a revised size of USD 3154 Million by 2031, growing at a CAGR of 14.8% during the forecast period.

- Silicon Carbide (SiC) Epitaxy Equipment Market

- 8-inch (200mm) Silicon Carbide Wafers Market

- Silicon Carbide (SiC) Substrate Market was valued at USD 691 Million in the year 2024 and is projected to reach a revised size of USD 1863 Million by 2031, growing at a CAGR of 15.5% during the forecast period.

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