SiC Wafer Market Size (2024 - 2029)

SiC Wafer Market Analysis

The SiC Wafer Market size is estimated at USD 0.81 billion in 2024, and is expected to reach USD 2.04 billion by 2029, growing at a CAGR of 20.46% during the forecast period (2024-2029).

SiC semiconductors can endure ten times higher voltage than the existing semiconductors and operate at 400⁰C temperature, unlike the existing silicon semiconductors with a ceiling of 175 degrees. They also have a high-intensity level and can reduce the volume to one-tenth of silicon chips.

• In the automotive industry, new EVs have reduced charge time and increased range and performance to meet customer expectations. Hence, automotive companies require power electronic devices capable of effective and efficient operation at elevated temperatures to offer the above-mentioned advantages to customers. Thus, power modules are being developed using wide-bandgap SiC technologies, owing to the advantages of SiC-based technology, such as high thermal conductivity, reduced switching losses, higher power density, and increased bandwidth capability.
• Power electronics play an essential role in the global electrical infrastructure. The technology is used in transportation (cars and trains), renewable energy (solar and wind), industrial (motor drives), and computing (power supplies). SiC is also used to make LEDs. Power electronics convert or transform alternating and direct current in systems.
• The growing demand for energy and the increasingly widespread use of renewable energy resources have allowed microgrids to play a fundamental role in the reduction of greenhouse gas emissions and in the reduction of energy derived from fossil fuels. However, silicon-based solid-state inverters and switches are too bulky and inefficient to be used in the microgrid system. WBG semiconductors such as SiC, thanks to their higher breakdown voltage and switching frequency, are proposing themselves as a fundamental component in the construction of efficient and reliable microgrids.
• A larger wafer size offers more dies per unit area. The extra space to fabricate more dies enables semiconductor fabrication plants and OSATs (outsourced semiconductor assembly and test) to manufacture, test, or assemble more dies in a specific time. This increases the rate at which new products can be fabricated or assembled. To some extent, increasing wafer size also impacts the supply chain positively.
• The semiconductor industry has been affected significantly by various geopolitical scenarios, including the Russia-Ukraine War and the China-US Tech War, as well as a decline in consumer spending within the consumer electronics industry. This has had a direct impact on the supply and demand of SiC wafers in the global market. The semiconductor industry has faced several challenges over the past two years, including the COVID-19 pandemic and a lack of capacity to meet growing demand.

SiC Wafer Market Segmentation

SiC is a silicon-carbon semiconductor compound that belongs to the wide-bandgap class of materials. The semiconductor's strong physical bond provides excellent mechanical, chemical, and thermal stability. The wafering process involves converting a solid puck of SiC into an epi- or device-ready prime wafer.

The SiC wafer market is segmented by wafer size (2-, 3-, and 4-inch, 6-inch, and 8- and 12-inch), application (power and radio frequency (RF)), end-user industry (telecom and communications, automotive and electric vehicles (EVs), photovoltaic/power supply/energy storage, industrial [UPS and motor drives]), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts have been provided in terms of value (USD) for all the segments mentioned above.