With the emergence and long-term Impact of COVID-19, the Global Semi-Insulating Silicon Carbide Wafer Market is to reach USD 1773.44 Million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Semi-Insulating Silicon Carbide Wafer Market is poised to raise up to USD 1773.44 Million by 2030. A Semi-insulating Silicon Carbide (SiC) wafer is a type of substrate utilized in the production of high-power and high-frequency electronic devices. SiC wafer is a semiconductor material formed with a combination of silicon and carbon. Semi-insulating SiC wafers have a resistance that ranges between a conductor and an insulator, in contrast to ordinary silicon wafers, which are conductive. They are mostly used in power devices, electronics & optoelectronics, wireless infrastructure, and others.
The Semi-Insulating Silicon Carbide Wafer Market is expanding because of factors such as the surging demand for power electronic devices, rising focus on energy efficiency and the transition to clean energy solutions, and significant investments from both public and private sectors in SiC manufacturing capabilities. In addition, the semi-insulating silicon carbide wafer market is expected to rise due to the rising use of SiC wafer in 5G communication networks and electric cars to supply high power, high voltage, and high-frequency devices. The India Brand Equity Foundation (IBEF) reported that approximately 10% of global car sales were electric in the year 2021, which shows a four-fold increase from the market share in 2019.
With this, there are over 16.5 million electric vehicles on the road worldwide, which is three times more than there were in 2018. Accordingly, the growing initiatives for promoting the adoption of electric cars, coupled with the increasing benefits of using semi-insulating silicon carbide wafers in electric vehicles are positively influencing the market growth across the globe. Moreover, the increasing number of government initiatives to promote the adoption of advanced technologies and energy-efficient solutions., as well as the extensive research and development activities present various lucrative opportunities over the forecast years. However, the availability of substitutes and the complex manufacturing process are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Semi-Insulating Silicon Carbide Wafer Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to due to the immense economic growth of nations such as China and India. The adoption of high-tech power devices and high-end gadgets with reduced costs for electronics has increased the consumption of electronic products throughout the region. Major telecom firms in the nations are constructing a network of 5G infrastructure, which is promoting the expansion of the SiC wafer market. The demand for Semi-Insulating Silicon Carbide Wafer has also surged as the country’s auto electrification rate rises.
Whereas, North America is expected to grow at the highest CAGR over the forecasting years. The substantial presence of well-known companies such as Wolf speed Inc., II-VI Incorporated, and others is promoting regional market growth. Also, the demand for SiC wafers has also been fueled by the increased use of power electronics and the shift to renewable energy sources. The growth of the automotive sector in North American nations such as the US and Canada is also boosting demand and aiding in the expansion of the market for semi-insulating silicon carbide wafers market during the estimated period.
The global Semi-Insulating Silicon Carbide Wafer Market is highly competitive owing to the presence of several key manufacturers such as Wolfspeed, Inc. (U.S.), II-VI Incorporated (U.S.), STMicroelectronics (Switzerland), ROHM CO., LTD (Japan), SHOWA DENKO K.K. (Japan), and others.
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Global Semi-Insulating Silicon Carbide Wafer Market Size Study & Forecast, by Type (4 Inch SiC Wafer, 6 Inch SiC Wafer), by Application (Power Device, Electronics & Optoelectronics, Wireless Infrastructure, Others), and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Semi-Insulating Silicon Carbide Wafer Market is anticipated to grow with a healthy growth rate of more than 19.1% over the forecast period 2023-2030.
- In the application segment, Power Device emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to rising adoption of high-tech power devices and high-end gadgets.
- North American is expected to grow at a significant CAGR followed by Asia Pacific during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- 4 Inch SiC Wafer
- 6 Inch SiC Wafer
- Power Device
- Electronics & Optoelectronics
- Wireless Infrastructure
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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