Silicon Carbide Market Prediction, Strategies, Trends and SWOT Analysis and Business Growth 2022-2029
Posted on May 11 2022 7:09 AM
"Key segments covered in Silicon Carbide Market are By Device, By Application and Regional Forecast 2022-2029 "
Silicon Carbide Market” analysis report contains all study material about market overview, growth, demand, and forecast research all over the world. Growth inducing factors, market restraints, and recent developments has also been analyzed in the report in order to provide deeper knowledge about the industry. To gain insightful analyses of the market and have a comprehensive understanding of the global market and its commercial landscape.
The global silicon carbide market size is envisaged to gain steady momentum over the next few years owing to the increasing use of polyurethane, states Fortune Business Insights™, in its report, titled, “ Silicon Carbide Market, 2022-2029”.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Silicon Carbide Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Silicon Carbide Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
By device, the market is divided into SiC discrete device, SiC bare device and others. By application, the market is segmented into power grid devices, flexible AC Transmission System, high voltage direct current system, power supplies and inverters, RF devices & cellular base station, lighting control system, EV charging station and others. Lastly, in terms of geography, it is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Salient Features of the Report:
The report provides insights about the tangible intelligence into the trends, drivers, and various other aspects of the market and the holistic analysis of the factors restricting the growth of the market. It also emphasizes on granular assessment of the different market segments. And lastly, an in-depth evaluation of the regional prospects and the competitive dynamics influencing the market are given in the report.
Drivers & Restraints
Rising Demand for Semiconductor to Drive Market Growth
The increasing demand for semiconductors is expected to drive the silicon carbide market growth. Additionally, the shift toward renewable sources of energy is also accelerating the product's demand. Furthermore, Sic is extremely tough and hard as compared to silicon, because it is made of tetrahedra of carbon and silicon. SiC ceramics maintain their strength to very high temperatures, approaching 1600°C with no strength loss. Such factors make it suitable to be used in different industries.
On the other hand, cost effective alternatives such as gallium nitride is the major market constraint.
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Asia Pacific to Lead, Backed by Rising Construction Activities
Geographically, Asia Pacific holds the dominant position in the silicon carbide market share. This dominance is attributable to the increasing use of it in electronic components. As China is one of the largest electronics producers globally. Additionally, governments’ initiatives to promote clean energy are also accelerating the market growth.
North America and Europe are also anticipated to exhibit significant market share in the upcoming years owing to the large manufacturer base and use of Sic in manufacturing of electric vehicles (EV) hybrids is fueling the regional market.
Key Players to Focus on Launching New Products to strengthen the Market Growth
The global market for SiC has many prominent companies that are constantly trying to develop unique devices to cater to the demand of consumers across the globe. To do so, they are joining hands with local or reputed firms, launching new products to strengthen their portfolio in the market. Below is industry developments:
List of Key Players Profiled in Report
- Infineon Technologies AG
- CREE, INC
- ST Microelectronics N.V
- Fuji Electric Co., Ltd
- General Electric
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