Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The global SiC based power electronics & inverter market size is projected to reach USD 3,888.2 million by 2027, exhibiting a CAGR of 32.5% during the forecast period, estimates Fortune Business Insights™ in its report, titled “SiC Based Power Electronics & Inverter Market, 2020-2027”. As per the report, the value of the market was USD 446.3 million in 2019.
Growing Presence of Semiconductor Startups to Transform Market Landscape
Semiconductors form the core of the electronics industry as they are the most critical component that powers any electronic device. Silicon carbide (SiC) and gallium nitride (GaN) based semiconductors are being rapidly adopted in the power electronics industry due to their superior properties, such as the ability to withstand high voltage. Recognizing the potential of these materials, innovative startups have emerged, specializing in semiconductor technology. For example, Anvil Semiconductors, a UK-based startup, develops SiC-based power systems that have wide applicability across industries, including traction systems in the rail industry. Similarly, Belgian-based EpiGan manufactures GaN on Si epiwafer for power switching applications, especially for 5G networks. As these startups continue to innovate, SiC based power electronics & inverter products are thus slated to experience escalating demand in the near future.
The sudden eruption of the COVID-19 pandemic in March 2020 ushered a period of massive supply chain disruptions in the electronics industry. With strict lockdowns and social distancing measures in place, manufacturing and production activities in this industry have taken a severe blow. However, these events have not had serious ramifications for the SiC based power electronics & inverter market growth. In fact, the market registered a health CAGR of 21.5% and reached a value of USD 542.2 million in 2020. This can be attributed to the strong demand for consumer electronics and the increasing adoption of connected devices amid the pandemic.
Based on type, the market has been bifurcated into power electronics and inverters.
On the basis of end-use industry, the market has been segregated into automotive, consumer electronics, IT & telecommunication, aerospace & defense, and others. The automotive segment led the global market with a share of 47.8% and the China market with a share of 49.2% in 2019.
By geography, the market has been analyzed across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
What Does the Report Offer?
The report supplies unparalleled intelligence into the market drivers, trends, opportunities, and hindrances. It also contains an in-depth diagnosis of all market segments, individually and collectively, along with an industry-leading analysis of the regional dynamics influencing market growth. Apart from these, the report offers an exhaustive evaluation of the key players’ profiles and growth strategies.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Creation of Next-Generation SiC Electronics to Boost the Market
Leading companies in the automotive electronics domain have been innovating next-generation breakthrough SiC based power electronics & inverter solutions to meet the evolving energy demands of consumers. In June 2018, for instance, Bosch announced plans of building a SiC semiconductor manufacturing facility, where a chemical bond will be created by adding carbon atoms in the crystalline structure of silicon. According to Bosch, this approach can reduce energy lost as heat by 50%. Another example in this context is the 2019 partnership between Delphi and Cree. Under this collaboration, Cree’s SiC MOSFETs were combined with Delphi’s inverters to reduce the power module’s overall temperature while facilitating higher output. Such innovations in the auto electronics domain are rapidly elevating the potential of this market.
Rapid Growth of the ASEAN Manufacturing Sector to Drive the Asia Pacific Market
Asia Pacific is expected to dominate the SiC based power electronics & inverter market share during the forecast period on account of the phenomenal progress displayed by the manufacturing sector in the ASEAN countries over the past decade. The countries in this grouping have a strong electronics manufacturing base and have excelled in the development of semiconductors, which favors the regional market. In 2019, the Asia Pacific market size stood at USD 188.7 million.
In Europe, the robust presence and high technological investments by the region’s auto giants will stimulate the regional market for SiC based power electronics & inverter. In North America, the widespread adoption of consumer electronics will foster the long-term growth of the market.
Contractual Agreements between Key Players to Stoke Competitive Energies
Competition in this market is set to intensify as key players are actively entering contractual partnerships with fellow participants. These partnerships are aimed at expanding market footprint in a mutually coordinated manner while augmenting each other’s research & development capacities as well as production capabilities for SiC based power electronics & inverter devices.
- November 2020: Infineon Technologies and GT Advanced Technologies inked an agreement for the supply of silicon carbide boules. Spanning five years, Infineon aims at speedily expanding its supply base of SiC in Germany through this contract.
List of Key Players Covered in this Market Report:
- Methode Electronics, Inc. (United States)
- Toshiba Corporation (Japan)
- Maxim Integrated Products, Inc. (United States)
- Rockwell Automation Inc. (United States)
- Fuji Electric Co, Ltd. (Japan)
- ABB Group (Switzerland)
- Infineon Technologies AG (Germany)
- STMicroelectronics (Switzerland)
- ON Semiconductor (United States)
- Microsemi Corporation (United States)
- Texas Instruments Incorporated (United States)
- Semikron Electronics GmbH & Co., Inc. (United States)
- Mitsubishi Electric Corp (Japan)
- Renesas Electronics Corporation (Japan)
- NXP Semiconductor N.V. (The Netherlands)
- ROHM CO., LTD. (Japan)
- Cree, Inc. (United States)
Quick Buy - SiC Based Power Electronics & Inverter Market: https://www.fortunebusinessinsights.com/checkout-page/104880
Major Table OF Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Key Technological Developments
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview Responses
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