Key factors fuelling the growth of power SIC market are growing demand for power electronics and surge in adoption of SIC-based photovoltaic cells in developing countries. Power SIC solutions are being deployed in a wide range of applications including electric motors, consumer electronics, motor drives, energy and power, medical among others. Power SIC Market Size is forecast to reach $18.4 billion by 2026, at a CAGR of 8.5% during 2021-2026. The automotive segment emerged as the strongest demand application in 2020 with a market share of 24%, and it is expected that this momentum shall continue to 2026, growing at a healthy CAGR of 53.8% to reach $1.2 billion in revenue and also increase its revenue share to 43%. Power SIC Market Segment Analysis – By Application Hence these growing applications of 2 inch SIC in automotive, renewable and LED lighting is analysed to drive the market growth in the forecast period 2021-2026 Further, 2 inch power SIC wafer applications in automotive allow for reduction of conduction losses and switching losses. Moreover, government initiatives for renewables power light and awareness among people for more using of LED lights and solar lights and electrification in rural areas will increase Silicon Carbide wafer market in the forecast period.
In addition, this 2 inch silicon carbide wafer characteristics in electrical devices such as polishing materials include a petroleum base to help the long-lasting lubricant break down into small pieces with sharp edges will play a major in growth of Power SIC market.
The demand for 2 inch power SIC wafer is increasing rapidly owing to the need of improved energy- efficiency power devices, LED lighting, and telecommunications will boost the global silicon carbide market in upcoming years from $154.7m in 2020. Power SIC Market Segment Analysis – By Wafer Size
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The automotive industry having committed more than $300 billion for the development of the Electric vehicles ecosystem is the single largest driver for the power SiC market globally. The high demand for electric vehicles and investments in charging infrastructure etc has actually cushioned the market demand drop for the overall market. Although the market shall witness a slight downturn of around -10.4% in 2020 due to the impact of COVID-19, the market shall bounce back in 2021 on the back of strong consumer demand in automotive (specially EV's), Energy and power end user segments driving growth. The global Power SiC Marke t is estimated to grow at a CAGR of 41.8% during the forecast period 2021-2026 and cross the $2 billion mark by 2025 reaching $2.78 billion in 2026, from around $541 million in 2020. ( MENAFN- GetNews) Advantages of Compound Sic Over Silicon Based Technology Driving the Growth of Power SIC Market.
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