The Silicon Carbide Power Semiconductor Market size is estimated at USD 2.18 billion in 2024, and is expected to reach USD 6.73 billion by 2029, growing at a CAGR of 25.24% during the forecast period (2024-2029).
The pandemic outbreak created economic turmoil for small, medium, and large-scale industries worldwide. Adding to the woes, the country-wide lockdown inflicted by the governments across the globe (to minimize the spread of the virus) further resulted in industries taking a hit and disruption in supply chain and manufacturing operations across the world, as a large part of manufacturing includes the work on the factory floor, where people are in close contact as they collaborate to boost the productivity.
The silicon carbide power semiconductor market is highly competitive. It consists of several significant players, including Infineon Technologies AG, Texas Instruments Inc., ST Microelectronics NV, Hitachi Power Semiconductor Device Ltd, NXP Semiconductor, Fuji Electric Co. Ltd, Semikron International GmbH, Cree Inc., ON Semiconductor Corporation, Mitsubishi Electric Corporation, and others. These companies are introducing new products, partnerships, and acquisitions, to increase their market share.
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