SiC Based Power Electronics and Inverter Market Forecasts to 2028 – Global Analysis By Type (Inverter and Power Electronics), End User (Consumer Electronics, Automotive, Aerospace & Defense, IT & Telecommunication and Other End Users), and By Geography

SiC Based Power Electronics and Inverter Market Forecasts to 2028 – Global Analysis By Type (Inverter and Power Electronics), End User (Consumer Electronics, Automotive, Aerospace & Defense, IT & Telecommunication and Other End Users), and By Geography

According to Stratistics MRC, the Global SiC Based Power Electronics and Inverter Market is accounted for $1,038.5 million in 2022 and is expected to reach $7,298.7 million by 2028 growing at a CAGR of 38.4% during the forecast period. Silicon carbide (SiC) is gaining popularity as an alternative to silicon based electronics components, particularly in wide band gap applications. The material provides a one-of-a-kind combination of higher power efficiency, smaller size, lighter weight, and reduced total system cost. SiC-based semiconductors are used in a variety of industries. This encompasses the automobile, information technology and telecommunications, aerospace and defence, and consumer electronics industries in both developed and developing countries. The material's acceptance in the industrial sectors has increased the global sale of these power electronics and inverters.

According to the International Energy Agency, plug-in electric light vehicle sales across the globe reached around 6.6 million in 2021.

Market Dynamics:

Driver:

Expanding the use of connected technologies

The Internet of Things (IoT) and wireless communications are among the most important applications for SiC-based power electronics and inverters. With such an advanced product, these technologies merge into a single device or system. The confluence of these technologies has boosted potential for enterprises who manufacture such devices, resulting in the creation of a new ecosystem to earn higher revenue. The incorporation of Artificial Intelligence (AI) into the product has also increased demand the most prevalent applications of machines which drive the growth of the market.

Restraint:

To identify authorised technology partners

The main disadvantage of SiC-based inverter systems is the difficulty in locating authorised technical partners for installation and maintenance services. Many businesses must pay a neutral third-party outsourced party to build, programme, and plan out the logistics and manufacturing expenses for installation. This lengthens the installation process and raises the hidden costs for SiC-based devices. These are the primary reasons impeding market expansion.

Opportunity:

Universal laws and standards

With the continual rise of sophisticated technologies, demand for SiC-based power electronics and inverter products is predicted to skyrocket. The considerable improvements undertaken in the establishment and execution of regulations and standards governing authorities are expected to aid growth. The newly introduced requirements and compliances will create new markets and demand for SiC-based modules, as manufacturers are likely to place larger orders. This will help developing technology manufacturers who are investing extensively in component manufacturing. With formalised criteria, these companies growth is projected to accelerate in the future years.

Threat:

High manufacturing and maintenance costs

Because of the inclusion of multiple applications, the design, production, and application of SiC-based power electronics and inverters is difficult. Furthermore, depending on the level of customization, the total installation and programming procedures are frequently difficult for manufacturers which require high level of manufacturing processes as well as the maintenance cost would be high. This is one of the major barriers to the adoption of SiC-based products which hinders the growth of the market.

Covid-19 Impact

Since the implementation of COVID-19, the SiC-based power electronics and inverter industry has faced difficulty in maintaining economic effect across a wide range of industrial applications. Several industry sectors have been impacted by COVID-19's short-term market impact. Due to tensions among the main countries, the international manufacturing sector was already slow in 2019. The market is expected to shrink further as a result of the economic disruptions and impeded supply chain operations caused by COVID.

The power electronics segment is expected to be the largest during the forecast period

The power electronics segment is estimated to have a lucrative growth, due to their capacity to reduce energy loss, power electronics dominate the silicon carbide sector. SiC extends the life and efficiency of power electronics. Furthermore, improved performance from devices like as power modules, charge-time, performance, and improving the range of electric vehicles (EVs) is boosting SiC-based product usage, Furthermore the rise can be due to the increased use of inverters, which provide several advantages such as improved electrical performance, compact size, and power control, resulting in high reliability which boosts the growth of the market.

The automotive segment is expected to have the highest CAGR during the forecast period

The automotive segment is anticipated to witness the highest CAGR growth during the forecast period, due to due to increasing EVs from various automotive manufacturers. In the industry, SiC semiconductor devices can be used in electromechanical computing systems, industrial and commercial motor drives, and high-temperature sensors. Furthermore, the electronics sector for consumers, where the product is utilised to power semiconductors, drives the market. Furthermore, the increasing use of SiC solutions for IT and telecommunications around the world is expected to boost demand for SiC discrete components.

Region with highest share:

Asia Pacific is projected to hold the highest market share during the forecast period owing to the robust economic expansion of nations such as India, China, and Japan, in addition, substantial economic expansion in the ASEAN manufacturing sector is predicted to stimulate regional market development. The region is also seeing significant development in demand for SiC and GAN (Galliumnitride) solutions from industries like as automotive and consumer electronics. Furthermore, favourable regulatory framework and regulation by government agencies for expanding investments in the manufacturing industry are projected to have a significant impact on market growth. As a result, the region's SiC-based power electronics and inverter industry is expected to acquire significant traction thus propelling the market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to significant investments in automobile manufacturing by domestic firms are expected to generate demand for SiC-based goods with a variety of choices and divisions based on market trends. This is likely to increase regional market growth. Due to the increasing development of developing economies in compared to Western economies, key firms are extending business prospects centred on these developing markets.

Key players in the market

Some of the key players profiled in the SiC Based Power Electronics and Inverter Market include Cree, Inc, Fuji Electric Co, Ltd, Mitsubishi Electric Corp, Renesas Electronics Corporation, ABB Group, Infineon Technologies AG, NXP Semiconductor N.V., ON Semiconductor, STMicroelectronics, ROHM Co.Ltd, Panasonic Corporation, Methode Electronics Inc, TE Electronics Ltd, Samsung Semiconductors Ltd, StarPower Semiconductors, Maxim Integrated Products Inc, Novoton Technologies Corporation, Texas Instruments Incorporated, Seiko Epson Corporation and ELAN Electronics

Key Developments:

In Feb 2023, Mitsubishi Electric Corporation announced that it entered into a share transfer agreement on February 16 to wholly acquire Scibreak AB, a Swedish-based company that develops direct current circuit breakers (DCCBs).

In Jan 2023, Fuji Electric Co., Ltd. has Launched automation monitoring and control system micrex-view focus evolution flexible system construction to fit customer issues, Fuji Electric has wide-ranging operational expertise that it has acquired through the industrial plants business, and the system incorporates this expertise as control programs.

In Dec 2022, Fuji Electric Co., Ltd. announced the launch of the FR3®Fluid-applied transformer, a transformer that uses natural ester oil as electrical insulating oil.

Types Covered:
• Inverter
• Power Electronics

End Users Covered:
• Consumer Electronics
• Automotive
• Aerospace & Defense
• IT & Telecommunication
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements