Silicon Carbide Market –By Product Type, By Device Type, By Wafer Size, By Application, By Production Method, By End-Use Industry– Global Forecast, 2025 – 2034

Silicon Carbide Market Size

The global silicon carbide market size was valued at USD 4.2 billion in 2024 and is estimated to grow at 34.5% CAGR from 2025 to 2034.  A noticeable increase in the sales of electric vehicle across the globe is a major factor expected to drive the growth of silicon carbide industry.
 

According to the International Energy Agency (IEA) in the first half of 2024 over 3 million electric vehicles were sold which was an increase of 25% compared to the first quarter of 2023. SiC devices are extensively used in electric vehicles in order to increase vehicle efficiency and reduce overall weight and size of vehicles.  
 

Silicon carbide (SiC) adoption in electric vehicles is accelerating which is creating new opportunity for SiC manufacturers. They can closely work with EV manufacturers and focus on enhancing the SiC performance for traction inverters by optimizing high voltage (650V, 1200V, 1700V) SiC MOSFETs that aid in achieving higher efficiency, extended driving range, and faster charging in EVs.
 

Silicon carbide (SiC) enhances the efficiency and performance of power converters and inverters thus transforming energy storage systems significantly. Components based on SiC enables faster switching, reduced energy losses and provides high thermal conductivity as compared to traditional silicon counterparts. Due to these added benefits companies are increasingly focusing on using SiC as it makes the energy storage systems more efficient, cost-effective as well as profiling them to meet the growing demand for clean energy solutions.
 

As of July 2024, Onsemi introduced latest generation of SiC devices, EliteSiC M3e MOSFETs, designed for enhancing energy efficiency for high-demand applications. The new MOSFETs are ideal for vehicle powertrains, DC fast chargers and solar inverters as they are designed to operate at higher switching frequencies while minimizing losses in power conservation.
 

Silicon Carbide Market Trends

• The key trend witnessed in the market is SiC manufacturers’ inclination towards the development of 8-inch SiC wafer. The shift is expected to help in lowering the production cost and increasing the wafer yield. This development of 8-inch wafer is expected to accelerate the adoption of SiC in power electronics and industrial power systems.
   
• Another trend observed in the market is the government approach towards deployment of smart grid and adoption of hybrid energy storage systems (HESS) that aid in providing electricity efficiently. This smart grid development is expected to increase demand for SiC discrete & power modules that aid in efficient power conversion & distribution
   
• This smart grid approach is expected to create new opportunities for SiC manufactures as they can establish a strategic partnership with smart grid solution providers and develop customized SiC-based power modules for grid applications.
   

Silicon Carbide Market Analysis

Based on the device type, the market is segmented into SiC discrete devices, SiC modules, and other SiC devices.
 

• The SiC module segment is valued at USD 1.7 billion in 2024. SiC modules comprise components such as diodes and MOSFETs, and are inherently utilized in electric vehicles, renewable energy systems, and telecommunication. Silicon modules are mainly used in power electronics for vehicles which has been a booming trend in the SiC market. Adoption of electric vehicles is driving the demand for silicon carbide modules. SiC modules help in efficiency enhancement in EV powertrains, mostly in inverters and charging systems. SiC's ability helps to operate at higher voltages and enable faster charging, long range, and overall better performance.
   
• The SiC discrete devices market is projected to grow at a CAGR of 34.9% by 2034. The capability to operate in high power and temperature environments, the SiC discrete devices are seeing a boom in growth from industries specializing in automotive, renewable energy, telecommunications, and others which focus on energy-efficient systems. These devices are in higher demand due to the recent shift in focus towards electric vehicles (EV) and renewable energy sources.
   

Based on the product type, the silicon carbide market is segmented into black silicon carbide, green silicon carbide, and other silicon carbide types.
 

• The black silicon carbide segment held a market share of 42.3% in 2024. Black silicon carbide is widely used in industries like automotive, aerospace, and metal because of its strength and hardness. It is used for grinding, cutting, and polishing in these industries.
   
• The growth of black silicon carbide can be attributed to the increasing demand for high-performance abrasive materials. Black silicon carbide is also used in refractory materials as well as metallurgical applications as a deoxidizer.
   
• The green silicon carbide industry is expected to reach USD 35.5 billion by 2034. Green silicon carbide (SiC) is a material of high purity, and this has made it practical to be used in many applications due to its high thermal conductivity along with excellent abrasion resistance. This is commonly used in the precision grinding of cutting tools and within the tape for semiconductor applications.
   

Based on wafer size, the silicon carbide market is divided into 2-inch, 4-inch, and 6-inch and above.
 

• The 4-inch wafers market held a share of 38.5% in 2024. Commercial 4-inch wafers are becoming increasingly popular due to mass production of electrical cars, renewable energy sources, and power electronics. This is mainly because their cost and yield are well balanced so they can be used in industries which require both performance and scalability.
   
• The 2-inch segment is projected to grow at a CAGR of 29.5% and is expected to reach USD 14.8 billion by 2034. The 2-inch SiC wafers find uses in research, development, and small-scale production. They are very economical and are very useful for prototyping and testing within the initial stages of power electronics, automotive, and semiconductor industries. These are also useful for small-scale order production.  
   
• The 6-inch wafer market is likely to reach USD 33.9 billion by 2034. The larger SiC wafers starting from 6-inch and above are suitable for cost-effective high yield production. These larger wafers are preferred in advanced power electronics and automotive as well as renewable energy systems where the demand for high performance energy efficient devices is very high.
   

Based on application, the silicon carbide market is divided into power electronics, optical devices, and sensing.
 

• The power electronics segment dominated the global market accounting for 37.6% market share in 2024. SiC has a wide range of applications in power electronics, enabling effective power processing with high voltage and temperature tolerance. SiC is fundamental to SiC-based systems in electric vehicles (EVs), renewable energy inverters, motor drives and power supplies since these systems are more robust and reliable than silicon counterparts.
   
• The optical devices market is projected to grow at a CAGR of 33.3% by 2034. SiC is used for very advanced optics including lenses, mirrors and windows for lasers and infrared systems for aerospace, because SiC has great thermal, mechanical, and optical properties. Durability, precision, and heat resistance are necessary for such components to function properly.
   
• The sensing segment held a market share of 19.9% in 2024. Applications that focus on sensing need materials that can function properly under harsh environments. SiC-based sensors are mainly utilized in the automotive, industrial, and energy sectors for detecting abnormal changes in temperature, pressure and even chemicals. They can be used in extreme conditions due to their high resistance to heat, corrosive environments, and mechanical forces. Thus, ensuring functional reliability and durability.
   

Based on the production method, the silicon carbide market is segmented into acheson process, physical vapour transport (PVT), chemical vapour deposition (CVD), other production methods.
 

• The chemical vapor deposition (CVD) segment dominated the global market accounting for 40.3% market share in 2024. Chemical vapor deposition (CVD) technique is gaining traction in order to produce epitaxial SiC layers that are required in advanced semiconductor devices, such as SiC MOSFETs and Schottky diodes. Thus increasing demand for advanced semiconductor is expected to support the market growth.
   
• The acheson process segment is expected to reach USD 12.3 billion by 2034. The acheson process is one of the most common techniques of producing silicon carbide which is mainly used for the making of abrasive and refractory products. This technique allows production in large quantities at a minimum cost without losing purity but maximizes the hardness of the product intended to be applied to various industries.
   
• Physical vapor transport is likely to expand at a CAGR of 33.1% by 2034. The physical vapour transport (PVT) production method growth is due to increasing demand for efficient, high-power, and compact electronic components. PVT aid in producing high-purity silicon carbide (SiC) boules that are sliced into wafers that are used in power electronics.
   

Based on end-use industry, the silicon carbide market is divided into Automotive, aerospace & defense, telecommunications, energy & power, healthcare, electronics & semiconductors, industrial manufacturing, oil & gas, mining, chemical processing, consumer electronics, research & development.
 

• The automotive segment dominated the global market accounting for 20% market share in 2024. Increasing demand for electric vehicles is expected to support the growth of market. Improving electric vehicles through improved efficiency, heat dissipation, and energy utilization is ultimately responsible to increase demand for SiC based electric components.
   
• The aerospace and defense market is projected to grow at a CAGR of 33.6% by 2034. Increasing government spending on aerospace & defence sector coupled with approach towards development of e-aircraft & hybrid electric aircraft is important factor expected to support the growth of target market.
   
• The telecommunication held a market share of 13.6% in 2024. Increasing demand for energy efficient data centers and high-speed optical transceivers is expected to support the growth of target market. SiC are widely used high power switching devices in order to improve the network efficiency and bandwidth capacity.
   
• The energy & power segment is anticipated to reach USD 6.3 billion by 2034. Increasing government spending on development and implementation of smart grid, solar energy system and wind energy system is expected to support the growth of this market. SiC is more widely used in energy and power applications, including power inverters, electric grids, and renewable energy systems.
   
• The healthcare market is projected to grow at a CAGR of 32% by 2034. Increasing demand for high precision sensors is anticipated to support the growth of target market. The SiC-based biosensors offer high stability and chemical resistance making them ideal for health monitoring applications.
   
• The electronics and semiconductors segment held a market share of 6% in 2024. Increasing demand for advanced consumer electronics and industrial machines that aid in improving operational efficiency is expected to support the growth of this market. Silicon carbide is widely used in power devices as well as diodes and MOSFETs. Silicon carbide is an important component because of its capability to withstand high voltages, develop immense temperatures, and tolerate high frequencies, which makes it perfect for all kinds of electronics from consumer devices and industrial machines to computing components.
   
• The industrial manufacturing segment is expected to reach USD 5.9 billion by 2034. Increasing automation approach factor owners, coupled with increasing demand for motor drives, and robotic control systems is a major factor expected to support the growth of target segment. Silicon carbide-based motor drives aid in reducing energy losses and improve system efficiency.
   
• The oil and gas market is projected to grow at a CAGR of 36.1% by 2034. The market growth can be attributed to increasing oil & gas exploration activities across the globe is responsible to increase the demand for advanced pumps, valves and seals in order to improve efficiency.   Silicon carbide is used in pumps, valves, and seals because of its resistance to wearing out as well as its ability to tolerate high temperature and pressure.
   
• The mining held a market share of 5% in 2024. The market growth is attributed to increasing demand for SiC sensor that operate in harsh conditions. There is rapid increase in the mining activities across the globe and mining environment require advanced monitoring systems that resist extreme conditions, such as dust, vibration, and chemical exposure.
   
• The chemical processing segment held a market share of 5.4% in 2024. Demand for SiC based components from chemical manufacturers that have high chemical resistance and provide better thermal stability is expected to support the market growth.
   
• The consumer electronics segment is expected to reach USD 3 billion by 2034. Increasing demand for smartphones, tablets, etc, is expected to support the growth of target market.  In the electronics SiC are used for components like power adapters and chargers and even displays. High efficiency products such as smartphones, laptops, and home appliances run longer and efficiently.
   
• The research and development segment held a market share of 2.8% in 2024. Silicon carbide is widely used in research and development, particularly focusing on power electronics, material sciences, and semiconductor.
   

North America dominated the silicon carbide market with a market share of 28.8% in 2024. North America is growing in silicon market as a result of expansion in electric vehicles, renewable energy and industrial application growth.
 

• The U.S. market is probable to grow significantly, reaching USD 21.6 billion by 2034. This expansion is driven more particularly by a group of factors such as increasing electric vehicle sales in the country and growing use of efficient electronics for renewable energy sources. According to Statista over a million EVs were sold during 2023, which, in turn translates to a rise of 56 percent in the sales compared with the previous year.
   
• Canada market is expected to witness robust growth, with a CAGR of 30.1% by 2034. Canada is experiencing a stable growth curve for silicon carbide, due to an increase in the demand for electric vehicles and renewable energy. It has been emphasizing on adoption of sustainable technologies, thus raising the demand for energy efficient electronic component
   

Europe held a significant silicon carbide market share of 21.1% in 2024. Europe’s SiC market is expanding owing to growth in demand for automotive, renewable energy, and industrial markets. The region focuses on the adoption of energy-efficient technologies and the use of SiC in electric vehicles and power electronics. The market is growing due to the support from strategic investments in R&D and manufacturing.
 

• Germany market is growing rapidly, with projections indicating it will exceed USD 4.1 billion by 2034. High presence of major automotive manufactures in the country, coupled with increasing demand for electric vehicles is expected to increase demand for SiC
   
• The UK market is anticipated to expand at a healthy rate, with a CAGR of 34.1% by 2034. The SiC market growth can be attributed to the growing government focus on carbon reduction and increasing renewable energy projects is expected to increase demand for SiC.
   
• Franc market is expected to experience strong growth, of a CAGR of 33.9% by 2034. The SiC growth in the country is attributed to increasing government spending on development of smart grid projects along with approach towards adoption of zero emission vehicles.
   
• Italy market expected to account for 11.7% of the global market share in 2024. The market growth can be attributed to increasing factory owners’ approach towards automation. SiC finds wide applicability in industrial motor drives & power supplies.  
   
• Spain market is expected to reach USD 1.3 billion by 2034. Increasing investment in renewable energy projects is anticipated to increase demand for SiC based invertors further supporting the market growth.
   

Asia Pacific is projected to grow at a highest CAGR of 35.8% by 2034. Asia accounts for most of the SiC market especially China, Japan and South Korea, which are seeing rapid growth in electric vehicles, renewable energy, and consumer electronics.
 

• China market is expected to dominate the global landscape, accounting for 47.4% of the market share in 2024. Expansion of 5G infrastructure and increasing government spending on efficient satellite communication are major factors expected to drive the growth of target market. SiC based power amplifiers and high-power transistors are widely used in 5G base station.
   
• The India market is anticipated to grow at a CAGR of 40.7% by 2034. The need for silicon carbide (SiC) is on the rise in India owing to its characteristics for deployment in high efficiency power electronics for electric vehicles, renewable energy, industrial applications, etc. The rapid expansion of the semiconductor sector in India is encouraging the increasing adoption of SiC
   
• Japan market is anticipated to witness high growth with a market share of 14.6% in 2024. The market growth is mainly attributed to the high presence of automotive and electronics manufacturers in the country. Besides, increasing government spending on development of EV infrastructure is anticipated to support the market growth.  
   
• ANZ’s market is expected to grow at a CAGR of 36.8% by 2034. The market growth is attributed to increasing investment in renewable energy. Government is investing in solar power projects which call for SiC based power invertors for higher efficiency.
   
• South Korea silicon carbide market is poised for significant growth, projected to reach USD 3.7 billion by 2034. The expansion of South Korea market is driven by the growth of renewable energy, and electronics. The integration of SiC into power electronics is being fueled by the country’s technology advancement and government investment in clean energy.
   

Latin America is expected to reach USD 3.5 billion by 2034. Latin America has an emerging SiC market stimulated by increasing adoption of renewable energy and automotive industries. The region is seeking opportunities to adopt SiC in power electronics and other energy saving applications which harmonizes with the global movement towards sustainable technologies.
 

• By 2034, the silicon carbine market in Brazil is expected to grow significantly at an approximate CAGR of 28.1%. The rising demand for electric vehicles and increasing renewables energy projects is boosting Brazil’s market. SiC-enabled solar power systems and EV support infrastructure are essential for Brazil’s clean energy transition.
   
• Mexico silicon carbide market accounted for 29.5% of the Latin America market share in 2024. The Mexican silicon carbide (SiC) market is growing owing to its application in power electronics for the automotive and energy industries. With the increase in demand for electric cars and renewable energy sources, SiC is gaining traction in the industrial and technology development of Mexico.
   

Middle East & Africa is projected to grow at a CAGR of 32.9% by 2034. The SiC market in the Middle East and Africa has been expanding due to rise in the demand within the energy, industrial and automotive businesses. The region is investing heavily into renewable energy projects and upgrading infrastructure which would aid in improving energy efficiency and performance.
 

• Saudi Arabia market is expected to account for 25.7% of the MEA market share in 2024. Expansion of smart cities incorporating SiC based power electronics and increasing investment in green hydrogen projects is expected to support the growth of target market.
   
• South Africa market is expected to reach USD 1.3 billion by 2034. The market for silicon carbide in South Africa is witnessing high growth due to increasing government initiatives promoting adoption of clear energy projects and growing mining automation and electrification trend.
   
• The UAE market is expected to grow at a CAGR of 33.9% by 2034. Increasing oil production in order to meet the global oil demand is expected to increase demand for SiC based components such as downhole sensors, wellbore protection devices, and high-temperature seals which is expected to support the growth of market.
   

Silicon Carbide Market Share

The major players in the silicon carbide industry are ROHM Co., Ltd., STMicroelectronics N.V., Infineon Technologies AG, these companies capture significant market share of 37.6%. These companies lead the market with a variety of products including diodes, power devices, and MOSFETS, serving all major industries from automotive, energy, telecommunications, industrial equipment, and more. Modern competition is primarily driven by advancements in technology, reliable cost structures, and quality of end products. Focus on innovation and performance enhancement as well as the urgent need for better electric vehicles and renewable energy solutions is gaining importance. Smaller companies tend to address specific niche regions to be able to provide competitive products. There are also supply chain, raw material price, and labor cost issues in the SiC industry which add the burden of having to be proactive and adaptable to changes in the whole industry.
 

ROHM Co., Ltd. is a global provider of Silicon-carbide (SiC) Power Devices. Company strategies involve product launch through intense research & development and acquisition in order to stay ahead in the competition. In November 2023, the company announced the acquisition of Kunitomi Plant from Solar Frontier. The plant become the Group's main production site for SiC power devices. 
 

STMicroelectronics N.V. plays an important role in the SiC market. The company focuses on the power devices for automotive, industrial and energy sectors with high efficiency. One of STMicroelectronics differentiators is the fusion of SiC for power device technologies with the company’s profound knowledge in power electronics to yield more electric vehicles and development on sustainable energy.
 

Infineon Technologies AG is global leader in power electronics and offers a comprehensive range of SiC-based components for automotive, renewable energy and industrial applications. The company focuses on launching news products as per customer requirement. This strategy is enabling it to remain relevant in the industry.
 

Silicon Carbide Market Companies

Some of the eminent market participants operating in the silicon carbide industry include:

• ROHM Co., Ltd.
• STMicroelectronics N.V.
• Infineon Technologies AG
• ON Semiconductor Corporation
• GeneSiC Semiconductor Inc.
• Microsemi Corporation
• General Electric Company (GE Aviation) 
   

Silicon Carbide Industry News

• In March 2024, STMicroelectronics made an announcement for building the world's first silicon carbide facility in Italy, this facility is fully integrated and represents a major investment of €5 billion in the aim to establish a high-volume production site to manufacture SiC power devices as well as SiC modules.
   
• In December 2024, X-FAB Silicon Foundries SE introduced its new process platform for silicon carbide called XSICM03. XSICM03 uses X-FAB's XbloX framework. This process simplifies SiC and streamlines it in order to make the design of the tailored MOSFETs faster and more efficient.
   
• In December 2023, ASTAR and centrotherm International AG (centrotherm) have entered into a partnership to advance 200mm Silicon Carbide (SiC) technology. This collaboration brings together the pioneering 200mm open R&D SiC pilot line of ASTAR Institute of Microelectronics' (IME) and centrotherm's state-of-the-art diffusion and annealing tools.
   

The silicon carbide market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue (USD Billion) from 2021 to 2034, for the following segments:

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Market, By Product Type

• Black silicon carbide
• Green silicon carbide
• Other silicon carbide types 

Market, By Device Type

• SiC discrete devices
  • Diodes
  • MOSFETs
  • BJTs (Bipolar Junction Transistors)
  • JFETs (Junction Field Effect Transistors)
• SiC modules
• Other SiC devices    

Market, By Wafer Size

• 2-inch
• 4-inch
• 6-inch and above    

Market, By Application

• Power electronics
  • Power supply and inverter
  • Wireless charging
  • Power grid devices
  • Industrial motor drives
  • Electric vehicle charging infrastructure
  • Renewable energy systems
• Optical Devices
  • LED lighting
  • Photonics
  • Laser applications
  • UV detectors
• Sensing
  • Pressure sensors
  • Temperature sensors
  • Gas sensors
  • Radiation detectors
  • Other applications

Market, By Production Method

• Acheson process
• Physical Vapor Transport (PVT)
• Chemical Vapor Deposition (CVD)
• Other production methods

Market, By End-Use Industry

• Automotive
• Aerospace & defense
• Telecommunications
• Energy & power
• Healthcare
• Electronics & semiconductors
• Industrial manufacturing
• Oil & gas
• Mining
• Chemical processing
• Consumer electronics
• Research & development

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada 
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands 
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE