Silicon Carbide Market Analysis

Power Electronics Segment Analysis

The electric vehicles segment is expected to grow with the largest revenue share of 43.1% by 2035, driven in large part by the electric vehicle (EV) revolution. Silicon carbide power electronics and DC power networks achieve power losses by almost 50%, improving the efficiency of EV charging and battery health. This leads to reduced cooling needs and more efficient and economical fast charging solutions. As per the report by the U.S. Department of Energy, EV sales in the U.S. are expected to reach as high as 6.8 million units annually in the high scenario, and boost the electric power demand up to 26 TWh. This surge drives the power electronics business growth in silicon carbide, which supports efficient EV inverters and charging infrastructures to support higher grid loads and rapid charge requirements.

Traction inverters take DC battery power and convert it to AC to optimally drive the electric motors, and inverters based on SiC have a better power density, lower energy loss, and better thermal operation, resulting in a longer driving range and higher acceleration. The battery management system guarantees the maximum performance and life of lithium-ion batteries by monitoring, controlling, and balancing the battery cells; the SiC components enhance the efficiency of the system and decrease the amount of heat generation, which justifies increased charge rates. Together, these subsegments are essential to improving EV performance and increasing the pace at which the silicon carbide market grows.

Semiconductors Segment Analysis

The power devices segment is expected to grow with a market share of 28.9% over the projected years from 2026 to 2035, owing to its adoption in industrial and renewable energy applications, accelerated by SiC-based MOSFETs and diodes. For instance, Toshiba's latest SiC trench MOSFETs and super-junction Schottky barrier diodes reduce on-resistance by up to 35% compared to conventional devices, enhancing efficiency and reliability. These advancements significantly boost the power devices segment growth, particularly for electric vehicles and renewable energy systems requiring high-efficiency power conversion. Furthermore. SiC-based MOSFETs and diodes are significantly less energy-consuming and more efficient than silicon, which allows higher efficiency, lower cooling requirements, and greater reliability in conversion to power.

High-voltage MOSFETs, particularly 600-1200V and medium-voltage support greater switching frequencies and power density, and can support 800V EV architectures and switch frequencies as high as 20 kHz. And device developments have reduced 1,200V MOSFET switching losses up to 28%, accelerating the switch to inverters in EVs and industrial drives. Meanwhile, Schottky diodes are low-loss rectifiers/freewheeling devices since their per-wafer cost is lower than that of MOSFETs, and they reduce system cost at scale. NREL modelling indicates that MOSFET processing produces higher wafer costs, whereas SBDs are economic.

RF Devices Segment Analysis

The 5G infrastructure segment is expected to grow steadily during the projected years by 2035, since next-generation 5G (including mmWave) requires amplifiers and high-frequency transceivers to be able to operate beyond 100 GHz. RF devices made with SiC have better power density, thermal conductivity, and frequency response compared to silicon. According to the U.S. Department of Energy, wide-bandgap semiconductors, including SiC, have been well-characterized as RF-use devices, and further wireless communications beyond 100 GHz will demand amplification capabilities otherwise unavailable in the conventional Si technology. This establishes base station front ends and small cell systems with the ability to provide superior throughput and efficiency, which will drive expansion in the RF silicon carbide market due to volume applications in 5G networks.

Our in-depth analysis of the silicon carbide market includes the following segments: