Silicon Carbide Market Size

Silicon Carbide Market size is expected to surpass USD 4 Billion by the end of 2035, expanding around 15% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of silicon carbide was USD 1 Billion. The growth of the market can be attributed to the growing investment in SiC manufacturing facilities which is expected to boost its production and development. Silicon Power Group, based in the United States, is to invest USD 121.73 million in starting a manufacturing plant in Odisha, India, to produce 150 millimeters of silicon carbide.

In addition to these, a factor that is believed to fuel the market growth of silicon carbide is the rising demand for switchgear. Silicon carbide has a higher breakdown voltage, therefore, it can handle high voltages in a much better way in comparison to silicon. This makes silicon carbide suitable for high-voltage switchgear applications.