SiC market will be worth $10B by 2029
According to Yole Group in its new 'Power SiC – Markets and Applications 2024 report', the SiC device market is projected to reach nearly $10 billion by 2029, with a compound annual growth rate (CAGR) of 24 percent from 2023 to 2029.
Key players are focusing on the transition to 200 mm wafers and addressing the associated challenges. The primary driver of SiC growth is the automotive and mobility sector, particularly BEV (battery electric vehicle) applications. This sector dominated the market in 2023 and is expected to continue growing through 2029.
As of 2024, 400V BEVs, such as those from Tesla, are the largest consumers of SiC. The introduction of more 800V BEVs by OEMs is further accelerating this demand. Industrial applications, including those in the energy sector, are also key areas for SiC growth, with photovoltaic inverters and high-power EV DC chargers being particularly promising.
Despite numerous companies exploring SiC device use, widespread adoption is still limited by concerns over the availability and cost of SiC wafers and devices amidst high demand.
