Report : India SiC Semiconductor Market Forecast to 2027 - COVID-19 Impact and Country Analysis by Device (SIC Discrete Device and SIC Bare Die) and Vertical (Telecommunications, Energy & Power, Automotive, Military and Defense, and Others)
Growing Demand for SiC in Solar Photovoltaic Technology Fueling Market Growth
As per the latest market study on "SiC Semiconductor Market to 2027 –by Device (SIC Discrete Device and SIC Bare Die) and Vertical (Telecommunication, Energy & Power, Automotive, Military and Defense, and Others)– COVID-19 Impact and India Analysis and Forecast", the India SiC semiconductor market was valued at US$ 29.0 million in 2019 and is projected to reach US$ 138.5 million by 2027; it is expected to grow at a CAGR of 22.6% from 2020 to 2027.
SiC semiconductor devices are used in inverters and power electronic devices to offer energy from photovoltaic arrays to the electric grid and other applications such as heat exchangers in concentrating solar power plants and EVs. Earlier, silicon-based devices were the preferred choices as semiconductors; however, according to research, SiC-based semiconductor devices are faster, smaller, tougher, more efficient, and more cost-effective. They can withstand higher temperatures and voltages than silicon semiconductors, which makes them a reliable and versatile inverter component. Various researchers in India are planning to expand the use of SiC semiconductor devices with the help of power electronic devices that link distribution lines to transmission lines; this could potentially save energy. To surge the demand for SiC devices in solar photovoltaic, the government is looking forward in investing heavily in the energy industry. For instance, the renewable energy sector in India is the fourth most attractive market in the world. In 2018, the country ranked fourth in terms of wind power and fifth in terms of solar power and renewable power installed capacity. The installed renewable power generation capacity has increased at a swift pace from the last few years. With the growing support of the government of the country, the energy sector has become attractive from an investor perspective. India has become the fastest-growing solar photovoltaic market and has thrived owing to the participation of key energy industry players, thereby adding to the demand for SiC semiconductors in solar photovoltaic systems used in electricity generation.
The SiC semiconductor market is segmented into device and vertical. Based on device, the market is segmented into SiC discrete device and SiC Bare Die. SiC discrete device is further segmented into SiC diode, SiC MOSFET, and SiC module. Based on vertical, the market is segmented into telecommunications, energy & power, automotive, military & defense, and others. The energy &power are further segmented into renewable energy & photovoltaic and others. The automobile segment is further bifurcated into EV and HEV.
The key players operating in the SiC semiconductor market include FUJI Electric Co., Ltd., General Electric, Infineon Technologies AG, Powerex, Inc., Renesas Electronics Corporation, Rohm Co. Ltd., Semiconductor Components Industries, LLC (ON Semiconductor), Semikron, STMicroelectronics NV, and Toshiba Corporation. In addition to these players, several other important players were studied and analyzed during the course of this market research study.
The report segments the India SiC Semiconductor Market as follows:
India SiC Semiconductor Market - By Device
India SiC Semiconductor Market - By Vertical