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Silicon Carbide Market worth $17.2 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, March 21, 2024 /PRNewswire/ -- The Silicon Carbide Market is expected to reach USD 17.2 billion by 2029 from USD 4.2 billion in 2024, at a CAGR of 32.6% during the 2024–2029 period according to a new report by MarketsandMarkets™. The major factors driving the growth of the silicon carbide market include the growing demand for renewable energy systems which leads to an increase in deployment of SiC devices and increasing number of initiatives and investments towards SiC devices.  Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=439 Browse in-depth TOC on "Silicon Carbide Market" 120 – Tables Silicon Carbide Market Report Scope:
SiC module is expected to have the largest market size in the silicon carbide market during the forecast period. SiC module is expected to register the largest market size during the forecast period. This is attributed to the increasing need for faster switching, reduced need for passive components, smaller system footprint, suitability for high frequencies, high blocking voltage, elevated junction temperature tolerance, and increased current density for enhanced compactness and power density which thereby drives the market growth of SiC modules. Automotive application is anticipated to register the highest CAGR in the silicon carbide market during the forecast period. The ongoing demand for high-performance power and opto-semiconductor devices in the burgeoning automotive electronics market provides opportunities for SiC device providers to deliver the efficiency, reliability, and quality requisite for emerging automotive applications. Furthermore, the increasing utilization of SiC-powered wide bandgap semiconductors in car chips and charging stations for energy conservation and environmental protection is anticipated to propel market growth which thereby provides further growth opportunities in the silicon carbide industry. Therefore, automotive application is anticipated to register the highest CAGR in the silicon carbide market during the forecast period. Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=439 The report profiles key players in silicon carbide companies such as STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Semiconductor Components Industries, LLC (US), WOLSPEED, INC. (US), ROHM Co., Ltd. (Japan), Fuji Electric Co., Ltd. (Japan), TOSHIBA CORPORATION (Japan), Microchip Technology Inc. (US), Mitsubishi Electric Corporation (Japan), and Coherent Corp. (US). Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=439 Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting Related Reports: Power Electronics Market Size, Share, Statistics and Industry Growth Analysis Report by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Voltage (Low, Medium, High), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace) and Geography - Global Forecast to 2028 Compound Semiconductor Market Size by Type (GaN, GaAs, SiC, InP), Product (LED, Optoelectronics, RF Devices, Power Electronics), Application (Telecommunication, General Lighting, Automotive, Consumer Devices, Power Supply) & Region - Global Forecast to 2027 Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025 RF Semiconductor Market by Device (Filter, Power Amplifier, Switch, Low Noise Amplifier), Frequency Band, Material (GaAs, GaN, Si) Application (Consumer Devices, Automotive, Telecommunication, Aerospace & Defense), and Region - Global Forecast to 2025 GaN Power Device Market by Device Type (Power, RF Power), Voltage Range, Application (Power Drives, Supply & Inverter, and RF), Vertical (Telecommunications, Consumer, Automotive, Military, Defense, Aerospace), and Geography - Global Forecast to 2023 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. 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