Benefits over silicon semiconductor one of the key drivers of the growth of Sic Power Devices Market

Date: 8 May 2020

According to a research report published by Azoth Analytics in April 2020, the Global SiC Power Device Market was valued at USD 425.12 Million in the year 2019. The SiC Power Device market is expected to grow at a rapid pace during the forecast period. Growing Demand of Power Electronics and benefits over silicon semiconductor are the key drivers of the market across the globe. Additionally, increasing demand of automotive sector will drive the SiC Power Device market value in the near future.

The main growth in SiC Power Device market has been registered from Asia-Pacific countries in 2019. The region is the fastest developing owing to rapid industrialization and urbanisation, due to which demand of consumer electronics is increasing which is one of the greatest factors to drive SiC Power Device market. Growing Demand of Power Electronics and Benefits over Silicon semiconductor, demand for automotive vehicles and rising demand for advanced electronics gadgets are some of the driving factors which is anticipated to propel the market value in forecast period. 

Some of the factors such as growth in developing countries, demand of electric vehicles, new applications, demand of automotive vehicles, rising demand of consumer electronics, are expected to augment the market growth rate. Despite of the high cost of SiC power devices, the development of new technologies to reduce the cost and the benefits of SiC Power Device has put the SiC Power Device market among the top ranks in the global semiconductor competition arena. Additionally, the competitiveness of SiC Power Device manufacturing companies is strongly linked to demand of Electric vehicles. In order to compete with Asian competitors, the European industry has adopted a new strategy in higher value-added and technologically advanced and environment friendly battery which is infusing the market growth rate.

The driving factor for the SiC Power Device market during the historical period was increase in demand of Electric Vehicles which are eco-friendly. And the need of consumers in portable electronic devices was the primary reason for the introduction of new technologies and new regulations.

The Azoth Analytics research report titled SiC Power Device Market has analysed and segmented the SiC Power Device market by Value (USD Million). The report has further analysed the SiC Power Device market by End user (Industry, Electronics, Automotive, Others) and Application (EV/HEV, Motor Drives, Charging Device and Others). The Global SiC Power Device market has been analysed By Region (Americas, Europe, Asia Pacific, and Rest of World) and By Country (United States, Canada, Mexico, Brazil, Germany, France, United Kingdom, China, Japan and India) for the historical period of 2015-2019 and the forecast period of 2020-2025.

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