Rockville , May 18, 2023 (GLOBE NEWSWIRE) — The global silicon carbide market is expected to witness a CAGR of 16% and is forecasted to reach a value of US $ 19 Bn by the end of 2033.
Silicon Carbide is used in EV power electronics due to its high thermal conductivity and ability to handle high voltages. As the demand for electric vehicles continues to rise, the need for SiC-based components like power modules and inverters increases, driving the market for Silicon Carbide. Silicon Carbide is utilized in renewable energy applications such as solar inverters, wind power systems, and energy storage systems. Due to the increase in reliability of electric vehicles, the demand for SiC-based power electronics and semiconductors for efficient energy conversion and control is expected to grow.
Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=4581
Silicon Carbide has excellent mechanical properties, high thermal conductivity, and resistance to extreme temperatures, making it suitable for various industrial applications. It is used in manufacturing processes such as metalworking, ceramics production, abrasives, refractories, and cutting tools, driving the demand for Silicon Carbide.
SiC-based power electronics offer advantages over traditional silicon-based devices, including higher efficiency, faster switching speeds, and better thermal management. This makes them desirable for applications such as power supplies, industrial drives, and electric grids. The demand for high-performance power electronics drives the growth of the Silicon Carbide market.
The modernization and expansion of electric grids require advanced power transmission and distribution systems. Silicon Carbide plays a crucial role in grid infrastructure, offering improved efficiency and reduced power losses in high-voltage applications.
Silicon Carbide semiconductors enable improved energy efficiency across various sectors, including automotive, industrial, and…