Silicon Carbide Power Device Market Size Analysis:

The Silicon Carbide Power Device Market was valued at USD 2.99 Billion in 2024 and is expected to reach USD 12.65 Billion by 2032, growing at a CAGR of 19.74% from 2025-2032.

The Silicon Carbide Power Device Market experienced significant wafer production growth, with Asia-Pacific leading due to strong semiconductor demand, while North America and Europe emphasized localized manufacturing. Chip design advancements focused on higher efficiency and miniaturization, driven by the increasing adoption of EVs and industrial applications. Fab capacity utilization remained high as SiC gained traction in power electronics, though supply chain challenges persisted due to raw material limitations. The report further explores market drivers, technological innovations, regulatory policies, competitive landscape, and future growth prospects shaping the industry's trajectory.

Silicon Carbide Power Device Market Highlights:

• Rising EV and industrial adoption is driving growth as SiC power devices offer superior efficiency and energy savings in electric vehicles, industrial applications, and renewable energy.

• Increasing demand for energy-efficient power electronics in automotive, industrial, and renewable sectors supports market expansion.

• SiC devices provide lower energy losses, higher thermal conductivity, and improved efficiency compared to traditional silicon-based power semiconductors.

• Global government regulations promoting energy efficiency and sustainable energy solutions encourage wider SiC adoption.

• High cost of SiC substrates and complex fabrication processes restrict adoption, particularly in price-sensitive industries.

• Expansion of EV production and charging infrastructure creates significant opportunities for SiC power devices in powertrains and onboard chargers.

SiC Power Device Market Drivers:

• Growing adoption of SiC power devices in EVs, industrial applications, and renewable energy due to superior efficiency and energy savings.

Growing demand for energy-efficient and superior power electronics, especially in the automotive, industrial, and renewable energy sectors is a significant factor pushing the growth of the SiC power device industry. Silicon carbide power devices excel over standard silicon-based power semiconductors by providing lower energy losses, higher thermal conductivity, and increased efficiency. These benefits are what make SiC devices very important in the electric vehicle space, power grids, and high-power industrial applications. The market is expected to grow significantly in the coming years due to a rise in the demand for, as governments across the globe are enforcing tighter regulations on energy efficiency and supporting the transition of energy solutions towards the sustainable level using SiC power devices.

Silicon Carbide Power Device Market Restraints:

• The high cost of SiC substrates and complex fabrication processes limit widespread adoption, especially in cost-sensitive applications.

SiC power devices have certain advantages, but the high cost is a big challenge. Silicon carbide wafers are produced through a series of high-cost, specialized processes such as high-temperature crystal growth and controlled wafer fabrication, with high-quality requirements on the material. SiC substrates are more expensive than traditional SiC which gives SiC-based power devices a higher price tag. This high manufacturing cost makes a barrier to the mass adoption of SiC technology especially for price-sensitive industries. Although continued research and development is focused on producing cost-efficient devices, the price of SiC power devices is still considered a major obstacle, limiting their market drive in price-sensitive applications.

Silicon Carbide Power Device Market Opportunities:

• Increasing EV production and adoption drive demand for SiC power devices in powertrains, onboard chargers, and charging infrastructure.

The EV industry has developed very rapidly and creates a big opportunity for the Silicon Carbide Power Device Market. SiC finally enters EV powertrains, onboard chargers, and charging infrastructure efficiency, lightweight, and a larger range are now achieved with devices based on SiC in established automotive applications such as EV powertrains, onboard chargers, and charging infrastructure. Top automotive brands are investing in SiC technology to improve performance and reduce battery weight. Moreover, the broadened government incentives and campaigns for EVs globally will drive the demand for SiC power lossy devices, making the market ready for robust growth in the years to come.

Silicon Carbide Power Device Market Segment Analysis:

By Product Type

SiC MOSFETs dominate the market and accounted for revenue significant revenue share of more than 41% in 2024, owing to their large volume applications in high-power applications such as electric vehicles, industrial automation, and renewable energy systems. Ideal for high-voltage applications, these transistors bring lower switching losses, higher efficiency, and better thermal performance than their silicon-based counterparts. At the same time, the strong demand for EV powertrains, fast chargers, and high-efficiency power supplies reinforces the competitive position of SiC MOSFETs.

SiC power modules are expected to grow at the fastest CAGR due to the proliferation of EVs, industrial drives, and renewable energy applications. These modules combine multiple components to achieve higher performance with lower power losses and improved thermal performance. The increasing move towards high-power density and compact power solutions creates a new demand for SiC power modules for high-voltage EV inverters and grid infrastructure.

By Voltage

The 600V–1000V segment dominated the market and accounted for revenue share in 2024, which includes a broad number of applications from EV powertrains and fast chargers to industrial power supplies. With unique capacity, the new SiC devices in this voltage range provide better performance with superior efficiency, lower power losses, and smaller footprints, leading to enhanced medium- to high-power solutions.

The 1000V–1500V segment is expected to register the fastest CAGR during the forecast period, because of its increasing application in high-power EV charging & industrial motor drives & renewable energy inverters. This trend--toward high-voltage systems in electric vehicles and grid infrastructure--is likely driving demand for SiC power devices in this range, as exemplified by the many recent development reports issued by various companies, which promulgated examples of not only higher power density and efficiency, improved thermal performance as well. This segment was estimated to witness robust growth due to growing investment in ultra-fast charging networks and high-voltage transmission systems.

By Application

The Inverter / Converter segment dominated the market and accounted for revenue share in 2024, due to the importance of these devices in eV, renewable energy systems optimized industrial power applications. SiC-based inverters provide the necessary higher efficiency,  lower switching losses, and better thermal management than typical silicon-based power devices and are required for practical high-performance power conversion.

The Photovoltaic / Energy Storage Systems segment is anticipated to grow at the fastest growth rate, due to the global shift towards renewable energy and the modernization of the grid. High voltage, low loss capabilities, and lower heat generation of SiC power devices are driving their adoption in Solar inverters and battery energy storage systems as the trends towards integration increase. With governments and industries deploying investment behind clean energy programs, as well as smart grids, the growth opportunity for SiC in PV and energy storage applications will boom.

SiC Power Device Market Regional Analysis:

Asia-Pacific Silicon Carbide Power Device Market Trends

The Asia-Pacific region dominated the market and accounted for a revenue share of more than 36% in 2023, due to the high demand for electric vehicles, industrial automation, and renewable energy. Leading SiC adoption has been prompted by mass-produced EVs, government incentives for clean energy, and fast-advancing power electronics systems in China,  Japan, and today's advanced economies like South Korea.

North America Silicon Carbide Power Device Market Trends

North America is projected to grow at the fastest CAGR, owing to increasing demand for SiC power devices in EV, renewable energy, and advanced industrial applications. A primary driver of growth in the region is the government's push toward electric mobility, strengthened by the provision of incentives and investments in charging infrastructure. Energy-efficient power devices have been gaining traction amid the rapid growth of data centers, smart grids, and aerospace applications.

Europe Silicon Carbide Power Device Market Trends

Europe is witnessing steady growth in the Silicon Carbide Power Device Market, driven by the expansion of renewable energy projects, increasing adoption of electric vehicles, and industrial automation initiatives. Countries like Germany, France, and the UK are leading the demand, supported by government incentives for clean energy and investment in smart grid infrastructure. The focus on energy-efficient power electronics and automotive electrification is further boosting the market.

Latin America Silicon Carbide Power Device Market Trends

Latin America is experiencing gradual growth in the Silicon Carbide Power Device Market, primarily driven by renewable energy deployment, automotive electrification, and industrial modernization. Countries like Brazil, Mexico, and Chile are investing in EV infrastructure and solar energy projects, prompting the adoption of SiC power electronics. Supportive government policies for clean energy and energy efficiency initiatives are expected to boost regional demand.

Middle East & Africa (MEA) Silicon Carbide Power Device Market Trends

The MEA region is emerging as a promising market for SiC power devices, with growth fueled by investments in renewable energy, particularly solar and wind projects. Rapid industrialization, government initiatives toward sustainable energy, and modernization of power infrastructure in countries such as the UAE, Saudi Arabia, and South Africa are driving adoption. SiC devices are increasingly used in energy-efficient industrial and utility applications.

Silicon Carbide Power Device Market Key Players:

• Infineon Technologies AG – CoolSiC™ MOSFET

• Wolfspeed, Inc. – Wolfspeed® 1200V SiC MOSFET

• STMicroelectronics – SCTWA35N65G2V SiC MOSFET

• ROHM Co., Ltd. – SCT3040KL SiC MOSFET

• ON Semiconductor (onsemi) – EliteSiC MOSFET

• Mitsubishi Electric Corporation – NX-type SiC Power Module

• Fuji Electric Co., Ltd. – P633 SiC Hybrid Module

• Littelfuse, Inc. – LSIC1MO120E0080 SiC MOSFET

• Texas Instruments Inc. – UCC5870-Q1 SiC Gate Driver

• Microchip Technology Inc. – SiC651 Power Module

• Toshiba Corporation – TW070J120B SiC MOSFET

• GeneSiC Semiconductor Inc. – G3R75MT12J SiC MOSFET

• Hitachi Power Semiconductor Device, Ltd. – 3.3kV SiC Power Module

• Alpha & Omega Semiconductor – AOS40A60 SiC Diode

• VisIC Technologies Ltd. – D3GaN Half-Bridge Power Module

• Semikron Danfoss – SiC Power Modules

• EPC (Efficient Power Conversion Corporation) – eGaN® FETs and ICs

• Bosch Semiconductors – SiC Power MOSFETs

• Sanan Semiconductor – SiC MOSFETs

• Imperix – PEB8024 SiC MOSFET Phase-Leg Module

Silicon Carbide Power Device Market Competitive Landscape:

Mersen, a global leader in electrical power and advanced materials, was founded in 1891 in France. Initially known as the Compagnie lorraine de charbons pour l’électricité, the company began by producing electric motors, dynamos, and lamps. In 1937, it merged with Le Carbone, a company specializing in carbon brushes for electric motors, to form Carbone Lorraine. The company was later renamed Mersen in 2010 to reflect its expanded focus on materials, electrical, research, and sustainable energy solutions. Headquartered in La Défense, France, Mersen operates worldwide, providing innovative solutions to various industries, including renewable energy, transportation, and electronics

• In December 2024: Mersen announced a two-year delay in its financial targets, now aiming for 2029, due to a temporary slowdown in the electric vehicle and SiC semiconductor markets. 

NoMIS Power Corporation, established in 2020 as a spinout from SUNY Polytechnic Institute, is headquartered in Albany, New York. The company develops advanced Silicon Carbide (SiC) power semiconductor devices and packaging technologies, aiming to accelerate wide-bandgap semiconductor adoption in power electronics for electric vehicles, renewable energy, and industrial automation applications.

• In September 2024: NoMIS Power unveiled its first range of advanced 1200 V SiC MOSFETs at ICSCRM 2024, targeting applications in EV chargers, motor drives, and solar inverters. 

STMicroelectronics, established in 1987, is a global semiconductor leader headquartered in Geneva, Switzerland. The company designs and manufactures a wide range of semiconductor solutions, including microcontrollers, power devices, sensors, and SiC MOSFETs, serving automotive, industrial, and consumer electronics markets worldwide.

• In June 2024: STMicroelectronics maintained its position as the largest SiC power device maker, holding a 32.6% market share, driven by its automotive SiC MOSFETs and ongoing investments in SiC manufacturing facilities.