The market size of silicon carbide in TechInsights:2029 will grow to US $9.4 billion per year, with China accounting for half

CTOnews.com March 22 news, TechInsights (formerly Strategy Analytics) released a report today that with the development of battery electric vehicles, the demand for automotive semiconductors has soared, and the use of broadband gap technology has also increased. SiC MOSFET provides alternatives to Si IGBT and SiC MOSFET for powertrain.

TechInsights said earnings from the silicon carbide market will grow at a compound annual growth rate of 35 per cent between 2022 and 2027 from $1.2 billion (CTOnews.com note: currently about 8.244 billion yuan) to $5.3 billion (currently about 36.411 billion yuan). By 2029, the market will grow to $9.4 billion (currently about 64.578 billion yuan), of which China will account for half.

The report points out that in recent years, Chinese semiconductor enterprises have made significant progress in the development and production of silicon carbide semiconductor products, and a wide range of applications, including the automotive industry.

In addition, the report says the Chinese government's focus on the development of silicon carbide and its major investment in the industry provide a unique opportunity for Chinese companies to catch up. Generally speaking, the development of silicon carbide semiconductor supply chain in China presents a complex and changing pattern, with both challenges and opportunities.