Global SiC Power Semiconductor Market growing at a CAGR of 25.7% from 2023 to 2031

Consegic Business Intelligence provided an inclusive research report on the SiC power semiconductor market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. Industrial drives are expected to witness the fastest CAGR in the SiC (Silicon Carbide) power semiconductor market. Industrial drives, namely motor drives, and variable frequency drives (VFDs), demand power semiconductors that offer high efficiency. SiC power devices are known for the low conduction and switching losses, resulting in higher efficiency in motor control and drive applications. Additionally, SiC power devices exhibit better thermal performance, enabling industrial drives to operate at higher temperatures without compromising reliability. Consequently, the aforementioned factors including high-efficiency requirements and improved thermal performance are projected to drive the growth of the industrial drives segment during the forecast period.