Ultra High Purity Silicon Carbide Market Size Worth $79.0 Million By 2027: Grand View Research, Inc.

Ultra High Purity Silicon Carbide Market Size Worth $79.0 Million By 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Jan. 12, 2021

SAN FRANCISCO, Jan. 12, 2021 /PRNewswire/ -- The global ultra high purity silicon carbide market size is expected to reach USD 79.0 million by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.8% from 2020 to 2027. The rising penetration of electric vehicles and the growth of the renewable energy sector are projected to provide growth opportunities to market vendors.

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Key suggestions from the report:

Read 60 page research report with ToC on "Ultra High Purity Silicon Carbide Market Size, Share & Trends Analysis Report By Application (Semiconductor, LEDs), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/ultra-high-purity-silicon-carbide-market

Power supplies and photovoltaic inverters are among the significant application areas of silicon carbide (SiC) semiconductors. Moreover, SiC power electronics are adopted in electric vehicle charging products, wind energy infrastructure, and industrial motor drives. Thus, the demand for electric vehicles is expected to boost the growth of ultra-high purity silicon carbide semiconductors. The growing utilization of renewable sources of energy for power generation around the globe is anticipated to drive the market for SiC power semiconductors.

The development of emerging technologies, such as quantum computing, artificial intelligence, and 5G technology, is also anticipated to provide new opportunities for market vendors. Increasing penetration of these technologies, particularly in the U.S., is likely to remain a key factor contributing to the market growth. Companies in the U.S. have invested large sums in these technologies, thereby positively impacting the development of semiconductors required for artificial intelligence, supercomputers, and data centers. For instance, R&D investments in the U.S. semiconductor industry have increased at a CAGR of 6.6% from 1999 to 2019. In the U.S., R&D investments for 2019 amounted to USD 39.8 billion, which was around 17% of its sales, the highest among all the countries.

The increasing demand for light-emitting diodes (LEDs) is another key factor projected to fuel market growth over the coming years. Ultra-high purity silicon carbide is used to remove the impurities in LEDs. The LED lighting market is anticipated to register a growth rate of 13.4% from 2020 to 2027 owing to the decline in prices, stringent regulations related to lighting technologies, and efforts taken by various governments in the direction of sustainable development.

Companies in South Korea are involved in the development of silicon carbide technology, which is projected to remain a key driving factor in the long term. For instance, POSCO, one of the leading steel manufacturers in the globe, invested 10 years in the development of SiC single-crystal. In this project, POSCO is working on the development of 150-mm and 100-mm SiC substrate technology, which is close to commercialization. Another manufacturer SK Corporation (SKC) is likely to commercialize 150-mm SiC wafers.

Grand View Research has segmented the global ultra high purity silicon carbide market on the basis of application and region:

List of Key Players of Ultra High Purity Silicon Carbide Market

Find more research reports on  Advanced Interior Materials Industry, by Grand View Research:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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