The market for third-generation semiconductors encompasses products based on silicon carbide (SiC) and gallium nitride (GaN), and, in particular, SiC products account for about 80% of the total market value. The adoption of SiC power devices will further improve the efficiency of electric vehicles and renewable energy systems. According to TrendForce’s latest survey of the market for third-generation semiconductors, chipmakers onsemi and Infineon have each formed collaborative relationships with carmakers and developers of energy solutions. TrendForce projects that the value of the global market for SiC power devices will reach $2,28 billion in 2023, reflecting a YoY growth of 41,4%.
The two largest application segments within the market for SiC power devices are electric vehicles and renewable energy. The value of the market for SiC power devices used in electric vehicles came to $1,09 billion in 2022, comprising around 67,4% of the value of the entire market for SiC power devices in the same year. As for SiC power devices related to renewable energy applications, their market value came to $210 million in 2022, accounting for around 13,1% of the total.
onsemi and Volkswagen have entered into a strategic agreement under which the former will provide the latter with its EliteSiC 1200V power modules for the main traction inverter. Kia has also adopted the EliteSiC series for its latest electric compact crossover SUV named EV6 GT. Wolfspeed, which is another leading specialist in third-generation semiconductors, has further strengthened its partnership with the major carmaker Mercedes-Benz. Both parties have signed an agreement under which Wolfspeed will supply SiC power devices used in the electric vehicles developed by Mercedes-Benz.
In the area of renewable energy, onsemi has begun collaborating with Ampt in the provisioning of power semiconductor devices for solar photovoltaic and energy storage systems. Specifically, Ampt will be adopting onsemi’s SiC MOSFET for its DC string optimisers.
Likewise, Taiwan-based Delta Electronics has adopted Infineon’s CoolSiC for its bi-directional inverters that can serve as a hybrid three-in-one system for the integration of solar photovoltaics, energy storage, and charging of electric vehicles. US-based hydrogen platform developer Bloom Energy has also selected offerings under the CoolSiC series to further improve the efficiency of its fuel cell system and electrolyser.
Currently, semiconductor companies around the world are highly attentive to the size transition of SiC substrates. With Wolfspeed being the first to activate production capacity for 8-inch SiC substrates, other suppliers will follow suit and pursue collaborations with the parties in both the upstream and downstream markets. Hence, TrendForce forecasts that the value of the global market for SiC power devices will climb to around $5,33 billion in 2026. Electric vehicles and renewable energy will remain the two largest application segments at that time.
The value of the market for SiC power devices used in electric vehicles is forecasted to rise to $3,98 billion in 2026, with the CAGR for the 2023 to 2026 period coming to around 38%. As for SiC power devices used in renewable energy systems, its market value is forecasted to increase at a CAGR of about 19% for the 2023 to 2026 period, to reach $410 million.
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