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SiC-Based Power Electronics Market: Revolutionizing Automotive & EV/HEV Applications with 60% Market Share in Asia Pacific | Valuates Reports

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BANGALORE, India, Dec. 23, 2024 /PRNewswire/ — SiC Based Power Electronics Market is Segmented by Type (SiC MOSFET Modules, SiC MOSFET Discrete, SiC SBD, Others (SiC JFETs & FETs)), by Application (Automotive & EV/HEV, EV Charging, Industrial Motor/Drive, PV, Energy Storage, Wind Power, UPS, Data Center & Server, Rail Transport)

The Global SiC Based Power Electronics Market was valued at USD 2090.3 Million in 2023 and is anticipated to reach USD 15300 Million by 2030, witnessing a CAGR of 30.0% during the forecast period 2024-2030.

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Major Factors Driving the Growth SiC Based Power Electronics Market:

The SiC-based power electronics market is experiencing robust growth, driven by rising demand in electric vehicles, renewable energy systems, and industrial automation. Silicon carbide (SiC) components offer superior performance characteristics, including higher efficiency, greater thermal stability, and faster switching speeds compared to traditional silicon-based devices. These advantages make SiC power electronics essential for applications that require high power density and reliability.

Key sectors such as automotive, energy, and consumer electronics are leading the adoption of SiC technologies, supported by advancements in manufacturing processes and decreasing costs. As industries continue to prioritize energy efficiency and sustainability, the SiC-based power electronics market is poised for sustained global expansion, offering innovative and high-performance solutions to meet the evolving demands of a dynamic technological landscape.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL SiC BASED POWER ELECTRONICS MARKET:

The automotive sector, particularly the electric and hybrid electric vehicle (EV/HEV) segment, is a primary driver of the silicon carbide (SiC) based power electronics market. As the global push towards electrification intensifies, automakers are increasingly adopting SiC components to enhance vehicle performance and efficiency. SiC-based power electronics offer superior thermal conductivity, higher voltage operation, and greater energy efficiency compared to traditional silicon-based components. These advantages translate to longer battery life, faster charging times, and reduced weight in EVs, making them more attractive to consumers. Additionally, regulatory mandates aimed at reducing carbon emissions and promoting sustainable transportation are accelerating the adoption of SiC technologies in automotive applications. The integration of SiC power electronics in motor drives, inverters, and onboard chargers is essential for meeting the stringent performance and efficiency standards required by the burgeoning EV/HEV market, thereby significantly driving the growth of the SiC-based power electronics market.

SiC MOSFET modules are significantly driving the growth of the SiC-based power electronics market due to their exceptional performance and reliability in high-power applications. These modules integrate multiple SiC MOSFETs with optimized thermal management systems, enabling efficient power conversion and reduced energy losses. Industries such as renewable energy, industrial automation, and telecommunications benefit from the high switching frequencies and low on-resistance of SiC MOSFET modules, which enhance overall system efficiency and compactness. Additionally, the scalability and modularity of these components allow for easy integration into existing power systems, facilitating upgrades and expansions. The increasing demand for energy-efficient solutions and the push for miniaturization in electronic devices further propel the adoption of SiC MOSFET modules. As manufacturers prioritize performance and sustainability, the versatility and superior characteristics of SiC MOSFET modules make them indispensable in advancing power electronics, thereby driving the market’s growth.

SiC MOSFET discrete devices are playing a crucial role in driving the SiC-based power electronics market by providing high-efficiency and high-reliability solutions for various applications. These discrete components offer excellent switching performance, higher breakdown voltages, and superior thermal management compared to their silicon counterparts. Industries such as aerospace, defense, and consumer electronics are increasingly adopting SiC MOSFET discrete devices to meet the demands for compact and efficient power systems. The ability of SiC MOSFETs to operate at higher temperatures and voltages allows for more robust and durable designs, essential for critical and high-stress environments. Furthermore, the ongoing advancements in SiC technology have led to cost reductions and improved manufacturing processes, making these discrete devices more accessible to a broader range of applications. As the need for efficient power conversion and reliable performance continues to grow, SiC MOSFET discrete devices are becoming integral components in modern power electronics, thereby driving the expansion of the SiC-based power electronics market.

The growing emphasis on energy efficiency across various industries is a significant driver for the SiC-based power electronics market. SiC components, such as MOSFETs and diodes, offer higher energy conversion efficiencies compared to traditional silicon-based devices. This efficiency is crucial for applications in renewable energy systems, electric vehicles, and industrial automation, where reducing energy losses translates to lower operational costs and enhanced performance. Governments and regulatory bodies are also promoting energy-efficient technologies through incentives and standards, further encouraging the adoption of SiC-based power electronics. As organizations strive to meet sustainability goals and reduce their carbon footprint, the superior efficiency of SiC components makes them an attractive choice, driving the market’s growth. Additionally, the ability to operate at higher frequencies and temperatures allows for more compact and lightweight power systems, catering to the increasing demand for miniaturization in electronic devices.

The expansion of the renewable energy sector is a key factor driving the growth of the SiC-based power electronics market. Renewable energy sources like solar and wind power require efficient power conversion and management systems to handle the variability and intermittency of energy generation. SiC-based power electronics offer high efficiency and reliability, making them ideal for inverters, converters, and grid-tie applications in renewable energy systems. The ability of SiC components to operate at higher temperatures and voltages enhances the performance and durability of renewable energy installations, reducing maintenance costs and increasing their lifespan. Additionally, the integration of energy storage solutions with renewable energy systems benefits from the superior switching capabilities of SiC power electronics, ensuring seamless energy flow and grid stability. As the global shift towards sustainable energy continues, the demand for advanced power electronics solutions like SiC is expected to rise, significantly contributing to market growth.

Advancements in electric vehicle (EV) technology are a major driver of the SiC-based power electronics market. The automotive industry is continuously seeking ways to improve the efficiency, range, and performance of EVs, and SiC-based components play a crucial role in achieving these goals. SiC MOSFETs and diodes enable more efficient power conversion in motor drives and onboard chargers, resulting in longer battery life and reduced charging times. Additionally, the high thermal conductivity of SiC allows for better heat management, enhancing the reliability and safety of EV power systems. The push for lighter and more compact power electronics also benefits from the superior performance of SiC components, contributing to overall vehicle weight reduction and improved handling. As automakers adopt SiC technology to meet stringent emission regulations and consumer demands for high-performance EVs, the market for SiC-based power electronics in the automotive sector is poised for substantial growth.

Government policies and incentives play a significant role in driving the growth of the SiC-based power electronics market. Many governments around the world are implementing regulations and providing financial incentives to promote energy efficiency, renewable energy adoption, and the development of electric vehicles. These policies encourage industries to invest in advanced power electronics solutions, including SiC-based components, to comply with environmental standards and benefit from subsidies or tax breaks. For instance, regulations aimed at reducing carbon emissions in the automotive and industrial sectors drive the demand for efficient SiC power devices that enhance energy conversion and reduce operational costs. Additionally, government-funded research and development initiatives support the innovation and commercialization of SiC technologies, fostering market growth. As global focus intensifies on sustainable development and clean energy solutions, supportive government frameworks will continue to propel the adoption of SiC-based power electronics across various applications. 

The expanding consumer electronics market is another critical factor driving the growth of the SiC-based power electronics market. With the proliferation of high-performance devices such as smartphones, laptops, tablets, and wearable technology, there is an increasing need for efficient and compact power management solutions. SiC power electronics offer higher efficiency and faster switching speeds, enabling the development of slimmer and more energy-efficient consumer devices. Additionally, the ability of SiC components to operate at higher temperatures enhances the reliability and longevity of electronic devices, meeting consumer demands for durable and high-performance products. The rise of emerging technologies like augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT) further boosts the demand for advanced power electronics. As consumers continue to seek innovative and high-quality electronic products, the adoption of SiC-based power electronics in the consumer electronics sector is expected to accelerate, contributing significantly to market growth.

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SiC-BASED POWER ELECTRONICS MARKET SHARE:

Product Segments:

SiC MOSFET Modules dominate the market, accounting for approximately 50% of the total market share, making it the largest segment in terms of product type.

Applications:

The Automotive and EV/HEV sector emerges as the leading application area, contributing to nearly 60% of the market share, driven by increasing electrification and green energy initiatives.

Regional Insights:

Asia Pacific leads the global market, capturing around 60% of the total share, supported by robust demand and a thriving electronics industry in countries like China and Japan.

Key Players:

STMicroelectronicsROHM CO LTDInfineonWolfspeed Inc.OnsemiBYD SemiconductorMicrochip (Microsemi)Mitsubishi Electric (Vincotech)Semikron DanfossFuji ElectricNavitas (GeneSiC)ToshibaQorvo (UnitedSiC)San’an OptoelectronicsLittelfuse (IXYS)CETC 55WeEn SemiconductorsBASiC SemiconductorSemiQ, Inc.Diodes IncorporatedSanRexAlpha & Omega SemiconductorBoschKEC CorporationPANJIT GroupNexperiaVishay IntertechnologyZhuzhou Crrc Times ElectricChina Resources Microelectronics LimitedStarpowerYangzhou Yangjie Electronic TechnologyGuangdong AccoPower SemiconductorChangzhou Galaxy Century MicroelectronicsHangzhou Silan microelectronicsCISSOIDSK powertechInventChip TechnologyHEBEI SINOPACK ELECTRONIC TECHNOLOGYOriental SemiconductorJilin Sino MicroelectronicsPN Junction Semiconductor (Hangzhou)United Nova Technology

Global industry leaders include STMicroelectronics, Infineon, and Wolfspeed, collectively holding a dominant 60%+ market share, shaping the competitive landscape with innovative solutions.

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

–          High Voltage SiC Power Devices Market

–          Semiconductor Silicon Carbide (SiC) Power Devices market was valued at USD 3031 Million in 2023 and is anticipated to reach USD 10950 Million by 2030, witnessing a CAGR of 18.9% during the forecast period 2024-2030.

–          Silicon Carbide (SiC) Semiconductor Devices market is projected to grow from USD 1396.6 Million in 2024 to USD 1938.8 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period.

–          Silicon Carbide Device market was valued at USD 3162 Million in 2023 and is anticipated to reach USD 11760 Million by 2030, witnessing a CAGR of 19.8% during the forecast period 2024-2030.

–          Silicon Carbide Epitaxial Wafer market was valued at USD 227.8 Million in 2022 and is anticipated to reach USD 1667.4 Million by 2029, witnessing a CAGR of 32.5% during the forecast period 2023-2029.

–          Silicon Carbide (SiC) Wafer market was valued at USD 1029 Million in 2023 and is anticipated to reach USD 2784 Million by 2030, witnessing a CAGR of 14.8% during the forecast period 2024-2030.

–          Silicon Carbide (SIC) Power Semiconductors market was valued at USD 3136 Million in 2023 and is anticipated to reach USD 13160 Million by 2030, witnessing a CAGR of 21.9% during the forecast period 2024-2030.

–          Silicon Carbide MOSFET market was valued at USD 2306 Million in 2023 and is anticipated to reach USD 10440 Million by 2030, witnessing a CAGR of 21.9% during the forecast period 2024-2030.

–          Gallium Nitride (GaN) and Silicon Carbide (SiC) Power Semiconductors Market revenue was USD 1016.4 Million in 2022 and is forecast to a readjusted size of USD 8713.7 Million by 2029 with a CAGR of 35.5% during the review period (2023-2029).

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To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

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Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week

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33 minutes ago

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December 24, 2024

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DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.

Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.

Purpose, Innovation, and Partnerships

Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.

Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.

Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:

The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.

Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.

Deepening Bonds: Key Web3 Ecosystems and Communities

Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.

These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.

“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.

“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.

In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.

 

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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SOURCE Bybit

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Yu Liu, Vice President of Baijiayun, to Attend 2024 Jixin AIGC Summit for Exploring New Industry Landscape

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December 24, 2024

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BEIJING, Dec. 24, 2024 /PRNewswire/ — Baijiayun Group Ltd (“Baijiayun” or the “Company”) (NASDAQ: RTC), a one-stop AI video solution provider, today announced that it will attend the 2024 AIGC Summit soon.

Recently, the 2024 AIGC Summit, hosted by “Jixin”, a venture capital and industry research media that focuses on industrial AI, is about to kick off. As an outstanding enterprise representative that has successfully implemented AI technology in various industries, Baijiayun has been invited to attend. Yu Liu, the vice president of Baijiayun, will share unique insights at the summit to promote industry communication and progress.

This summit focuses on the in-depth application of AIGC technology in vertical scenarios, aiming to analyze the strategies, practices and successful experiences of AI going global, grasp the pulse of the development of the times, build a more open and win-win AIGC industrial ecosystem on a global scale, and open a new chapter for the future.

As an important participant in the AIGC field, Baijiayun has achieved remarkable results in technological innovation and application implementation. Vice President Yu Liu has been deeply involved in many core businesses and strategic decisions during the development of the company and has rich experience and profound insights in the application practice of AIGC technology. His attendance at this summit is expected to bring the latest achievements and innovative ideas of Baijiayun in vertical scenario applications and international market expansion, providing valuable references and inspirations for industry colleagues, further stimulating the innovation vitality and development momentum of the industry, and promoting the AIGC industry to a new peak. Many industry insiders are looking forward to this summit with full anticipation. It is believed that with the joint efforts of all parties, a clear and promising blueprint for the future development of the AIGC industry will be drawn.

For investor and media enquiries, please contact:

Company Contact:
Ms. Fangfei Liu 
Chief Financial Officer, Baijiayun Group Ltd
Phone: +86 25 8222 1596
Email: ir@baijiayun.com

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SOURCE Baijiayun Group Ltd

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My China Story: Technology Brings the World Together for a Chinese New Year

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2 hours ago

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December 24, 2024

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BEIJING, Dec. 24, 2024 /PRNewswire/ — As the Spring Festival approaches, many are preparing for their holiday travels abroad. While the excitement of spontaneous trips is undeniable, one of the biggest hurdles travelers face is language barriers. However, iFlytek‘s innovative translation device promises to make communication effortless, helping you navigate any language challenges with ease.

 

Known for its sleek and compact design, iFlytek’s smart translation gadget offers an elegant black, business-style exterior, a moderate size, and a lightweight build. It’s the ideal travel companion, fitting easily into your pocket without weighing you down. Whether you’re heading to a city getaway or a remote adventure, this device ensures that language is never an obstacle.

The device boasts impressive capabilities, supporting translations in 84 languages online and 16 languages offline. Whether you’re traveling to Japan, South Korea, France, Germany, or the Middle East, this device handles it all. Even in remote locations—such as secluded mountain temples or isolated islands—the offline translation feature ensures you won’t be left speechless. The device also offers specialized vocabulary for specific fields, making translations more precise and professional.

With its intuitive interface, the gadget is easy to use—just a tap, and you’re ready to communicate. This makes it a perfect tool for travelers who want to ensure a smooth and enjoyable experience while abroad.

But what lies behind this innovative device? How did it come to life? To learn more about its development and functionality, we are following a Russian journalist as he visits iFlytek’s headquarters for an exclusive look at this remarkable “gadget” and uncover the story behind its creation.

Stay tuned as we explore the technology that’s revolutionizing the way we connect across cultures.

https://youtu.be/QkdFG0LvH70

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SOURCE “My China Story” International Short Video Competition Organizing Committee

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