Mar. 10, 2023 /SemiMedia/ -- According to TrendForce's latest report, the expanded cooperation between semiconductor suppliers and automotive and energy companies will drive the overall SiC power device market value to $2.28 billion in 2023, an annual growth rate of 41.4%.

According to TrendForce, the top two applications of SiC power components are electric vehicles and renewable energy, which will respectively reach $1.09 billion and $210 million in 2022, accounting for about 67.4% and 13.1% of the overall SiC power component market output value.

In terms of electric vehicles, onsemi's EliteSiC 1200V main inverter power module has been confirmed to supply Volkswagen and Kia Motors; while Wolfspeed provides Mercedes-Benz with SiC power components required for its electric vehicles.

In terms of renewable energy, onsemi provides Ampt with SiC MOSFETs required for solar energy and energy storage system optimizers; while Infineon's CoolSiC has been adopted by Delta's bidirectional inverters for solar power generation and energy storage , electric vehicle charging three-in-one system, and also help Bloom Energy's fuel cell and electrolysis system to improve efficiency.

TrendForce predicts that by 2026, the market value of SiC power components is expected to reach $5.33 billion. Among them, the electric vehicle market reached $3.98 billion, with a CAGR of about 38%; the renewable energy market reached $410 million, with a CAGR of about 19%.