Silicon Carbide Market Size Worth $7.18 Billion By 2027

The global silicon carbide market size is projected to touch USD 7.18 billion by 2027, exhibiting a revenue-based CAGR of 16.1% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand from semiconductors is likely to remain a key driving factor as the product improves efficiency, reduces form factor, and operates at high temperatures.

The aforementioned properties of Silicon carbide (SiC) semiconductors along with its advantages over silicon makes it suitable in applications such as automotive and aerospace and defense industries. High temperature resistant materials are widely used in these industries, thus, there is increasing adoption of SiC semiconductors in power electronics, which in turn is likely to drive the SiC market growth over the forecast period.

The strategic initiatives adopted by the key players in the semiconductor industry are expected to play a key role in the growth of the SiC semiconductors industry. For instance, in January 2019, Cree, Inc., signed a multiyear supply agreement of silicon carbide wafers to STMicroelectronics. These rapid developments are expected to positively influence the growth of the silicon carbide market over the forecast period.

In Asia Pacific, the rising population along with adopting urbanization is expected to propel the development of smart cities and smart houses, which in turn is anticipated to boost the demand for silicon carbide power modules in electric vehicles. China is one of the largest automobile producers in the world, accounting for 29.1% in 2018. Increasing production of automobiles is anticipated to fuel the product demand over the coming years.

Key market players Carborundum Universal Limited; Entegris, Inc.; AGSCO Corporation; Dow Chemical Co.; ESD-SIC b.v.; Saint Gobain Ceramic Materials GmbH; ESK-SIC GmbH; and Grindwell Norton Ltd. Most of the market players are focused on capacity expansions and mergers and acquisitions to meet the growing demand for silicon carbide. For instance, In November 2018, Entegris announced the expansion of the manufacturing capacity of its facility located in Kulim, Malaysia by 30%. In the expansion project, new tooling, molding machines, and numerous updates to the assembly area were installed to support the increasing silicon carbide wafer and reticle handling demand.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/silicon-carbide-market

Further key findings from the report suggest:

Green silicon carbide segment is anticipated to progress at a CAGR of 10.1%, in terms of volume, over the forecast period owing to the increasing production of semiconductors that are further used in various electrical and electronics applications, such as transistors, solar cells, and LEDs
Steel segment accounted for a revenue share of 21.1% in 2019 owing to the increasing demand for steel from various end-use, industries, such as automotive, construction, and oil and gas. Silicon carbide is used as a deoxidizing agent, abrasive, and refractory in the steel industry
Electrical and electronics is among the fast growing segments with a CAGR of 10.8% in terms of volume from 2020 to 2027. The growth is attributed to the increasing demand for semiconductors owing to the increasing utilization of renewable sources of energy across the globe
Asia Pacific is projected to witness a CAGR of 17.9% in terms of revenue over the forecast period, owing to the growth of the manufacturing sector in countries including China, India, Japan, and South Korea
North America is expected to witness a CAGR of 7.6% in terms of volume over the forecast period owing to the increasing product utilization in electronics, aerospace, and defense industries
Major players in the silicon carbide market include AGSCO Corporation; Carborundum Universal Limited; Dow Chemical Co.; Entegris, Inc.; ESD-SIC b.v.; ESK-SIC GmbH; Grindwell Norton Ltd; and Saint Gobain Ceramic Materials GmbH.

Portable Solar Charger Market Worth $1.7 Billion By 2025

The global portable solar charger market size is anticipated to reach USD 1.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 21.3% over the forecast period. Shifting consumer inclination towards on-the-go environmental friendly products due to increasing awareness related to depleting energy resources is a main factor driving the sales of portable solar charger over the forecast period. Moreover, government bodies in India and Africa provide subsidies on rechargeable products such as lanterns, lamps, torch, and batteries in order to increase energy access to people not connected to electric grid. In addition, increasing penetration of mobile phones in the rural parts of Africa and India is expected to create huge opportunity for these chargers in upcoming years.

Small portable solar charger held a leading market share in 2018. The foldable segment is anticipated to expand at the fastest CAGR of 22.0% over the forecast period. The U.S. military is increasingly shifting towards renewable energy resources in order to reduce its dependency on oil energy, which is expected to increase adoption of solar panel and chargers in upcoming years. Moreover, increasing use of various electronic surveillance equipment by military is expected to boost demand for the foldable solar chargers over the forecast period.

The individual segment held a leading share of 69.5% in 2018. Increasing participation in outdoor activities such as hiking, biking, and mountaineering, especially in developed countries, is expected to provide growth opportunity for these types of chargers. The number of bikers traveling globally is continuously increasing to cement their love for riding. This trend has encouraged many tour organizers to roll out riding tours outside India. In addition, many bike manufacturers are hosting tours internationally to promote their brands.

Asia Pacific emerged as the largest regional market in 2018 on account of growing product visibility, especially in India, Bangladesh, and Indonesia. Moreover, government organizations including the World Bank, International Finance Corporation, and Global Off-Grid Association have undertaken supportive initiatives to increase energy access to remote areas and villages with off-grid solar power. North America is anticipated to expand at a CAGR of 20.9% from 2019 to 2025. This growth is attributed to increasing product penetration, coupled with rising popularity of adventurous outdoor activities on account of increasing awareness related to maintaining a healthy life.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/portable-solar-charger-market

Further key findings from the report suggest:

U.S. is a leading country in the North America market, expanding at a CAGR of 20.8% from 2019 to 2025. The market is driven by shifting preference towards environment friendly products including solar chargers
The portable solar charger market in Europe is expected to reach USD 385.5 million by 2025
Asia Pacific held the largest market share in 2018 owing to rise in product availability. India held more than 25.0% share of overall revenue in 2018 on account of rising popularity of solar charger among residential users
The global market is highly competitive in nature due to presence of companies including Goal Zero, Voltaic Systems Systems, EMPO-NI off-grid solutions, Anker Innovations Limited, Instapark, Suntactics, X-DRAGON, Renogy, and Powertraveller International Ltd.

Advanced Composites Market Size Worth $41.20 Billion By 2024

The global advanced composites market size is expected to reach USD 41.20 billion by 2024, according to a new report by Grand View Research, Inc. The industry is anticipated to grow, primarily on account of superior benefits such as reduced weight, fuel efficiency and higher strength offered by the materials.

Rising demand for specialty products that comply with U.S. Leadership in Energy and Environmental design (LEED) standards is expected to propel the demand in construction segment Technological innovations aimed at the development of cost-effective manufacturing processes are expected to drive demand.

The market for advanced composites is characterized by the presence of a large number of regulations. The production process of composite materials is heavily regulated on account of critical nature of their usage. In addition, the usage of such materials is also subject to various regulations related to the strength and performance characteristics, which is likely to affect the growth.

Increasing adoption of composites by the automotive industry coupled with reduced raw material prices, is projected to drive the industry growth over the forecast period. Manufacturing companies are shifting their focus towards the developing economies in regions such as Asia Pacific and Central & South America (CSA), on account superior economies of scale.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/advanced-composites-market

Further key findings from the report suggest:

Carbon is expected to be the fastest-growing segment, in terms of volume, registering a CAGR of 11.9% from 2015 to 2024 owing to its extensive usage in the production of aircraft components such as wings, fuselage, cockpit, and tail surfaces.
The use of s-glass based composites in the construction industry is expected to reach a market revenue of USD 2.52 billion by 2024 on account of the superior stress resistance of the product coupled with longer operational lifetime
The use of aramid fibers for aerospace and defense application is expected to register a CAGR of 5.8% over the forecast period owing to heightened demand for low weight, high-strength materials for aircraft production.
Key manufacturers operating in the industry lay extensive focus on the production and development of high strength materials for specific applications in a bid to increase the market share.

Power Electronics Market Worth $39.22 Billion By 2025

The global power electronics market size is expected to reach USD 39.22 billion by 2025, at a CAGR of 2.2% according to a new report by Grand View Research, Inc. Increased focus on the usage of renewable energy sources has been one of the major factors driving the market. In addition, the development of power infrastructure, coupled with the increasing demand for battery-powered portable devices, has led to the increased adoption of power electronic devices and products across various industry verticals such as power, automotive, communication, aerospace & defense, consumer electronics, and other sectors.

Power electronic devices use switching electronic circuits to regulate the flow of energy. They are also used in alteration of electric power, which is usually performed by the semiconductor devices such as diodes, transistors, and thyristors. Power electronic devices are useful in connecting renewable energy resources with power grids and transportation of energy. They have applications in electric trains, motor drives, and lighting equipment and play a key role by enabling heat sinking and soft starting of the motors.

The power electronics industry has been undergoing continuous developments and up gradations, since its emergence. Several factors, such as the rapid inception of renewable energy sources and rising adoption of electric vehicles & radio communication, are influencing market growth. The adoption of power electronic devices in healthcare systems & instruments and the automotive industry is expected to drive the market over the forecast period.

The Asia Pacific market is expected to grow at the fastest CAGR of 2.0% from 2017 to 2025, owing to the emergence of manufacturing hubs across the continent. Countries, such as China, India, South Korea and Singapore, are expanding their domestic manufacturing activities across various industry verticals, such as consumer electronics, telecommunication, military & defense, and automotive, to strengthen their economies. In addition to this, prominent industry players are investing and establishing production & distribution units to capture the regional markets. All the above-mentioned factors are further providing additional impetus to power electronics market.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/power-electronics-market

Further key findings from the report suggest:

The global power electronics market was valued at USD 31.48 billion in 2015 and is expected to grow at a CAGR of 2.2% from 2017 to 2025
The silicon segment emerged as the largest material segment in 2015 and is estimated to generate USD 28.0 billion by 2025
The Integrated Circuit (IC) segment is projected to exhibit the fastest growth rate over the forecast period
The industry is projected to witness substantial growth, in the Asia Pacific region, over the next decade, owing to the developments in major and emerging economies (across the ICT, automotive, and consumer electronic sectors) such as China, Japan, South Korea, and India. The regional market is expected to grow at a CAGR of 2.8% from 2017 to 2025.
The key players, such as Texas Instruments, Inc., Renesas Electronics Corp, Mitsubishi Electric Corp., Fuji Electric Co., Ltd., and Infineon Technologies AG, dominated the global market and accounted for 60% of the total revenue in 2015