One of the key factors contributing to this market growth is the High Demand of SiC in industrial applications. The Global SiC Semiconductor Devices market has also been witnessing rapid technological advancement. However, the fluctuations in demand and supply could pose a challenge to the growth of this market.

The key vendors dominating this market space are Cree Inc., GeneSiC Semiconductor Inc, Infineon Technologies AG., and ROHM Semiconductor.

Commenting on the report, an analyst from TechNavio's Hardware team said: ''Rapid technological advancement is a fast-growing trend in the Global Silicon carbide (SiC) Semiconductor Devices market. The overall technological advancement in the Electronics industry is growing at a faster rate, which has set the trends for technological advancement in SiC semiconductor devices. The fast-growing demands and changing end-user preferences over SiC semiconductor devices is leading to the trend of rapid technological advancement. Vendors need to continuously upgrade the technology and also implement new technologies.''

According to the report, the high demand for SiC semiconductors in industrial applications is one of the major growth drivers in the Global SiC Semiconductor Devices market. Some of the industrial applications where SiC semiconductor usage is generating more interest for the vendors are in motor control and power conversion devices. This interest is mainly because of the low power loss properties of SiC semiconductors, which enhances the power conversion efficiency of electronic devices and also reduces carbon dioxide emissions. These benefits have replaced the usage of silicon in the above-mentioned applications. Furthermore, the application of SiC semiconductors has significantly reduced the size and weight of motors and power devices.