2022-05-18-全球半导体行业-汽车半导体全球输入输出_大型电力电子会议的反馈_23页_673kb

UBS Analysis on Silicon Carbide (SiC) Adoption and Key Players

Summary

The report analyzes the adoption of Silicon Carbide (SiC) technology in the automotive and semiconductor industry based on insights from the PCIM 2022 conference in Nuremberg and a follow-up expert call. Below are the key findings:

Key Takeaways on SiC Wafer Manufacturing Process

1. Epitaxy is the largest value-add step, accounting for 10-20% of the die cost. However, it is a dedicated SiC process and lacks flexibility, unlike the majority of wafer fabrication steps shared with silicon.
2. Cost parity with silicon is unlikely in the near future, as SiC inherently requires additional steps due to its material properties (e.g., no liquid phase during manufacturing). Despite higher upfront costs, total system cost considerations may not necessitate parity.

Key Differentiators in SiC End Products

1. No significant differentiation between trench and planar SiC devices at present, as both offer similar performance in terms of price per ampere.
2. Supply chain security is a key differentiator, with customers preferring vertically integrated companies and suppliers within the same region to mitigate risks. OEMs prioritize product reliability and supply continuity over marginal performance gains.

Expert Feedback on Key Players

• Wolfspeed: Seen as a leader with superior raw material capabilities and vertical integration, though noted for higher costs.
• STM: Positioned well in the auto sector due to partnerships with Tesla and strong supply security.
• Infineon: Benefit from high IGBT market share and focus on 6-inch to 8-inch transition for cost and safety.
• ROHM: Excels due to full vertical integration from substrate to module.
• ON Semiconductor: Seen as a technology leader but still relatively new in SiC.

Supply Chain Overview

• Substrates: Wolfspeed dominates, with competitors like II VI and SK Siltron filling capacity gaps.
• Epitaxy: Often in-house with major manufacturers, contributing to the chip-making process.
• Modules: Companies like Semikron and tier-1 suppliers assemble devices into modules for OEMs.

Challenges and Opportunities

• GaN vs. SiC: SiC is expected to maintain its dominance in high-voltage applications, while GaN remains relevant for lower-voltage systems (below 600V). GaN is unlikely to disrupt the main drivetrain inverter due to challenges in reliability and cost.
• Vertical Integration: Vertical integration provides supply chain advantages but remains a lengthy and costly process. Companies like Wolfspeed and ROHM have stronger positions than newcomers.

In summary, the report highlights SiC’s growing importance in automotive electrification, driven by efficiency gains and supply chain security, while UBS maintains a bullish stance on key players like Wolfspeed, ROHM, Infineon, and STMicroelectronics.