Citi research highlights three established power-semiconductor manufacturers as primary beneficiaries should silicon carbide see broader adoption at the infrastructure and grid layer. The bank’s analysis emphasizes application areas where high-voltage capability and efficiency are essential, naming central rectifiers, high-density power shelves and solid-state transformers as key domains for SiC deployment.
Infineon is Citi’s top-ranked silicon carbide supplier. The firm is singled out as particularly well positioned to capture demand tied to infrastructure projects that require devices capable of operating at elevated voltages with improved efficiency compared with traditional silicon components.
STMicroelectronics is cited as the second-ranked supplier in Citi’s view. The bank points to STMicroelectronics’ focus on grid-layer use cases such as central rectifiers and high-density power shelves. The company is targeting over $3 billion in cumulative revenue for its semiconductor space business from 2026 to 2028, and Citi notes that STMicroelectronics expects to decide by the end of the year whether to proceed with an additional expansion at its Crolles manufacturing facility.
ON Semiconductor occupies the third position in Citi’s list of suppliers ready to benefit from SiC adoption at the infrastructure layer. Citi highlights the role silicon carbide could play in solid-state transformers and similar infrastructure equipment where high-voltage performance and efficiency are priorities. In a recent move, Citi raised its price target on ON Semiconductor to $120 from $100, citing the company’s growing exposure to data center power, and added the stock to its Upside Catalyst Watch list.
Citi’s analysis narrows its focus to the infrastructure and grid portions of the power stack, arguing that SiC’s material properties align with demanding power management requirements found in those layers. The research reiterates that silicon carbide semiconductors typically offer advantages in high-voltage and high-efficiency scenarios when compared with silicon-based alternatives, making the technology a candidate for modernization projects at the grid and infrastructure level.
The three companies identified by Citi are already established players in the power semiconductor market and maintain existing silicon carbide product portfolios, according to the bank’s assessment. Citi’s ranking and related commentary aim to map potential winners as adoption in central rectifiers, high-density power shelves and solid-state transformers progresses.
While Citi’s report centers on infrastructure use cases, it does not provide a forecast of adoption timing beyond identifying application areas where SiC is likely to be adopted. Similarly, the analysis does not quantify market share shifts among suppliers, beyond noting relative positioning and the specific revenue target and capital decision timeline disclosed by STMicroelectronics and the revised price target and watchlist status for ON Semiconductor.