According to the new market research report published by MarketsandMarkets the Gallium Nitride (GaN) Semiconductor Market is expected to be worth USD 22.47 Billion by 2023, growing at a CAGR of 4.6% between 2017 and 2023. The major factors driving the growth of the gallium nitride semiconductor device industry include the vast addressable market for GaN in consumer electronics and automotive and the increasing adoption of gallium nitride RF semiconductor devices in military, defense and aerospace application.
The details can be seen in the report - Gallium Nitride Semiconductor Device Market by Device Type (Opto, Power, RF), Wafer Size, Application (Power Drives, Supply and Inverter, RF, Lighting and Laser), Vertical (Telecommunication, Consumer, Automotive), and Geography - Global Forecast to 2023. The report was comipled after a number of Tier 1, Tier 2 and Tier 3 Companies from all around the world were interviewed.
Power devices to grow at the highest rate during the forecast period
The Gallium nitride semiconductor device market for power devices is estimated to grow at the highest CAGR during the forecast period. This is attributed to its ability to minimize power loss and achieve high-speed switching with characteristics such as miniaturization, high breakdown voltage, and high-speed switching. Also, the large total addressable market such as power distribution systems, industrial systems, heavy electrical systems, turbines, heavy machinery, advanced industrial control systems, and electromechanical computing/computer systems; and is also inclusive of several new power applications (clean-tech) such as high-voltage direct current (HVDC), smart grid power systems, wind turbines, wind power systems, solar power systems, and electric and hybrid electric vehicles are among the prime reasons for its faster growth.
Market for consumer and enterprise expected to hold the largest market size by 2023
The gallium nitride semiconductor device for consumer and enterprise industry is expected to hold the largest market size during the forecast period. In the consumer and enterprise industry, gallium nitride light-emitting diode (LEDs) are widely used in laptop and notebook display, mobile display, projectors, televisions and monitor, and signs and large displays. Also, use of gallium nitride power device in wireless charging is one of the upcoming opportunities contributing to the growth of this industry.
APAC likely to hold the largest share of the gallium nitride semiconductor device market during the forecast period
APAC is expected to hold the largest share of the gallium nitride semiconductor device market during the forecast period owing to the increasing demand for LEDs in various industries such as consumer and enterprise, industrial, and automotive. Further, EV charging, and electric vehicle production markets, and increasing renewable energy generation are driving the market in APAC.
The report also profiles the most promising players in the gallium nitride semiconductor device market. The competitive landscape of the market presents an interesting picture of the strategies adopted by a large number of players.
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