According to a new report by ResearchAndMarkets.com, the GaN RF semiconductor devices market is expected to be worth close to USD 1.6 Billion by 2024. The market which was valued at USD 460.93 million in 2018 is expected to grow at a CAGR of 23.20%, from 2019 to 2024.
Owing to the growth of the Internet of Things (IoT), the advent of 5G network and widespread applications across various industry verticals will offer immense growth opportunities to the RF GaN semiconductors market. The successful implementation of IoT, needs data transfer over a network without human-to-computer interaction. According to the report, the increasing implementation of IoT will result in signal congestion and will demand the use of GaN technology that can amplify power, capacity, and the bandwidth required for communicating with all interconnected devices. Development of MEMS technology is an integral part of IoT devices, and will also have a positive impact on the GaN RF semiconductor devices market. Increasing demand for smartphones, gaming devices, laptops, and TVs is expected to drive the GaN semiconductor devices market in the consumer electronics sector.
Gallium Nitride (GaN) is a material that can be used in the production of semiconductor power devices as well as RF components and light emitting diodes (LEDs). The material has demonstrated the capability to be the displacement technology for silicon semiconductors in power conversion, RF, and analog applications. GaN RF semiconductor devices can be used in various applications depending upon the requirement.
Key Market Trends According to the Report
The proliferation of LTE Wireless Networks to Drive the Market Growth
- Rise in LTE wireless networks is one of the primary growth factors for the GaN RF semiconductor devices market. The constantly increasing data consumption has resulted in the growth of commercial networks and will induce network carriers to adopt next-generation LTE networks, such as 4G and 5G.
- Due to its ability to provide higher frequency data bandwidth connections, GaN RF technology will soon be the ideal choice for network service providers. GaN RF devices help in ensuring that the device can generate maximum frequency at the necessary band, and also prevent any interference from other frequency bands.
- The deployment of GaN RF power devices will allow LTE devices to offer speeds that allow consumers to upload and download content, such as music and photographs, and also play online games and watch online TV shows on maximum frequency bands, which will lead to a rise in their adoption.
North America to Hold the Largest Share
- The growth in GaN semiconductors market in North America strongly correlates with the growth of end-user industries, such as telecom, aerospace & defense, consumer electronics, automotive, industrial, others.
- Moreover, the presence of leading players in the industry also contributes to the share held by the region. The growth is encouraged by propelling defense sector with wider utilization of GaN-based transistors, military radar and electronic warfare in military applications.
- The US is the highest spender on the defense budget in the world and is expected to spend USD 640 billion in military and defense in 2018. With Canada expected to follow this trend and increase its defense expenditure, the demand for GaN semiconductor devices in defense is expected to drive the market in the region.
- Also, rising demand from consumer electronic products, such as televisions, laptops, gaming devices, personal computers, and tablet PCs has further fuelled the growth of this market in North America.
- Moreover, expertise in technology has resulted in the growth of convertible laptops, ultra HD or 4K Television sets, and other various wireless electronics, increasing the demand for RF GaN semiconductor in the consumer electronics market of the region.
Competitive Landscape
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