WILMINGTON, DE / ACCESSWIRE / November 2, 2022 / Transparency Market Research Inc. - In 2021, the value of global GaN semiconductor devices market stood at US$ 1.85 Bn. The global market is expected to rise at 27.4% CAGR during the forecast period, from 2022-2031. It is predicted that by 2031, the global GaN semiconductor devices market will touch value of US$ 19.5 Bn. Due to the rising need for high-performing semiconductors in communication devices, power circuits, and other applications, the global market for GaN semiconductor devices is anticipated to expand rapidly over the forecast timeline.
In order to keep their businesses expanding after COVID-19 outbreak peaked, gallium nitride manufacturers are concentrating on a broad range of industries including automotive & transportation, consumer electronics, IT & communications, and aerospace & defence. Additionally, the expansion of GaN device applications in motor grid, solar PV, smart grid operations, and electronic devices is anticipated to drive the gan devices for power electronics during the forecast time frame.
Major companies have given each component similar attention in partnership with local market players, creating new investment prospects for market participants in semiconductors business. In order to expand their business, GaN producers are concentrating on the industry's latest developments.
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Key Findings of Market Report
In the upcoming years, the use of GaN power semiconductor devices to regulate battery for both charging as well as discharging currents is expected to grow, which will help the global market. The consumer electronics industry is expected to be driven in the coming years by rapidly expanding gallium nitride applications.
High-voltage DC power supplies are being used more often in large-scale data centers since they increase power distribution efficacy by minimizing the amount of AC/DC conversions. The global market is also anticipated to be driven by growing need for high-power applications within the telecommunications and industrial industries. Increasing usage in these industries are expected to emerge as emerging trends of the GaN semiconductor devices
High-power radio frequency and electrical device powering components utilized in 5G base stations are made with gallium nitride devices. These components have a low dielectric constant, high electron saturated drift velocity, large forbidden bandwidth, and great electrical conductivity. They are wide bandgap semiconductors. Its use in electrical devices is predicted to be driven by these advantages. GaN semiconductor device demand is increasing as 5G networks get more widely adopted, which is anticipated to present promising growth opportunities to the gallium nitride companies.
In 2021, the transistor category accounted for 32% of the market for GaN semiconductor devices. Compared to conventional technologies like Sic and Si, GaN transistors provide a number of advantages. Many different digital electronics applications, including air traffic management, radar, telecommunications, and space exploration require transistors. Their features, including greater higher breakdown voltage, lower power consumption, power density, and greater thermal conductivity are responsible for their wide application.
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Global GaN Semiconductor Devices Market: Growth Drivers
In 2021, the 4 inch category accounted for a significant portion of the global wafer market. The segment is anticipated to continue to hold the dominant position throughout the forecast period. A 4 inch wafer is frequently used in communication and power supply equipment. In addition, 4 inch wafers are more mechanically robust than 1 and 2 inch wafers, which is likely to drive up demand for these wafers in the power electronics industry.
Asia Pacific is anticipated to account for a sizable portion of the global market for GaN semiconductor devices during the forecast period. The region is expected to be one of the fastest growing market for GaN semiconductor devices. It is also predicted that increasing 5G network deployment in Asia Pacific will aid in the market's expansion.
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Global GaN Semiconductor Devices Market: Key Players
Some of the key market players are
Global GaN Semiconductor Devices Market: Segmentation
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