Global Gallium Nitride (GaN) Semiconductor Devices Market to Grow Over $3.4 Billion by 2024: Acumen Research and Consulting
According to a new report published by Acumen Research and Consulting titled “Gallium Nitride (GaN) Semiconductor Devices Market (Type: Power Semiconductor, Radio Frequency Devices, Opto Semiconductors; Application: Information and Communication Technology, Consumer Electronics, Defense and Aerospace, Automotive, Others; Wafer Size: 2 Inch, 4 Inch, 6 Inch, 8 Inch) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2015-2024
”, the global market for GaN semiconductor devices is anticipated to grow at a compounded annual growth rate of around 17% during the period from 2016 to 2024 and reach the market value of over $3.4 billion in 2024. Some of the major factors driving the growth of this market include advancements in the GaN technology and growing applications of GaN based devices. There has been rapid development in GaN technology as a result of which different companies are coming up with innovative semiconductor products that are cost-effective and feature superior design and performance. Additionally, in order to address the growing demand for high power and high temperature applications, there has been an increase in the usage of GaN semiconductor devices. GaN based semiconductor devices are used in numerous high voltage applications, radio frequency amplifiers, and LEDs among others owing to their capability to operate at high frequency, and temperature with enhanced competence and linearity.
GaN semiconductor devices provide a competitive advantage in terms of thermal performance, efficiency, weight and size. However, applications of GaN semiconductor devices are still in the budding stage and are yet to achieve its full potential in comparison to silicon based devices which have been in market for more than a decade. Major applications of GaN semiconductor devices are in automotive, defense, information and communication technology, and aerospace and power distribution systems among others. In addition, GaN is widely implemented in radio frequency devices, light-emitting diodes (LEDs) and power electronics, due to its ability to operate at high frequency and high temperature.
The global GaN semiconductor devices market is segmented based on type, application, wafer size, and geography. Based on type, the market is categorized into power semiconductor, radio frequency devices, opto semiconductors. The major application areas of GaN semiconductor devices include information and communication technology, consumer electronics, defense, aerospace, automotive, and others. Based on wafer size, the GaN semiconductor market is bifurcated into 2 inch, 4 inch, 6 inch, 8 inch wafer size. The major geographies covered under the report scope include North America, Europe, Asia-Pacific, and Rest of the World (Latin America, Middle East and Africa).
The opto semiconductor devices segment dominated the GaN semiconductor devices market globally, and accounted for more than 60% market share in 2015. Growing application areas of LEDs and technological advancements in products are majorly responsible for the growth of GaN based opto semiconductor devices. The electronics industry has witnessed an increase in adoption of GaN LEDs for lighting purposes, especially in offices, industries, homes, hospitals and shops. Due to their power efficiency and luminosity coupled with growing environmental concerns towards greenhouse gas emissions and lower energy consumptions, GaN LEDs pose a serious threat to conventional lights.
The market for GaN semiconductor devices is expected to witness significant growth in North America, due to wide utilization of GaN based transistors in defense and military sectors. Moreover, increasing demand for LEDs in laptops, computers, gaming devices, televisions and mobile tablets has further fuelled the penetration of GaN semiconductor devices. North America lead the global GaN semiconductor devices market with over 30% share in 2015 closely followed by Europe. High performance GaN based transistors are likely to drive the growth of telecommunication sector in North America.
The player profiled in the report includes Transphorm Inc., Avogy, Inc., NXP Semiconductors N.V., Fujitsu Limited, Cree Inc., Renesas Electronics Corporation, GaN Systems Inc., Toshiba Corporation, Nichia Corporation and Efficient Power Conversion Corporation among others. Mergers and acquisitions for innovation and new product development and partnership for enhancing product quality are some of the major strategies followed by leading players in this market to sustain market competition.
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