Market Research Future Insights
GaN Semiconductor Devices Market Size was valued at USD 2.14 Billion in 2021. The GaN Semiconductor Devices industry is projected to grow from USD 2.47 Billion in 2022 to USD 29.6 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period (2022 - 2030).
The global GaN semiconductor devices market is expected to see a surge in demand due to its wide range of applications in different types of semiconductor devices. GaN is seen as a promising alternative to silicon because it offers low power consumption and higher energy efficiency. With the rapid pace of technological advancement and the increasing demand for various wireless communication systems, there is a growing need for energy-efficient solutions. The COVID-19 pandemic has hurt the growth of GaN manufacturers, due to the shutdown of production at larger manufacturing units. In addition, the pandemic has caused a decrease in demand for electronics and automotive sectors, as people restrict their activities to prevent the spread of the disease. This has led to uncertainty about the market's prospects.
Key Players
Some of the key market players are RF Micro Devices Incorporated (U.S.), Fujitsu Ltd.(Japan), Toshiba Corp. (Japan), Texas Instruments Inc. (U.S.), Cree Incorporated (U.S.), Aixtron SE (Germany), Mitsubishi Chemical Corporation (Japan), Koninklijke Philips N.V. (Netherlands), GaN Systems Inc. (Canada), and Epigan NV (Belgium).
Regional Analysis
The Asia Pacific region is expected to have the largest share of the global GaN semiconductor devices market during the forecast period. This is due to the presence of key players and the easy availability of raw materials. Furthermore, the increase in the adoption of the 5G network in the Asia Pacific is also anticipated to contribute to the market growth during the forecast period. In North America, the market is being driven by the rise in the adoption of advanced technology in the telecom and automotive sector. Moreover, the demand for GaN semiconductor devices is rising in Middle East Africa.
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Market Segmentation
The global GaN Semiconductor Devices market has been segmented into wafer size and concept of the device.
Based on wafer size, the market has been segmented into 2 inches, 4 inches, and 6 inches and above. The 4-inch wafer segment is currently leading the global market and is expected to continue doing so throughout the forecast period. This size of wafer is commonly used in communication and power supply devices. Furthermore, the demand for 4-inch wafers is increasing in the power electronics sector because they have higher mechanical strength than 1 and 2-inch wafers.
Based on the concept of devices, the market has been segmented into the diode, modern transistor, power ICs, various rectifiers, different supply inverters, amplifiers, power drivers, modern switching systems, and various lighting laser. The transistor segment is expected to grow rapidly in the coming years. This is due to the advantages that GaN transistors have over traditional technologies, such as Sic and Si. Their properties make them ideal for use in a variety of digital electronic applications, such as radar, air traffic control, space exploration, and telecommunications.
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