Gallium Nitride Semiconductor Devices Global Market Report 2023: Increasing Demand for Consumer Electronics Bolsters Growth
Global Gallium Nitride Semiconductor Devices Market
Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Gallium Nitride Semiconductor Devices Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global gallium nitride semiconductor devices market grew from $7.38 billion in 2022 to $8.79 billion in 2023 at a compound annual growth rate (CAGR) of 19.0%. The gallium nitride semiconductor devices market is expected to grow to $18.77 billion in 2027 at a CAGR of 20.9%.
North America was the largest region in the gallium nitride semiconductor device market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Increasing demand for consumer electronics is expected to propel the growth of the gallium nitride semiconductor devices market. Gallium Nitride is 1,000 times quicker than silicon in terms of mobility. It is less expensive to produce than regular semiconductors, hence it is more widely used in consumer electronics. For instance, according to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the Indian appliances and consumer electronics market is expected to grow more than two-folds in the next five to six years and reach up to $26.81 billion.
Also, according to ClearSale, the revenue in the consumer electronics segment is anticipated to increase by more than USD360 billion in 2020 and more than USD450 billion by 2024. Therefore, the increasing demand for consumer electronics is driving the growth of the gallium nitride semiconductor devices market.
Technological advancement is a key trend gaining popularity in the gallium nitride semiconductor devices market. The key players in the market are focusing on developing new technological solutions to increase the reliability of power supply circuits. For instance, in May 2020, ROHM Semiconductor, a Japan-based electronic device company specialising in the design and manufacturing of semiconductors, integrated circuits (ICs), and other electronic parts, developed the industry's highest (8 volts) gate breakdown voltage technology for 150V Gallium Nitride HEMT devices for power supply circuits used in various industries and communication equipment. This makes it possible to both improve the design margin and increase the reliability of power supply circuits using GaN devices that require high efficiency.
In March 2020, STMicroelectronics, a company operating in semiconductor devices based in Switzerland, acquired Exagan for an undisclosed amount. The acquisition is expected to strengthen STMicroelectronics' objective of providing power semiconductors as well as its long-term business of gallium nitride semiconductor devices. Exagan is a French-based manufacturer of gallium nitride semiconductor devices.
The regions covered in the gallium nitride semiconductor devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the Gallium Nitride Semiconductor Devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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1) By Component: Transistor; Diode; Rectifier; Power IC
2) By Device Type: Opto-semiconductors; Power Semiconductors; RF Semiconductors
3) By Application: Lighting and Lasers; Supplies and Inverters; Radio Frequency; Power Drives; Consumer and Enterprises; Industrial; Telecommunications; Automotive; Renewables; Aerospace and Defense Healthcare
4) By Wafer Size: 2 Inch; 4-Inch; 6-Inch; 8-Inch
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
A selection of companies mentioned in this report includes
Efficient Power Conversion Corporation
Infineon Technologies AG
Texas Instruments Incorporated
ST Micro Electronics
ST Micro Electronics
For more information about this report visit https://www.researchandmarkets.com/r/3xab1v
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