(PharmaNewsWire.Com, September 06, 2023 ) The GaN Semiconductor Sevice Market is estimated to be worth USD 21.1 billion in 2023 and is projeted to reach USD 28.3 billion by 2028, at a CAGR of 6.1% during the forecast period. The increasing government-led schemes for boosting adoption of GaN semiconductor devices is a major factor that fuels the market growth of GaN semiconductor devices globally. Furthermore, the growing need for miniaturization in various industries is also a key factor that contributes to the market growth.
The emergence of technological advancements in GaN semiconductor devices such as vertical GaN, InGaN, GaN-on-SiC and GaN-on-Diamond among others have witnessed increasing deployment in various applications. GaN-on-SiC reduces the cost of GaN devices and improves thermal performance. In contrast, vertical GaN technology allows GaN semiconductor devices to have high breakdown tolerance and scalability. As a result, in recent years, market players are also focusing on delivering advanced technologies to provide growth opportunities for GaN semiconductor device market.
GaN based opto-semiconductor devices have the largest share in the GaN semiconductor device market. This attributes to the growing demand for GaN based ultrahigh brightness optoelectronics which catered to opto-electronics applications such as consumer & business enterprises, industrial, and automotive sectors. These devices are extensively utilized in these sectors to meet various lighting and illumination needs, communication systems, and other optoelectronic requirements. The advanced properties of GaN, such as high efficiency, rapid switching speeds, and improved reliability, make it suitable for enhancing performance and energy efficiency in various applications within these verticals.
Power drives applications such as LiDAR, industrial drives and EV drives is expected to register the highest CAGR during the forecast period. GaN-based power drives offer exceptional benefits, including rapid switching speeds, superior reverse recovery performance, minimal gate drive losses, and high-efficiency operation. These advantages have driven their increased utilization in the market. As a result, a growing adoption of electric vehicles and energy & power systems has been observed in the GaN semiconductor device market. Moreover, the increasing demand for GaN based motor drives that exhibit high efficiency and performance characteristics at a high voltage range also fuels the market growth.
Key Market Players:
Key players in the GaN semiconductor device market with a strong geographical presence are Qorvo, Inc. (US), Wolfspeed, Inc. (US), Sumitomo Electric Industries, Ltd. (Japan), MACOM Technology Solutions Holdings, Inc. (US) and Infineon Technologies AG (Germany). These players focus on organic and inorganic growth strategies to strengthen their position in the GaN semiconductor device market.
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