The global GaN Semiconductor Devices market was valued at USD 1011.1 million in 2022 and is anticipated to reach USD 4490.5 million by 2029, witnessing a CAGR of 23.3% during the forecast period 2023-2029.
Major Factors Driving The Growth Of The Gan Semiconductor Devices Market are
One of the main reasons influencing the GaN Semiconductor Devices market growth is the ongoing development of technologies in the GaN ecosystem, as well as the applicability of GaN semiconductor devices for RF applications.
Uses in electric and hybrid vehicles, and growth in the communication and healthcare industries are expected to further influence the GaN Semiconductor Devices market.
TRENDS INFLUENCING THE GROWTH OF GAN SEMICONDUCTOR DEVICES MARKET
It is already commonly known that GaN can conduct electrons more than a billion times more effectively than silicon while also being produced at a cheaper cost than silicon. The cost to produce a GaN device is inherently lower than the cost to produce a MOSFET device, since GaN devices are produced using standard silicon manufacturing procedures in the same factories that currently produce traditional silicon semiconductors, and the resulting devices are much smaller for the same functional performance.
GaN devices always cost less to create than their silicon equivalents because the individual devices are significantly smaller than silicon devices and can be made in far greater quantities per wafer. The cost disparity widens even further as GaN technology advances. This factor is expected to drive the growth of the GaN Semiconductor Devices market.
The GaN Semiconductor Devices market is primarily driven by the RF semiconductor device industry, which has enormous demand. Depending on the application, the RF sector, which is closely tied to the communications sector, calls for electronic devices to function at a variety of communication frequency ranges. GaN semiconductor devices have gained ground in the market for RF power semiconductor devices because of their capacity to produce high-power amplification at extremely high-frequency ranges. The adoption of GaN RF applications has been hastened further by the creation of monolithic microwave integrated circuits (MMICs) made of GaN.
The GaN Semiconductor Devices market has plenty of room to grow as electric vehicle (EV) and hybrid electric vehicle (HEV) technology advances. The market for EVs and HEVs is expanding quickly, which presents significant growth prospects for both GaN power semiconductor devices and opto-semiconductor devices in the power and optoelectronic systems employed in this application area. Demand for GaN semiconductor devices is anticipated to increase due to the electronic systems found in EVs and HEVs.
Because of its superior efficiency and lower power consumption, GaN is a silicon alternative whose demand and application have increased in the healthcare sector as well. As a result, the demand for gallium nitride semiconductor devices is anticipated to increase significantly. Hospital robots do delicate procedures using parts made of gallium nitride. This factor is expected to drive the growth of the GaN Semiconductor Devices market.
GAN SEMICONDUCTOR DEVICES MARKET SHARE
Toshiba, Wolfspeed, GaN Systems, Infineon Technologies, and others are some of the major global manufacturers of GaN semiconductor devices. Almost 88% of the market is held by the top five producers globally.
With a market share of over 45%, North America is the leading region of GaN semiconductor devices.
Moreover, consumer electronics account for more than 63% of all applications. GaN opto-semiconductor devices significantly increase the revenue of the consumer electronics industry, one of the fastest-growing end markets for GaN semiconductors. GaN semiconductor devices are becoming more prevalent in a variety of consumer markets, including laptops, displays, mobile devices, etc., which is accelerating revenue growth.