How Has the Gallium Nitride Semiconductor Devices Market Size Evolved in Recent Years?
The gallium nitride semiconductor devices market has seen considerable growth due to a variety of factors.
• There has been a swift expansion in the market size for gallium nitride semiconductor devices in the last few years. Predictions suggest that the market value will rise from $10.35 billion in 2024 to an impressive $12.25 billion in 2025, boasting a compound annual growth rate (CAGR) of 18.3%.
Factors suggesting this steady rise during the given period include heightened government financial support, the growth of new markets, a surge in the demand for semiconductor equipment, greater use in the automotive sector and a heightened demand for consumer electronics.
What are the Market Size and Expected Growth Rates for the Gallium Nitride Semiconductor Devices Market?
The gallium nitride semiconductor devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market for gallium nitride semiconductor devices is poised for substantial growth in the coming years, anticipating a rise to $22.36 billion by 2029, at a compound annual growth rate (CAGR) of 16.2%.
This growth during the forecast period is linked to the increasing use of GaN-based components within the defense sector, the surge in electric vehicle usage, higher venture capital investments, mounting urbanization, and a growing demand for portable electronic devices (PEDs). The forecast period also sees trends like GaN 5g multi-modules, product innovations, advancements in technology, use in electric vehicles (EVs) and hybrid EVs, as well as increasing investments in the semiconductor market.
What Are The Key Drivers Fueling Growth In The Gallium Nitride Semiconductor Devices Market?
The growth of the gallium nitride semiconductor devices market is predicted to be spurred by the escalating demand for consumer electronics. Gallium Nitride operates 1,000 times faster than silicon in mobility measurement and is less expensive to manufacture than conventional semiconductors, making it a popular choice in consumer electronics. For example, LG, a consumer electronics firm based in South Korea, indicated in their 2022 annual financial report released in January 2023, that their sales experienced a 12.9% growth from the preceding year, exceeding about $52.70 billion. Moreover, LG Home Appliance & Air Solution Company enjoyed another record-breaking year, reporting $22.5 billion in revenue in 2022, a 10.3% jump from the previous year. Hence, the mounting demand for consumer electronics is fueling the expansion of the gallium nitride semiconductor devices market.
What Are The Key Segments Within The Global Gallium Nitride Semiconductor Devices Market?
The gallium nitride semiconductor devices market covered in this report is segmented –
1) By Component: Transistor, Diode, Rectifier, Power IC
2) By Device Type: Opto-Semiconductors, Power Semiconductors, RF Semiconductors
3) By Application: Automotive, Consumer Electronics, Defense And Aerospace, Healthcare, Industrial And Power, Information And Communication Technology, Other Applications
4) By Wafer Size: 2 Inch, 4 Inch, 6 Inch, 8 Inch
Subsegments:
1) By Transistor: GaN HEMTs (High Electron Mobility Transistors), GaN FETs (Field Effect Transistors)
2) By Diode: Schottky Diodes, GaN-based Diodes
3) By Rectifier: GaN Rectifiers, High-Frequency Rectifiers
4) By Power IC: GaN Power ICs, Integrated Power Management ICs
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How Are New Trends Impacting The Size Of The Gallium Nitride Semiconductor Devices
Companies in the GaN semiconductor devices market are focusing on creating new products to enhance their brand prominence and broaden their semiconductor variety. For instance, in June 2022, Wise-integration, a French company known for its GaN power supplies and GaN integrated circuits, introduced its inaugural commercial product, the 120mOhm WI62120 half-bridge power circuit. This product opens up new advancements in power density, performance, and cost-effectiveness for power electronics designers. Furthermore, in March 2022, Cambridge GaN Devices, a UK-based semiconductor firm specializing in the design and development of GaN-based power devices, unveiled the ICeGaN 650 V H1 series. This series includes four 650 V products that harness the GaN-based technology's potential, capable of reducing power losses by as much as 50%. This 650 V H1 product series makes it viable to use standard MOSFET drivers and GaN-based technology in applications that typically operate on silicon-based devices.
Who Are the Key Players in the Gallium Nitride Semiconductor Devices Market?
Major companies operating in the gallium nitride semiconductor devices market include:
• Texas Instruments Incorporated
• Toshiba Corporation
• Infineon Technologies AG
• Fujitsu Limited
• NXP Semiconductors N.V.
• ams-OSRAM AG
• Wolfspeed Inc
• Qorvo Inc.
• Panasonic Holdings Corporation
• NTT Advanced Technology Corporation
• Enkris Semiconductor Inc
• Sanan Integrated Circuit
• Navitas Semiconductor
• Cypress Semiconductor Corp
• ARM LTD
• Renesas Electronics Corporation
• Saankhya Labs
• ASM Technologies
• CDIL
• Hyundai Electric
• STMicroelectronics
• Exagan
• GaN Systems
• UnitySC
• Dialog Semiconductor Plc
• Cree Inc.
• Efficient Power Conversion Corporation
What are the Regional Insights into the Gallium Nitride Semiconductor Devices Market?
North America was the largest region in the gallium nitride semiconductor device market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gallium nitride semiconductor devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
