Global Gallium Arsenide GaAs Wafer Market Scope 2024, Forecast To 2033

The gallium arsenide (GaAs) wafer market size has seen rapid growth in recent years, increasing from $1.06 billion in 2023 to $1.2 billion in 2024 at a CAGR of 12.5%. The historical growth has been driven by the expansion of the LED industry, increased usage of GaAs wafers in optoelectronic applications such as displays and lighting, the integration of GaAs wafers in automotive radar and driver assistance systems, innovations in photovoltaics leading to high-efficiency solar cells, and early adoption in telecommunications and satellite communications for high-frequency RF applications. The market is expected to continue growing rapidly, projected to reach $1.93 billion in 2028 at a CAGR of 12.7%. This growth is attributed to factors such as the increasing adoption of vertical-cavity surface-emitting lasers (VCSELs) in facial recognition and LiDAR systems, growth in satellite communication networks, and demand for GaAs wafers in medical devices and industrial automation. Major trends in the forecast period will include the development of GaAs-on-insulator (GaAsOI) technology for enhanced device performance and energy efficiency, the rise of hybrid integration technologies combining GaAs with other materials for multifunctional and compact electronic systems, increased investment in research and development for next-generation GaAs materials and device architectures, and the integration of GaAs wafers with silicon substrates to enhance performance and reduce costs in semiconductor manufacturing.